White Pigeon Online Rushes Toward Hong Kong Listing: Annual Revenue of 1.2 Billion with Loss of 46.67 Million, New Hope is Second Shareholder

Question: What strategic resources will AI · New Hope bring as a second shareholder?

Lei Di Network Lei Jianping, March 19

Bai Ge Online (Xiamen) Digital Technology Co., Ltd. (referred to as “Bai Ge Online”) announced today that it has passed the listing hearing and is preparing to go public on the Hong Kong Stock Exchange.

Annual revenue of 1.2 billion, loss of 46.67 million

Bai Ge Online is a provider of digital risk management solutions for scenario insurance, mainly utilizing scenario insurance as a tool. It generates revenue through innovative and technology-enabled risk management financial services, intelligent marketing, digital solutions, and TPA services.

Bai Ge Online states that, as a digital connector between insurance companies, scenario partners, and end consumers, it works closely with upstream insurance companies and downstream scenario partners in solution design and customization, providing digital risk management solutions for all ecosystem participants.

According to the prospectus, Bai Ge Online’s revenue for 2023, 2024, and 2025 is projected to be 660 million, 914 million, and 1.227 billion yuan respectively; gross profit is expected to be 52.05 million, 83.22 million, and 103 million yuan respectively.

In 2025, Bai Ge Online’s insurance transaction service revenue 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%.

The operating losses for Bai Ge Online in 2023, 2024, and 2025 are projected to be 10.39 million, 18.92 million, and 35.22 million yuan; during the period, net losses are expected to be 17.18 million, 27.71 million, and 46.67 million yuan.

Adjusted net losses for 2023, 2024, and 2025 are forecasted to be 13.46 million, 7 million, and 9.32 million yuan.

As of December 31, 2025, Bai Ge Online held cash and cash equivalents of 94.03 million yuan.

New Hope is a second shareholder

Bai Ge Online’s executive directors are Tu Jinbo and Shi Wenzheng; non-executive directors are Zeng Jianhua, Zheng Yu, and Wang Qianwei; independent non-executive directors are Dr. Zhao Zhengtang, Ms. Chen Deyi, and Dr. Cao Liujuan.

As of the last practicable date, Tu Jinbo, Zeng Jianhua, Su Weida, Huang Jia’en, Xiamen Zhongjiaxiu, Fujian Heli Hemei, and Bai Ge Tongchuang collectively hold 55.58% of the company’s issued share capital.

Before the IPO, Fujian Heli Hemei held 45.13%, New Hope held 13.87%, Bai Ge Tongchuang held 10.45%, Ge Rui Xiamen held 9.27%, Xiamen Fuguo Hao held 7.42%, Xiamen Huicheng held 3.71%, Xiamen Meitong Lùqi held 3.46%;

Jin Tongxing held 2.64%, Jiaxing Mianmiao held 1.85%, Lin Baojie held 0.77%, Fujian Yongchun held 0.74%, Minyin Kechuang held 0.46%, Guangbo held 0.25%.

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