--- title: "BAIGE DIGITAL listed on the Hong Kong stock market: up over 300%, market value HKD 20.8 billion, annual revenue HKD 1.2 billion, loss of HKD 46.67 million" type: "News" locale: "en" url: "https://longbridge.com/en/news/291091655.md" description: "On June 29th, BAIGE DIGITAL was listed on the Hong Kong Stock Exchange with an issue price of HKD 15.6. It surged over 300% at the opening, with a market capitalization of approximately HKD 20.8 billion. The company's main business is digital risk management for scenario insurance, with a revenue of 1.227 billion yuan expected in 2025, but a loss of 46.67 million yuan during the period" datetime: "2026-06-29T04:25:50.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/291091655.md) - [en](https://longbridge.com/en/news/291091655.md) - [zh-HK](https://longbridge.com/zh-HK/news/291091655.md) --- # BAIGE DIGITAL listed on the Hong Kong stock market: up over 300%, market value HKD 20.8 billion, annual revenue HKD 1.2 billion, loss of HKD 46.67 million ![1.jpeg](https://pub.pbkrs.com/post/2026/lb_crawler_news_hk/483a5cd0c63c1f55b37e1958396c1519.jpeg?x-oss-process=style/lg) Leidi Network, Lei Jianping, June 29 BAIGE DIGITAL (Xiamen) Technology Co., Ltd. (abbreviated as "BAIGE DIGITAL", stock code: "2672") was listed on the Hong Kong Stock Exchange today. ![2.jpeg](https://pub.pbkrs.com/post/2026/lb_crawler_news_hk/7e7b64299f6d36c14ca33ab34670210a.jpeg?x-oss-process=style/lg) BAIGE DIGITAL's issue price is HKD 15.6, issuing 33.34 million shares, with a total fundraising amount of HKD 520 million; after deducting the listing expenses of HKD 54.38 million, the net fundraising amount is HKD 466 million. ![3.jpeg](https://pub.pbkrs.com/post/2026/lb_crawler_news_hk/b4c031e7489335d1f1bb97122237b89a.jpeg?x-oss-process=style/lg) The cornerstone investors of BAIGE DIGITAL are GLY New Mobility and Ke Jiaqi, each subscribing for HKD 10 million, totaling HKD 20 million. BAIGE DIGITAL's opening price is HKD 61.1, an increase of 292% compared to the issue price; as of now, the company's stock price has risen over 300%, with a market capitalization of approximately HKD 20.8 billion. Annual revenue of 1.2 billion, loss of 46.67 million BAIGE DIGITAL is a provider of digital risk management solutions for scenario insurance, primarily utilizing scenario insurance as a tool to generate revenue through innovative and technology-enabled risk management financial services, smart marketing, digital solutions, and TPA services. BAIGE DIGITAL states that as a digital connector between insurance companies, scenario partners, and end consumers, it closely collaborates with upstream insurance companies and downstream scenario partners in solution design and customization, providing digital risk management solutions for all ecosystem participants. ![4.jpeg](https://pub.pbkrs.com/post/2026/lb_crawler_news_hk/582c203dc89ef8dd5a5a767470084991.jpeg?x-oss-process=style/lg) The prospectus shows that BAIGE DIGITAL's revenue for 2023, 2024, and 2025 is projected to be HKD 660 million, HKD 914 million, and HKD 1.227 billion, respectively; gross profit is projected to be HKD 52.05 million, HKD 83.22 million, and HKD 103 million; ![5.jpeg](https://pub.pbkrs.com/post/2026/lb_crawler_news_hk/b90a999df5b099b59f9f796b210fa716.jpeg?x-oss-process=style/lg) BAIGE DIGITAL's insurance transaction service revenue for 2025 is expected to be 821 million yuan, accounting for 66.9%; revenue from precision marketing and digital solutions is expected to be 398 million yuan, accounting for 32.5%; revenue from TPA services is expected to be 7.615 million yuan, accounting for 0.6%. BAIGE DIGITAL's operating losses for 2023, 2024, and 2025 are expected to be 10.39 million yuan, 18.92 million yuan, and 35.22 million yuan, respectively; the losses during the period are expected to be 17.18 million yuan, 27.71 million yuan, and 46.67 million yuan, respectively. ![6.jpeg](https://pub.pbkrs.com/post/2026/lb_crawler_news_hk/16fe5938ec7159f0a2b3ccf7d2536e62.jpeg?x-oss-process=style/lg) BAIGE DIGITAL's adjusted net losses for 2023, 2024, and 2025 are expected to be 13.46 million yuan, 7 million yuan, and 9.32 million yuan, respectively. ![7.jpeg](https://pub.pbkrs.com/post/2026/lb_crawler_news_hk/676f1493a0d421a78781e5fdcc1c5a69.jpeg?x-oss-process=style/lg) As of December 31, 2025, BAIGE DIGITAL holds cash and cash equivalents of 94.03 million yuan. New Hope is the second largest shareholder. The executive directors of BAIGE DIGITAL are Tu Jinbo and Shi Wenzheng; the non-executive directors are Zeng Jianhua, Zheng Yu, and Wang Qianwei; the independent non-executive directors are Dr. Zhao Zhengtang, Ms. Chen Deyi, and Dr. Cao Liujuan. ![8.jpeg](https://pub.pbkrs.com/post/2026/lb_crawler_news_hk/e8f3d5d3b59fd6c608c03da4d572c518.jpeg?x-oss-process=style/lg) As of the last practical date, Tu Jinbo, Zeng Jianhua, Su Weida, Huang Jiaen, Xiamen Zhongjiaxiu, Fujian Heli Hemei, and BAIGE jointly hold a total of 55.58% equity of the company's issued share capital. ![9.jpeg](https://pub.pbkrs.com/post/2026/lb_crawler_news_hk/9b218e5eade4b47eb51680bf59279142.jpeg?x-oss-process=style/lg) Pre-IPO, BAIGE DIGITAL's equity structure Pre-IPO, Fujian Heli Hemei holds 45.13%, New Hope holds 13.87%, BAIGE jointly holds 10.45%, Ge Ruin Xiamen holds 9.27%, Xiamen Fuguohao holds 7.42%, Xiamen Huicheng holds 3.71%, and Xiamen Meitong Luqi holds 3.46%. ![10.jpeg](https://pub.pbkrs.com/post/2026/lb_crawler_news_hk/6da4105a81bc21d1e3dfa02db155bcaa.jpeg?x-oss-process=style/lg) With Jin Tongxing holding 2.64%, Jiaxing Mianmiao holding 1.85%, Lin Baojie holding 0.77%, Fujian Yongchun holding 0.74%, Minyin Kechuang holding 0.46%, and Guangbo holding 0.25%. ![11.jpeg](https://pub.pbkrs.com/post/2026/lb_crawler_news_hk/d4815413058877a71571e507eac990eb.jpeg?x-oss-process=style/lg) After the IPO, the equity structure of BAIGE DIGITAL Fujian Heli Hemei holds 40.43%, New Hope holds 12.43%, Baige Tongchuang holds 9.36%, Ge Rui Xiamen holds 8.31%, Xiamen Fuguohao holds 6.65%, and Jin Tongxing holds 2.36%. —————————————— ### Related Stocks - [02672.HK](https://longbridge.com/en/quote/02672.HK.md) - [000876.CN](https://longbridge.com/en/quote/000876.CN.md) - [03658.HK](https://longbridge.com/en/quote/03658.HK.md) ## Related News & Research - [Apple's Online Store Is Down](https://longbridge.com/en/news/290827867.md) - [Base identifies consensus issue as it returns online after 2-hour outage](https://longbridge.com/en/news/290916567.md) - [Topsports says no official notice from Nike on ending China online distributorship authorization](https://longbridge.com/en/news/290799482.md) - [Venturelab schedules online introduction, pitch session for Venture Leaders Medtech 2026](https://longbridge.com/en/news/290658267.md) - [Guan Chao Sets Aggressive Online Growth Targets in China with New E-Commerce Partner](https://longbridge.com/en/news/290564262.md)