---
title: "Full-Link Ecom Operator Shujuzhilian Clears ChiNext IPO Hearing — Plans Shenzhen Listing"
author: "Unique Research"
sourcePublication: "Unique Research (FFCAP English library)"
originalPublishedAt: "2022-10-14T14:42:55+08:00"
canonical: "https://ffcap.cn/en/research/20221014a0470a00"
source: "https://ffcap.cn/en/research/20221014a0470a00"
language: "en"
cnSourceUrl: "https://view.inews.qq.com/a/20221014A0470A00"
---

# Full-Link Ecom Operator Shujuzhilian Clears ChiNext IPO Hearing — Plans Shenzhen Listing

_Unique Research · Company / IPO · October 14, 2022 · Full rewrite — not a stub_

On **Sep 2, 2022**, Beijing **Shujuzhilian (数聚智连)** cleared ChiNext hearing (Credit Suisse China sponsor). Offer ≤45.09M A-shares (≥25% post-IPO); raise target **¥800M** — 43.4% brand acceleration, 25% ops center, 6.5% IT systems, 25% working capital. Ex-BlueFocus ecom (NEEQ 2016–2019); controller Xiong Kun 15.71%; BlueFocus 4.93%.

Three lines: brand ecom ops (buyout retail + agency), channel distribution (B2B/B2B2C), brand-effect marketing. Rev ¥1.08B / ¥1.47B / ¥1.77B (’19–’21); NI ¥42.7M / ¥93.4M / ¥98.8M. Mix: brand ops 71%→57%; distribution 10%→23%; marketing ~19%. 30+ sticky brands (96% recurring of like-revenue). Peers: Liren Lizhuang, Yiwang Yichuang, Ruoyuchen, Kaichun, Qingmu — #2 rev among comps. Charts in CN images — attach on ingest.

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Editorial English edition published on UniqueCapital: https://ffcap.cn/en/research/20221014a0470a00
On-site reading page: https://ffcap.cn/en/research/20221014a0470a00