Hong Kong-listed SaaS provider Youzan Technology Limited received approval-in-principle from the Hong Kong Stock Exchange on 8 April 2026 to migrate its listing from the Growth Enterprise Market (GEM) to the Main Board. The last trading day on GEM (stock code 8083) will be 16 April 2026; dealings on the Main Board (stock code 6051) start at 9:00 a.m. on 17 April 2026.
The exchange confirmed that Youzan meets the Main Board’s quantitative requirements:
• Volume-weighted average market capitalisation over the 250-day Relevant Period: approximately HK$4.60 billion, exceeding the HK$4.00 billion threshold. • Daily turnover: at least HK$50,000 on every trading day in the Relevant Period.
Management expects the Transfer of Listing to strengthen the group’s corporate profile, widen its investor base and lower financing costs. No change in principal business is planned.
Business profile
Youzan develops cloud-based social-commerce solutions in China, offering subscription SaaS packages (Youzan WeiMall, Youzan Store, Youzan Chain, Youzan Beauty) and transaction-based merchant services such as third-party payment, logistics, distribution and consumer-protection products. The group also provides factoring services and leverages generative AI to enhance its platforms. Key operating licences include an EDI licence (valid to September 2030) and a third-party payment licence (valid to June 2027).
Financial highlights (RMB)
• Revenue: 2025 up 3.1 % to 1.49 billion (2024: 1.44 billion). • Gross profit: 984.39 million; gross margin 66.2 % (2024: 67.8 %). • Net profit reversed to 163.01 million (2024: net loss 165.85 million) after completing amortisation of intangible assets and sharply lower share-based payment charges. • Adjusted EBITDA rose 81 % to 184.03 million. • Net current assets improved to 479.88 million (2024: 354.58 million). • Cash and cash equivalents increased to 1.08 billion.
Operating metrics
• Subscribing merchants declined to 52,809 (2024: 55,833) as the company prioritised higher-value clients. • Group GMV held steady at about RMB103 billion. • Average revenue per user continued to rise: subscription solutions ARPU reached RMB14,576; merchant solutions ARPU RMB13,537.
Cost structure and profitability turnaround
Selling & distribution, administrative, and R&D expenses fell to 851.31 million in 2025, down more than 50 % from 2021, reflecting workforce optimisation and efficiency gains. Equity-settled share-based payments dropped to 19.30 million (2024: 173.59 million). These measures, alongside the completion of intangible-asset amortisation, enabled the group to record its first annual operating profit since listing.
Share capital and liquidity
Single largest shareholder Mr Zhu Ning holds 18.99 % of issued shares (excluding treasury shares). Public float exceeds 25 %, with over 300 shareholders, meeting Main Board requirements. Existing share certificates, board-lot size (4,000 shares) and trading currency (HKD) remain unchanged after migration.
Regulatory and compliance
The company reported no material breaches of GEM Listing Rules or PRC regulations during the 2023-2025 Track Record Period, aside from a previously disclosed RMB27.9 million penalty on its payment subsidiary in 2024, which has been fully settled. After the listing transfer completes, Youzan will file the requisite report with the China Securities Regulatory Commission within three working days.
Key dates
• Last GEM trading day: 16 Apr 2026 • Main Board debut: 17 Apr 2026
Shareholders and investors are advised to exercise caution when dealing in the shares during the transition period.
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