On May 26th, Capital Bang learned that Weitaotang submitted the proposed listing on the main board of the Hong Kong Stock Exchange, with China International Capital Corporation as its exclusive sponsor.

According to the prospectus, Weipaitang is the largest e-commerce platform for text games in China. According to Frost Sullivan, the company's platform promoted a GMV of 40.5 billion yuan for text games in 2021. The company transforms the cultural game industry in an innovative way through the online platform.

The company mainly uses two auction sales modes to allow merchants to sell products on the platform, that is, picture auction and live auction. Through these sales models, users can access the details of the product and bid.

The company's platform is an active and interactive text game e-commerce market and community, connecting merchants and users, promoting all kinds of text game transactions and promoting Chinese culture. The company provides end-to-end services and operational support for merchants (usually small and medium-sized enterprises), including one-stop shop management tools, multi-function online store analysis tools, comprehensive business training, online store and live broadcast planning suggestions and business consulting services. The company provides accurate marketing, display marketing promotion tools and membership system for merchants to help them improve operational efficiency and user stickiness. In addition, the company's platform provides a variety of identification services.

As of December 31, 2021, the number of registered users exceeded 74 million and the number of registered merchants exceeded 331000. In 2021, the number of active buyers exceeded 3.9 million, the number of active merchants exceeded 78000, and the total number of orders exceeded 85.2 million.

During the operating record period, the company's revenue includes (I) platform service fees; (ii) online marketing service fees; and (iii) others. The company's revenue in 2019, 2020 and 2021 was RMB 473 million, 1.07 billion and 978 million respectively. The company recorded profits of $137 million, $53.82 million and $142 million respectively in those related years. The company's adjusted profits (measured under non-IFRS) for those relevant years were $188 million, $142 million and $194 million respectively.

The company intends to raise funds for the next two years to attract and retain users; attract new businesses and enhance the quality and diversity of the value-added services provided by the company to businesses; expand business and explore new business opportunities; strengthen the company's R & D and technical capabilities; will be used for potential strategic partnerships and alliances, investments and acquisitions.