Fast-tracking through new stock prospectuses, breaking down fundraising narratives, and tracking regulatory changes—here's what you need to know in plain language: 'Net profit surges.' With over 22,000 online roadshows, more than 1,200 offline events, and cumulative registered users exceeding 6.8 million, enterprise resource sharing platform Tianjiu Shared Smart Enterprise Services Co., Ltd. (hereinafter referred to as 'Tianjiu Enterprise Services' or 'the Company') has officially knocked on the doors of the capital market after achieving these milestones.
Recently, Tianjiu Enterprise Services submitted its prospectus to the Hong Kong Stock Exchange, aiming for a main board listing via an IPO. A successful listing would crown the Company as the 'first stock in China's enterprise resource sharing services sector.' According to Frost & Sullivan data, Tianjiu Enterprise Services held a 5.4% market share in 2024, with its revenue ranking first in the domestic enterprise resource sharing services industry for several consecutive years. Whether the IPO can further solidify its industry standing remains to be seen.
Two Influential Figures Drive the Company's Growth
According to the prospectus, Tianjiu Enterprise Services positions itself as a 'connector,' essentially linking innovative enterprises with traditional firms for resource sharing. The Company integrates online and offline channels, leveraging big data and AI technology to achieve precise matching and standardized cooperation between the two parties. This positioning is deeply rooted in founder Lu Junqing's years of experience in the enterprise services sector.
Public records show that Lu Junqing, a native of Guangyuan, Sichuan, worked in local government early in his career. In 1993, he ventured into business, founding companies like Jindianzi and Sanwei Culture in Guangyuan and Chengdu. From 1997 to 2008, he established Tianjiu Weiye in Beijing, also creating groups such as the 'World Outstanding Chinese Businessmen Association' and the 'Global Chinese Future Leaders Club.' In 2010, Lu Junqing co-founded Tianjiu Rushang, a consulting services group covering enterprise incubation, international business, finance, consulting, exhibitions, public relations, and training. Promotional materials claim that by the end of 2010, the group had incubated 3 chairmen, 9 general managers, 47 directors, and 161 managers.
The Tianjiu Enterprise Services entity preparing for the Hong Kong IPO was established in 2011, with Tianjiu Shared holding nearly 40% of its shares, and Lu Junqing as the ultimate beneficial owner post equity penetration. Other shareholders include Ruizhong Capital, Yanyuan Capital, Boda Global Ventures, Jinshang VC, Qijin Assets, Qingzheng Capital, as well as several individual investors like Caiwang Zhaxi and Zhang Guangming. Notably, in 2019, Tianjiu Enterprise Services appointed Ge Jun as Chairman and CEO. Ge Jun previously held executive roles at multinational tech firms including Intel, Apple, and NVIDIA for 25 years. Reports indicate that since taking the helm in 2019, Ge Jun introduced international project management methodologies and digital transformation concepts, successfully transitioning the Company from an early-stage 'event organizer' into a 'builder of enterprise growth resource sharing platforms.' In August of this year, Ge Jun highlighted at a Hong Kong event the 'value of platform-based ecosystem organizations'—evolving from single capital empowerment to a comprehensive 'capital + market + ecosystem' approach, a domain Tianjiu Enterprise Services has long cultivated.
Equity Holdings Fuel Profit Surge
Some analysts suggest that Tianjiu Enterprise Services' business model targets a core pain point during China's economic transition: resource misallocation. On one hand, numerous innovative enterprises possess strong innovation capabilities and growth potential but lack market channels, industrial resources, and funding support; on the other, many traditional firms hold substantial cash and resources yet face growth stagnation and transformation difficulties. Tianjiu Enterprise Services acts as a bridge, facilitating cooperation between both sides to achieve a 'triple win.'
The Company adopts a 'cash + equity' fee structure. It charges innovative enterprises cash service fees while also acquiring equity stakes in these firms based on achieved service outcomes, positioning itself as a long-term partner. Tianjiu Enterprise Services states that this approach helps alleviate the cash payment burden on innovative enterprises during their business expansion while allowing the Company to better balance stable cash flow and long-term growth potential. Simply put, Tianjiu Enterprise Services' relationship with clients shifts from service provider to partner.
This business model has proven effective, driving significant performance growth. From 2022 to 2024, the Company's revenue was RMB 811 million, RMB 1.491 billion, and RMB 1.772 billion respectively, with net profits of RMB -178 million, RMB 621 million, and RMB 1.315 billion. In the first half of 2025, revenue and net profit stood at RMB 725 million and RMB 2.508 billion. Tianjiu Enterprise Services attributes the sharp rise in first-half 2025 net profit to substantial valuation increases among innovative enterprise clients, which boosted the value of its held equity and generated significant investment gains. However, the Company also notes that the value of its equity holdings depends on clients' financial performance and market acceptance; any deterioration in their business prospects could adversely affect the fair value of these holdings.
Single Business Model Poses Risks
Currently, Tianjiu Enterprise Services' most core and valuable asset is arguably the 'Tianjiu Boss Cloud' platform. Developed in-house, this one-stop service platform gathers a broad range of traditional enterprises, particularly those at critical transformation and upgrade stages. As of the end of 2025, the platform's registered users exceeded 6.2 million, with the latest data showing over 6.8 million. According to the prospectus, Tianjiu Enterprise Services uses 'Tianjiu Boss Cloud' to conduct online roadshows and offline events, converting online cooperation intentions into offline participation. In 2024, these two activities numbered 22,000 and 1,200 sessions respectively. However, data from OPPO's app store shows that as of September 2, the 'Tianjiu Boss Cloud' app had only 620,000 installs, casting doubt on its user activity and usage authenticity.
Using 'Tianjiu Boss Cloud' as a conduit, Tianjiu Enterprise Services provides enterprise acceleration services to innovative enterprises for revenue. During the reporting period (2022 to first half of 2025), revenue from the enterprise acceleration services business grew from 96.6% to 100% of total revenue. Other businesses such as membership services and system maintenance services appear to no longer contribute to revenue, indicating an extremely concentrated business model. Tianjiu Enterprise Services acknowledges that the enterprise acceleration services could be negatively impacted by shrinking market demand, intensifying competition, or regulatory policy changes, potentially affecting its performance.
Furthermore, Future development faces additional challenges. First, performance depends on strong relationships with a few major clients. During the reporting period, revenue from the largest client accounted for 25.5%, 34.9%, 21.9%, and 11.6% respectively. Notably, in 2023, revenue from the largest client exceeded RMB 500 million, with client concentration showing a trend of 'sharp rise followed by sustained decline.' Second, the Company's net operating cash flow remained negative throughout the reporting period, at RMB -161 million, -251 million, -175 million, and -192 million. This implies that reported income is merely 'paper wealth.' Currently, the Company relies on external financing to fill funding gaps, and its core business's cash generation capability requires improvement.
Regarding fund utilization, the IPO proceeds are primarily earmarked for four areas: enhancing the business acceleration ecosystem, strengthening marketing and customer coverage, upgrading platforms and AI capabilities, and pursuing strategic investments along with supplementary working capital. According to Frost & Sullivan data, the enterprise resource sharing services market size grew from RMB 12.2 billion in 2020 to RMB 32 billion in 2024, with projections reaching RMB 84.6 billion by 2029. With vast industry growth potential, investors may want to monitor whether this can further bolster the IPO fundraising prospects for Tianjiu Enterprise Services.