On April 22, Yisou Technology Holdings Limited (hereinafter referred to as “Yisou Technology”) updated the Hong Kong Stock Exchange prospectus with BOC International as the sole sponsor. Yisou Technology previously submitted forms on February 27 and September 29, 2023.

According to Rui Financial Research, Yisou Technology is committed to applying various “data to people” scenarios based on artificial intelligence recommendation technology. Yisou Technology operates four business lines, covering digital reading platform services, digital marketing services, online game distribution services and other digital content services.

According to the prospectus, the history of Yisou Technology can be traced back to 2005. At that time, Yisou Shenzhen (previously known as Shenzhen Yisou Technology Development Co., Ltd.), the main operating subsidiary of Yisou Technology, was founded by Wang Xi and carried out mobile search business in China. The capital for the establishment of Yisou Shenzhen was provided by Wang Xi.

Prior to founding the group, Wang Xi was one of the founding members of Shenzhen Xuntian Communication Technology Co., Ltd. (“Shenzhen Xuntian”), which was engaged in value-added telecommunications business. In 2007, after leaving Shenzhen Xuntian, Wang Xi officially joined Yisou Shenzhen as CEO and began investing more time and energy in its management.

In 2016, in preparation for listing on NEEQ, Yisou Shenzhen changed its company name from Co., Ltd. to a limited company and changed its company name to “Shenzhen Yisou Tianxia Technology Co., Ltd.” Yisou Shenzhen Co., Ltd. was listed on NEEQ in March 2017 and then delisted from NEEQ in June 2019.

According to the prospectus, Shanghai Shanda holds 6.15% of the company's shares. The shareholders of Shanghai Shanda are Chen Tianqiao and Shanghai Shengda Innovation Investment Management Co., Ltd., which is also wholly owned by Chen Tianqiao. Additionally, Suzhou Kunyu holds 7.32% of the shares. Suzhou Kunyu's limited partners include Xuyong Phase I Jintuo Equity Investment Fund Partnership (limited partnership) and Suzhou Kunyu Jintuo Tongying Investment Enterprise (limited partnership), all of which are actually controlled by Luzhou Laojiao Group Co., Ltd. Furthermore, Wang Xi holds 34.02% of the shares.

According to the prospectus, the board of directors of Yisou Technology consists of nine directors, including three executive directors, three non-executive directors, and three independent non-executive directors. Among them, Wang Xi is an executive director, chairman of the board of directors, and CEO.

Among the board of directors, Yisou Technology has 9 directors with backgrounds in accounting, auditing, risk monitoring and investment. Wang Xi has a bachelor's degree in accounting and has expertise in investment management. Chen Jun (as Chief Financial Officer) is responsible for managing and overseeing the Group's daily investment activities. Chen Jun has around 16 years of work experience in accounting and finance. Zhao Lei holds a bachelor's degree in accounting.

Judging from Wang Xi's history, Wang Xi has about 24 years of experience in management. It joined the group in June 2007. Appointed as a director on February 9, 2022, and reassigned as an executive director on December 2, 2022.

From March 2000 to May 2007, Wang Xi served as vice president at the CEO Office of Shenzhen Xuntian Communication Technology Co., Ltd. He then joined the group in June 2007 as CEO, and is mainly responsible for the daily operation and management of Yisou Shenzhen.

In January 2009 and December 2015, Wang Xi was appointed as the general manager and chairman of the board of directors of Yisou Shenzhen. He has also been the executive director of Yisou Beijing since January 2016, and has been a director of Easyikang Technology (Beijing) Co., Ltd. since August 2016. Wang Xi graduated from Southwest China University of Finance and Economics in July 1998 with a bachelor's degree in accounting.

In terms of performance, from 2021 to 2023, Yisou Technology's revenue was 433 million yuan, 456 million yuan, and 559 million yuan respectively; profit during the year was 5 million yuan, 444.48 million yuan, and 2.5 million yuan respectively. In 2023, Yisou Technology's revenue did not increase profit; profit fell by about 43% year-on-year during the year.

Yisou Technology's advertisers mainly include advertisers and third-party advertising agencies. During the track record period, a large part of Yisou Technology's revenue came from digital marketing services. For the year ended December 31, 2021, 2022, and 2023, Yisou Technology's digital marketing services generated revenue of $202 million, $201 million and $289 million respectively, accounting for approximately 46.5%, 44.0% and 51.7% of total revenue, respectively.

For the year ended December 31, 2021, 2022, and 2023, Yisou Technology's sales and distribution expenses were RMB99.3 million, $134 million and $154 million respectively, accounting for approximately 22.9%, 29.3% and 27.5% of total revenue, respectively. In the same year, Yisou Technology's R&D expenses were 51 million yuan, 38.7 million yuan and 37.6 million yuan respectively, accounting for about 11.8%, 8.5% and 6.7% of total revenue, respectively.