---
title: "Cross-Border Ecom Zibuyu Passes HKEX Hearing — Plans Main-Board IPO"
author: "Unique Research"
sourcePublication: "Unique Research (FFCAP English library)"
originalPublishedAt: "2022-11-08T20:07:18+08:00"
canonical: "https://ffcap.cn/en/research/20221108a08jgk00"
source: "https://ffcap.cn/en/research/20221108a08jgk00"
language: "en"
cnSourceUrl: "https://view.inews.qq.com/a/20221108A08JGK00"
---

# Cross-Border Ecom Zibuyu Passes HKEX Hearing — Plans Main-Board IPO

_Unique Research · Company / IPO · November 8, 2022 · Full rewrite — not a stub_

On **Oct 26, 2022**, apparel/footwear cross-border ecom **Zibuyu (子不语)** passed HKEX hearing for Main Board listing. Offer: 29.25M shares (90% intl / 10% public); 3 cornerstone investors for **$22.6M**. Founded 2011; sells apparel & footwear on third-party platforms. Frost & Sullivan 2021 GMV: #3 among China CB export B2C apparel/footwear platform sellers (0.4% of ¥596.5B China market); **#1 in North America** (0.7% of ¥303.0B NA). Controllers Hua Bingru + Yu Feng 55.47%.

**Financials:** rev ¥1.428B (’19) → ¥2.347B (’21), CAGR 18.01%; GP margin 69.9%→75.2% (H1’22 75.9%); NI margin 5.67%→8.56% (H1’22 4.77%). Mix ~80% apparel / 20% footwear; 80–90% via third-party platforms. Sales & distribution cost ¥830M→¥1.41B. Strategy: AI/big-data design; supply-chain shift China→SEA; overseas brand matrix + localization M&A; owned DTC site; horizontal/vertical chain investments. Industry: China CB export B2C GMV ¥2.738T (’21; 74.5% platform / 25.5% DTC); apparel/footwear share 17.4%→27.4% (’17–’21) →33.2% by ’26; Amazon 70.9% of top-4 platform GMV; China sellers 44.1% of Amazon/eBay/AliExpress/Wish GMV ($228.7B). Risks: Amazon/Wish fee & policy dependence; fragmented category (<1% leaders). 300+ brands incubated; 87 “hit” brands >¥10M each; ships to >80% of countries.

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Editorial English edition published on UniqueCapital: https://ffcap.cn/en/research/20221108a08jgk00
On-site reading page: https://ffcap.cn/en/research/20221108a08jgk00