With the wave of listings in Hong Kong in the first half of the year, cross-border e-commerce sellers joined the party without saying a word, submitting a prospectus to the Hong Kong Stock Exchange on June 30 for listing on the Hong Kong main board.

According to the prospectus, chairman Hua Bingru and his wife Yu Feng together account for 35.45% of the largest shareholding.

Picture source: prospectus (same as below)

In recent years, cross-border e-commerce can be said to enjoy policy dividends, and the industry has shown explosive growth. According to the 2020 GMV, the overall market size of China's cross-border export B2C e-commerce market is about 2.287 trillion yuan (RMB, the same below).

Founded in 2011, Zibuyu is one of the largest cross-border ecommerce companies in China, focusing on selling clothing and footwear products through third-party ecommerce platforms such as Express, Amazon.Com Inc, wish and ebay. As of December 31, 2020, Zibuyu has cultivated 151 brands, including 20 popular brands with annual sales of more than 10 million yuan, and designed and sold more than 2500 best-selling products.

According to the prospectus, during the performance record period (2018-2020), the income, gross profit and net profit increased significantly, realizing the "three consecutive jumps". The income was 1.3181 billion yuan in 2018, 1.4289 billion yuan in 2019 and 1.8981 billion yuan in 2020. The gross profit is 876 million yuan, 998 million yuan and 1.378 billion yuan respectively. The net profit is 80 million yuan, 81 million yuan and 114 million yuan respectively.

This is mainly because Zibuyu focuses more on strategic development through Amazon.Com Inc's sales, focusing on high-end customers with strong consumption power. In addition, Zibuyu has expanded its proprietary website business, which is mainly targeted at mid-range customers, and because the prices of such products are often high, Zibuyu earns a relatively high gross profit through proprietary websites.

However, in the highly competitive cross-border e-commerce export industry, the market is scattered and customer demand is constantly changing. Supply chain logistics was once deeply affected by the COVID-19 epidemic, although Zi adjusted rapidly. However, in digital management, supply chain integration and big data analysis, there are still many difficulties to face in the future.