Chinese SaaS service provider Youzan Technology Inc. submitted an updated application to the Hong Kong Stock Exchange this Monday, with GF Capital (Hong Kong) Limited as its sole sponsor.
In March this year, China Youzan announced that Youzan Technology Inc. had applied to the HKEx to list on the main board but was rejected.
According to the latest prospectus, China Youzan holds a 51.9% share of Youzan Technology and the company’s plans can take effect after the privatization and delisting of China Youzan is approved.
Youzan Technology, a non-wholly-owned subsidiary of China Youzan, was established in 2012. Its cloud-based commerce services mainly include subscription solutions and merchant solutions. The former covers a series of SaaS products, such as Youzan Micro Shopping Mall, Youzan Retail, Youzan Chain-store, Youzan Beauty and Youzan Education.
In 2020 and the first half of 2021, the company’s income reached 1.576 billion yuan ($2.43 billion) and 669 million yuan, respectively, while losses were 333 million yuan and 299 million yuan, respectively.
Youzan Technology stated in its prospectus that this listing aims to bolster the company’s growth potential, as well as further develop its SaaS business and raise funds to compete in the sphere.
The prospectus reported, as of June 30, 2021, more than 1,840 third-party developers submitted more than 2,250 applications in the Youzan App Store. As of the same day, more than 284,000 merchants have subscribed to applications provided by third-party developers on the platform.