On February 28, 2024, Tianju Dihe (Suzhou) Technology Co., Ltd. (hereinafter referred to as “Aggregated Data”) from Suzhou, Jiangsu submitted a prospectus to the Hong Kong Stock Exchange to be listed on the Hong Kong Main Board. This is another application after its submission expired on August 25, 2023.

Link to the Aggregated Data Prospectus:

https://www1.hkexnews.hk/app/sehk/2024/106271/documents/sehk24022801365_c.pdf

Main business

Aggregated Data, as a leading comprehensive API data circulation service provider in China, provides standard API services and customized data governance solutions to Internet companies, telecom operators, technology companies and other commercial government organizations, application developers and technology professionals. It is committed to opening up data silos and providing users with online API services across multiple service types and usage scenarios.

According to the Frost & Sullivan report, Aggregated Data is the largest comprehensive API data circulation service provider in China in terms of revenue in 2022, with a market share of 6.1%.

Aggregated data securely connects and uses data through APIs. Through the company's products, including APImaster, DataArts, QuickBot, SmartShield, and AnchorChain, it provides solutions integrating API management, data governance, data application, data security and privacy protection computing to assist institutions in digital transformation. The company provides customized, digitized, and locally deployed data governance solutions to meet the diverse needs of customers including government agencies, utilities, manufacturing, finance, telecommunications, and other industries. In addition, aggregated data also helps enterprises and government agencies carry out digital transformation through data governance solutions. Customers of aggregated data include well-known companies such as Tencent, Alibaba, Baidu, NetEase, Meituan, China Mobile, China Unicom, China Telecom, and many other Internet companies, application developers, and individual users.

Aggregate data. Since the launch of the proprietary API market in June 2011, more than 770 proprietary APIs have been developed. In 2023, the API market processed more than 120 billion API requests. As of December 31, 2023, the API market released more than 380 proprietary APIs to users.

Revenue from aggregated data mainly comes from the API market and data management solutions.

• In the API market, revenue mainly comes from sales inquiries, SMS notifications and recharge services, which charge based on usage and unit price, or collect sales contract amounts during a fixed contract period.

• Data management solutions generate revenue from selling solutions to government and business institutions, including platform construction fees, which are usually charged for deploying data management platforms, and may also be charged for supporting operation services and consulting services provided in accordance with specific customer requirements. The company's data management solution revenue grew at a CAGR of 23.1% from 2021 to 2023.

Shareholder structure

According to the prospectus, aggregated data is in the shareholder structure before listing,

Mr. Zuo Lei directly holds 43.59% of the shares. Through owning 69.75% of the shares in Liuhe (shareholding platform), he holds 1.84% of the shares;

Ms. Hua Huan directly holds 0.15% of the shares;

Mr. Zuo and Ms. Hua and his wife held 7.75% of the shares through a gathering of six partners;

In total, the above shareholders hold approximately 53.33% of the shares and are controlling shareholders.

JD Technology holds 16.48% of the shares;

Suzhou Guofa No. 8 holds 1.63% of the shares;

Tahoe Venture Capital (GP) holds 1.26%, 1.15%, and 0.46% of the shares respectively through Tahoe Growth, Tahoe Land, and Tahoe Growth Phase II;

Shanghai Kolopu holds 0.82% of the shares;

Sino-Singapore Venture Capital holds 0.81% of the shares;

Agricultural Bank invests and holds 0.66% of the shares;

Chase Qikai holds 0.38% of the shares;

Mr. Qiu Jianqiang holds 8.91% of the shares;

Mr. Hua Yong, the actual controller of Shunwang Technology (300113.SZ), holds 3.11% of the shares;

Mr. Zhou Lijun holds 2.08% of the shares;

Ms. Ren Yuan holds 1.39% of the shares;

Mr. Fan Shebin holds 1.19% of the shares;

Mr. Shao Zhenkai holds 1.08% of the shares;

Ms. Mao Sipian holds 0.81% of the shares;

Mr. Chu Xiaogang holds 0.81% of the shares;

Mr. Zhong Weiwei holds 0.81% of the shares;

Mr. Yu Fangbiao holds 0.65% of the shares;

Mr. Cai Yitao holds 0.49% of the shares;

Mr. Wang Bin holds 0.41% of the shares;

Ms. Lu Fen holds 0.27% of the shares;

Ms. Gong Juhui holds 0.27% of the shares;

Mr. Lee Chi-chung holds 0.22% of the shares;

Mr. Chen Zhixin holds 0.19% of the shares;

Mr. Gu Guomin holds 0.16% of the shares;

Mr. Yang Xiaoning holds 0.11% of the shares;

Ms. Wang Liping holds 0.06% of the shares.

Directors and Executives

The board of directors of Aggregate Data consists of 9 directors, including 4 executive directors (Mr. Zuo Lei, Mr. Wang Haojin, Mr. Lin Shan, and Ms. Yang Yanjun), 2 non-executive directors (Mr. Qiu Jianqiang, Mr. Gaoyuan), and 3 independent non-executive directors (Mr. Huang Xuexian, Mr. Chen Xinhe, and Mr. Li Chunhui).

3 members of the Supervisory Board (Mr. Gao Qi, Mr. Yu Gang, Ms. Ren Yuan).

In addition to executive directors, executives include Chief Financial Officer Shao Chuangye; Deputy General Manager Mr. Shao Lida; Deputy General Manager Mr. Wei Zheng; Deputy General Manager Mr. Han Jianfeng; Deputy General Manager Mr. Dong Chuanzu; Deputy General Manager Mr. Wang Lei; and Deputy General Manager Ms. Ji Shilin.

Company performance

According to financial data, in the past 2021, 2022, and 2023, the consolidated revenue was RMB 260 million, RMB 329 million, and RMB 441 million, respectively, and the corresponding net profit was RMB 459.66 million, 41.284 million, and RMB 35.61 million, respectively.

Intermediary team

Aggregated Data's main intermediary team for this IPO included: CITIC Securities as its sole sponsor; Lixin Dehao as its auditor; King & Wood (Hong Kong) as its Chinese lawyers and Hong Kong lawyers respectively; Guo Hao and Security as its Chinese lawyers and Hong Kong lawyers for the brokerage firm; Ruifeng Global as its property valuer; and Frost Sullivan as its industry advisor.