IPO News | Hande Information (300170.SZ) once again submits the Hong Kong Stock Exchange as an IT Consulting and Digital Solution Service Provider for Enterprises

The Zhitong Finance App learned that according to the Hong Kong Stock Exchange's disclosure on July 29, Shanghai Hande Information Technology Co., Ltd. (abbreviation: Hande Information (300170.SZ)) submitted a listing application to the main board of the Hong Kong Stock Exchange, and Cathay Pacific Haitong is the sole sponsor. The company submitted its listing to the Hong Kong Stock Exchange on December 29, 2025.

Company profile

According to the prospectus, Hande Information is an experienced enterprise IT consulting and digital solution service provider in China. The company provides a full range of digital and intelligent solutions, including IT consulting services, independent software products and comprehensive solutions for artificial intelligence applications.

The company's digital and intelligent solutions can be broadly classified as follows: industrial digital solutions (designed for (i) intelligent manufacturing, (ii) digital marketing, and (iii) smart collaborative supply chains), industry-specific solutions (including IT consulting services, independent software products and artificial intelligence applications), digital financial solutions (enterprise financial management solutions, including IT consulting services, independent software products and artificial intelligence applications), ERP consulting and implementation (these services are mainly IT consulting services based on third-party software products, and can be viewed as customers Requirements are complemented by certain proprietary software products), IT outsourcing (including (i) system operation and maintenance support, and (ii) software outsourcing).

The breakdown of revenue by line of business is as follows:

The company's customers are mainly composed of large enterprises and leading enterprises. A so-called large enterprise usually refers to a company with annual revenue of about RMB 500 million or more and complex information system requirements; while a so-called leading enterprise usually refers to a major enterprise with strong market influence and competitive advantage in its subsidiary industry.

According to Frost & Sullivan, in the highly competitive and highly fragmented IT consulting and digital solution service market for Chinese enterprises (the market size reached RMB 196.20 billion in 2025), the company ranked fourth in the overall ranking with a market share of 1.7% in terms of revenue, leading the local Chinese enterprise.

In terms of market opportunities, China continues to steadily implement its digital economy strategy. The digital economy is widely regarded as an important engine for promoting high-quality economic development, and digitalization has become the core force for improving productivity. With the breakthrough progress of generative AI technology and the growing demand for intelligent management by enterprises, the embedded application of AI technology in enterprise software has become a trend. The market size grew from RMB 610 million in 2022 to RMB 37.72 billion in 2025. It is expected to maintain a high growth trend over the next five years, reaching RMB 522.04 billion by 2030, with a compound annual growth rate of 69.1% between 2025 and 2030.

Furthermore, since 2023, the willingness of Chinese enterprises to invest in and apply digitalization and intelligence has increased significantly. The size of the Chinese market grew from RMB 540 million in 2023 to RMB 5.05 billion in 2025, with a compound annual growth rate of 298.6% between 2022 and 2025, making it the fastest growing region among the world's major markets. It is expected to maintain a high growth trend over the next five years, reaching RMB 82.45 billion by 2030, with a compound annual growth rate of 74.8% between 2025 and 2030.

Financial data

Earnings:

In 2023, 2024 and 2025, and for the four months ended 2025 and April 30, 2026, the company achieved revenue of approximately RMB 2,980 million, RMB 3,335 million, RMB 3.415 billion, RMB 990 million, and RMB 1,069 billion, respectively.

Profit:

In 2023, 2024 and 2025, and for the four months ending April 30, 2025 and 2026, profit for the year/period was -148.92 million yuan, approximately 196 million yuan, approximately 234 million yuan, 43.42 million yuan, and 463.25 million yuan, respectively.

Gross profit margin:

In 2023, 2024 and 2025, and for the four months ended 2025 and April 30, 2026, the company's gross margins were 25.9%, 32.7%, 34.8%, 33.4% and 33.6%, respectively.

Industry Overview

Due to growing demand for data-driven decision-making, intelligent manufacturing, and enterprise information technology modernization, the digital investment scale of global enterprises increased from RMB 5381.63 billion in 2021 to RMB 76,41.38 billion in 2025, with a CAGR of 9.2%. With continued investment in digital infrastructure and intelligent systems, the digital investment scale of global enterprises is expected to reach RMB 123.11 billion by 2030, showing a continuous long-term growth trajectory.

Due to industrial upgrading, continuous improvement of digital infrastructure, and increasing demand for increased competitiveness, the scale of digital investment by Chinese enterprises has continued to expand, from RMB 672.05 billion in 2021 to RMB 933.18 billion in 2025, with a compound annual growth rate of 8.6%. As the digitalization of enterprises continues, it is expected that wider deployment of artificial intelligence technology and enhanced data security systems will further accelerate investment growth. The digital investment scale of Chinese enterprises is expected to reach RMB 1,426.13 billion in 2030, with a compound annual growth rate of 8.9% from 2025 to 2030.

Due to global digitalization acceleration and business model innovation, the market size of global enterprise IT consulting and digital solution services expanded from RMB 1,291.99 billion in 2021 to RMB 1,858.46 billion in 2025, with a CAGR of 9.5%. As generative artificial intelligence, enterprise data platforms, and industry-specific customized digital solutions become more widely used, the market is entering a stage of intelligence-driven development. The market size is expected to reach RMB 3128.31 billion in 2030, with a CAGR of 11.0% from 2025 to 2030.

Due to increasing demand for enterprise digital infrastructure construction and upgrading of independent products, the market size of information technology consulting and digital solution services for Chinese enterprises expanded from RMB 147.64 billion in 2021 to RMB 196.20 billion in 2025, with a compound annual growth rate of 7.4%. In the field of applications, the manufacturing industry is still the largest source of demand, accounting for 36.5% of the market in 2025, thanks to growing demand for industrial automation, equipment connectivity and production workflow optimization. The demand from the manufacturing industry is also due to the growing emphasis placed by enterprises on production efficiency and digital factory management, and this emphasis continues to reinforce the industry's leading position in the market.

In the consumer sector, due to increasing investment in customer operations, supply chain management and data analysis, the market size expanded from RMB 33.25 billion in 2021 to RMB 44.70 billion in 2025, with a CAGR of 7.7%. Demand for digital solutions in this field is expected to remain stable as various consumer-facing businesses continue to strengthen omnichannel operations and optimize user interaction strategies. Thanks to the widespread application of online financial services and the upgrading of risk control systems, the financial industry has become the fastest growing sector in the Chinese enterprise IT consulting and digital solution service market. Its market size increased from RMB 25.45 billion in 2021 to RMB 34.54 billion in 2025, with a compound annual growth rate of 7.9%. Continued demand for system security, compliance supervision, and intelligent risk management is expected to continue to drive growing demand for enterprise financial management.

Deepening digitalization in various industries (such as manufacturing, consumer, and finance) will continue to support the continued growth of the Chinese enterprise software and digital solutions market. The overall market size is expected to reach RMB 306.04 billion in 2030, with a CAGR of 9.3% from 2025 to 2030. Driven by the accelerated adoption of intelligent manufacturing, industrial Internet systems, and quality control solutions driven by artificial intelligence, the manufacturing industry remains the core growth engine, and its market size is expected to reach RMB 117.37 billion by 2030.

Board Information

The Board consists of nine directors, including five executive directors and four independent non-executive directors.

Shareholding structure

As of the last practical date, the remaining 49% of Shanghai Hande Weiyang's shares were held by Mr. Zhan Ge, executive director and general manager of Shanghai Hande Weiyang, and Shanghai Yuzhe Investment Management Partnership (limited partnership), the employee incentive plan platform of Shanghai Hande Weiyang; the remaining 25% of Shanghai Deyi Information Technology's shares were held by (i) one of the co-founders of Shanghai Deyi Information Technology, former executive director and general manager, and Mr. Shang Yunfang, an employee of the Group; (ii) Mr. Liu Yumin, another co-founder of Shanghai Deyi Information Technology and a former employee of the Group; Shanghai Deku Yi Information Technology's employee incentive program platform is held by Shanghai Yitech Enterprise Management Partnership (Limited Partnership); the remaining 10% of Shanghai Zhen Peng Technology's shares are held by Neunheim Enterprise Management Consulting Partnership (Limited Partnership) in Ningbo Xiangbao Cooperation Zone, which is an independent third party.

Intermediary team

Sole sponsor: Guotai Junan Finance Co., Ltd.

Company Legal Adviser: Hong Kong Law: K & L Gates; Related Chinese Law: Shanghai Duan & Duan Law Firm; Related Singapore Law: Sabara Law LLC; Relevant International Sanctions Law: Sheppard, Mullin, Richter & Hampton LLP

Sole sponsor legal adviser: Regarding Hong Kong and US law: Han Kun Law Firm Limited Liability Partnership; relating to Chinese law: Shanghai AllBright Law Firm.

Reporting accountant: Lixin Dehao Certified Public Accountants Co., Ltd.

Industry consultant: Frost & Sullivan (Beijing) Consulting Co., Ltd. Shanghai Branch.