Wubo Technology Files Hong Kong IPO Application; Profit Surges 154% While Revenue Falls 25% Since 2023

According to its IPO filing, Wubo Technology (Wubo) submitted its main board listing application to Hong Kong Stock Exchange on June 30, backed by China International Capital Corporation as sole sponsor. The filing marks a spin-off of Yanmei Energy, with Shandong Energy Group controlling approximately 52.84% of voting rights through Yanmei as of the prospectus disclosure date.

Wubo operates as China's leading smart logistics platform for black metallurgical commodities. From 2023 to 2025, operating revenue declined from 217.27 billion yuan to 162.83 billion yuan, while net profit surged from 67 million yuan to 170 million yuan. Gross margin improved from 1.1% to 3.1% as the company prioritized profitability over scale. High-margin integrated supply chain services revenue jumped from 205 million yuan to 801 million yuan, with gross margins of 14.2%, while industrial IoT solutions reached 62.4% gross margin. However, operating cash outflow totaled 21.03 billion yuan in 2024-2025, and receivables ballooned to 56.84 billion yuan by 2025, reflecting extended payment cycles typical in commodities logistics.