IPO News | Hixue.com submits that the Hong Kong Stock Exchange is the fourth largest online vocational competency training service provider in China

The Zhitong Finance App learned that according to the Hong Kong Stock Exchange's disclosure on October 28, Beijing Hixue.com Education Technology Co., Ltd. (abbreviation: Hixue.com) submitted a listing application to the main board of the Hong Kong Stock Exchange, and CMB International is the sole sponsor.

According to the prospectus, according to the Frost & Sullivan report, in terms of revenue in 2024, Hixue.com is the fourth largest online vocational competency training service provider in China. According to the same report, in 2024, the company was also the largest online construction vocational competency training service provider and the second largest online emergency safety vocational competency training service provider in China in terms of revenue. The company's products cover the fields of building construction, emergency safety, accounting and economics, law and health care, and tailor training services and solutions for specific requirements in related fields. At the same time, the company has always believed that technology is a powerful driving force for the company's business development and deeply empowering users. Specifically, by focusing on the in-depth application of AI technology, the company is committed to turning the platform into a one-stop service platform for career development for workers and a lifelong learning platform covering the learning needs of adults.

Thanks to the core management team being deeply involved in the field of online vocational ability training for more than ten years, the company has successfully built three product matrices centered around the cornerstone brand HiLearn, Advanced Brand Advancement, and Enterprise Service Brand Digital Training. This diversified product and service matrix makes it possible to provide services for China's diverse online vocational competency training needs, making the company a trustworthy provider of high-quality career development solutions, serving both individual and corporate customers.

The company mainly uses mainstream e-commerce and social platforms to obtain accurate customer groups and guide customers to register and create HiLearn accounts. The company usually first provides learning materials and courses for customers to experience and enhance their understanding of the company's products, thereby turning users into paying users. According to the differences in students' individual needs for teaching and services, the company has set up two major product and service systems: Hi Xue Classroom and Jingjin Academy. Hi Learning Classroom provides students with recorded and broadcast courses, as well as after-class practice questions, question and answer, and AI learning tools to help students master the key points of study. Jingjin Academy, on the other hand, focuses more on efficient exam taking and learning. It also provides customized study plans, one-on-one exclusive teaching with famous teachers, and real-time communication with famous teachers to meet the needs of students who want to obtain more high-end products and services.

As of June 30, 2025, the company has served a total of about 4.3 million paying users. Furthermore, we have built a training content system covering various scenarios to serve users such as enterprises and public institutions through the Digital Pei Connect platform, and we are committed to providing them with comprehensive and efficient talent training solutions. As of June 30, 2025, the company has served more than 130 enterprises and institutions.

Based on customer acquisition and teaching methods, the company can grasp the entire life cycle of users in an efficient and scalable manner. The average marketing return on investment reached approximately 8.9 in 2024, which is at the leading level in the industry. The company's AI agent has also improved service efficiency. For example, since AI academic teaching assistants were launched in the first quarter of 2025, the number of manual question answers in the second quarter of 2025 decreased by 32.3% year-on-year, which can significantly reduce the company's fees for question-answering instructors. Furthermore, since the introduction of the standardized system, the company's lecturer division of labor has been more refined and the production process has been streamlined, thereby reducing the costs associated with lecturer training and losses caused by teacher turnover.

In terms of performance, for the six months ended June 30 in 2022, 2023, 2024 and 2025, the company achieved revenue of approximately 400 million yuan, 472 million yuan, 511 million yuan, and 232 million yuan respectively; during the same period, the annual/period losses attributable to the company's owners were approximately RMB 186 million, RMB 175 million, RMB 90.69 million, and RMB 158 million.