Hong Kong-listed SaaS provider YOUZAN Technology (08083) has received in-principle approval from the Hong Kong Stock Exchange to transfer its listing from GEM to the Main Board. Trading will migrate on 17 April 2026; the final day on GEM is 16 April 2026.
Key listing metrics • Volume-weighted average market capitalisation over the 250-day “Relevant Period” reached approximately HK$4.60 billion versus the HK$4.00 billion Main Board threshold. • Average daily turnover exceeded HK$50,000 on every trading day in the same period. • Public float remains above 25% and at least 10% of issued shares (ex-treasury) are unrestricted, meeting Rule 8.08A. • YOUZAN will retain its English and Chinese short names, board-lot size (4,000 shares) and share certificates.
Strategic rationale Management expects the Main Board listing to enhance brand profile, broaden institutional investor reach and improve financing flexibility. No change to core operations is planned.
Operations snapshot The Hangzhou-based group provides cloud-based commerce services via: 1. Subscription solutions (e-commerce and store SaaS suites such as Youzan WeiMall, Youzan Store, Youzan Chain and Youzan Beauty). 2. Merchant solutions (payment processing, logistics, distribution, consumer protection and short-term factoring).
FY 2025 financial highlights (RMB) • Revenue: 1.49 billion (up 3.10% YoY). – Subscription solutions: 769.75 million (51.8% of total). – Merchant solutions: 714.89 million (48.1% of total). • Gross profit: 984.39 million; margin 66.2% (2024: 67.8%). • Profit from operations: 171.58 million (2024: loss of 132.68 million). • Net profit attributable to owners: 163.11 million (2024: loss of 176.62 million). • Adjusted EBITDA: 184.03 million, up 81.0% YoY. • Net current assets: 479.88 million (2024: 354.58 million). • Cash and cash equivalents: 1.08 billion.
Operational metrics • Subscribing merchants fell to 52,809 (2024: 55,833) as the group focused on higher-value clients; GMV remained stable at roughly RMB103 billion. • Average revenue per merchant rose to RMB28,159 (2024: RMB25,832), reflecting improved product mix and growing merchant solutions usage.
Cost discipline Selling & distribution, administrative, and R&D expenses fell a combined 0.9% YoY to 851.31 million, aided by headcount optimisation and lower channel commissions. All intangible assets linked to the 2018 acquisition of Youzan Cayman were fully amortised by end-2024, removing a non-cash drag on 2025 earnings.
Shareholder structure & liquidity Executive director Zhu Ning is the single largest shareholder with an 18.99% stake (ex-treasury). The top 25 identified shareholders hold 60.32% of issued shares, while public float comfortably exceeds regulatory minima. Average daily trading volume peaked at 341 million shares in August 2025; the stock closed at HK$0.134 on 9 April 2026, down 43.4% from January 2023.
Regulatory & compliance The group holds a valid EDI licence (to 2030) and third-party payment licence (to 2027) in China. It has resolved a one-off RMB27.9 million penalty from the People’s Bank of China related to historical QR-code payment scope issues; no further material penalties were reported.
Next steps Subject to fulfilment of the remaining procedural conditions on 17 April 2026, YOUZAN shares will begin trading on the Main Board under stock code 6051. Existing share certificates will remain valid, and CCASS arrangements are unchanged. Shareholders and potential investors are advised to exercise caution when dealing in the shares.
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