According to the prospectus, Zi is one of the largest cross-border e-commerce companies in China, mainly selling clothing and footwear products through third-party e-commerce platforms. According to Frost & Sullivan's data, according to the GMV of clothing and footwear products sold in 2020, the company ranked third among all platform sellers in China's cross-border B2C e-commerce apparel and footwear market, accounting for 0.4% of the overall market (461.1 billion yuan).

According to information, the largest cross-border e-commerce company in China is SHEIN. In 2020, SHEIN's annual revenue was nearly 10 billion US dollars, with an average annual growth rate of over 10% for 8 consecutive years, and the total number of registered users on the site was about 120 million. Earlier, there were media reports that SHEIN is seeking to go public in the US.

According to the GMV generated in North America in 2020, Zibu said it ranked first among all platform sellers in China's cross-border B2C e-commerce clothing and footwear market, accounting for 0.5% of the overall market (232.4 billion).

By the end of 2020, Zibu had independently designed 151 brands, 20 of which were products with annual sales exceeding 10 million yuan. Currently, they can design and launch more than 10,000 new types of clothing every year. Without saying a word, they also purchase products from OEM suppliers. Currently, there are more than 200 OEM suppliers cooperating with the company. In 2020, the proportion of products purchased from OEM suppliers was 64.9% without saying.

Zibutsu has established sales channels covering different sales platforms. The company began selling products through major third-party e-commerce platforms in 2012, and further expanded its sales channels in 2018 and began building its own website to sell products. As of the last practical date, the company's sales channels include Amazon, Wish and other e-commerce platforms such as eBay and AliExpress and its own websites.

In terms of financial data, the company's revenue increased from 1,428 million yuan in 2019 to about 1.9 billion yuan in 2020, and further increased to 2,346 million yuan in 2021. Annual profit increased from 81.1 million yuan in 2019 to 114 million yuan in 2020, and further increased to 200 million yuan up to 2021.

In 2019, 2020, and 2021, unspeakable gross margins reached 69.8%, 72.6%, and 75.2%, respectively. The increase in gross margin is mainly due to the company's strategic focus on expanding sales through Amazon, which mainly targets high-end customers with strong spending power. At the same time, it goes without saying to expand and improve the business efficiency of self-operated websites. Since the company's sales through its own websites are mainly aimed at mid-range customers, and the prices of products sold to mid-range customers are often high, the company earns relatively high gross profit through self-operated websites.

However, since the repayment speed of products sold on third-party platforms is relatively slow, it goes without saying that it bears heavy asset operating costs, and the company's debt ratio is high as a result. In 2019, 2020, and 2021, Zibu's balance ratio reached 86.4%, 73.2%, and 63.4%, respectively.

In 2021, Zi went without saying that Kangxu Investment from Calor Capital and Aloe Tower received investments of 21 million US dollars and 5 million US dollars respectively, fully demonstrating that their performance, strength and prospects were recognized. Among them, Kang Xu invests mainly in private equity in the consumer market, founded and managed by Zhang Sijian, the former managing director of Sequoia Capital, which mainly invests in consumption.

It is worth noting that according to information from the Ministry of Commerce on February 23, China will increase its support for foreign trade enterprises and encourage greater support for new business formats such as cross-border e-commerce. Earlier, the Ministry of Commerce has designated this year as the “Year of Foreign Trade Consolidation and Enhancement” and plans to implement cross-cycle actions to regulate and stabilize foreign trade, market diversification actions, smooth the foreign trade supply chain, and foreign trade innovation and quality improvement actions to keep foreign trade within a reasonable range throughout the year.

As for the purpose of raising capital from this listing, the company stated that it will closely follow fashion trends and technological innovation and continue to develop fashion products; integrate supply chain resources to improve operational efficiency and initially achieve global layout; establish a brand matrix for overseas business and expand global localization business; establish large-scale independent websites to enhance brand awareness and customer loyalty; and seek suitable opportunities to invest or acquire target brands along the industry chain to explore synergies.