Landing on the Hong Kong Stock Exchange, BlueFocus hit the brakes for the second time

Submitted the application twice, and both times it expired.

On June 30, the latest status on the Hong Kong Stock Exchange's disclosure platform showed that the application documents for BlueFocus' H-share listing submitted on December 30, 2025, have officially expired. The three joint sponsors, Huatai International, Guotai Junan International, and China Renaissance, have simultaneously terminated the current round of the application process. According to the listing rules of the Hong Kong Stock Exchange, the validity period of a company's prospectus materials is six months. If the company fails to complete the hearing, update the financial data, and advance the review process during this period, the application will automatically expire. This means that BlueFocus' long-planned "A + H" dual capital platform strategy has temporarily hit the brakes.

This is not the first time it has stumbled on the same timeline.

Looking back at the entire process of the Hong Kong stock listing, BlueFocus submitted its application for the first time in June 2025. The prospectus also expired because the hearing was not completed within six months. It submitted the application for the second time after updating the financial data on December 30 of that year, and now it has reached the end of expiration again. In industry practice, the expiration of the prospectus does not mean that the listing application is rejected by the regulators. After supplementing the latest financial data, the company can resubmit the application and continue to advance the process.

Market analysts generally believe that factors such as the progress of overseas listing filings, cross - border data compliance reviews, and the equity structure may be the core reasons for slowing down the review process. As the largest overseas marketing service provider in China, BlueFocus' business is deeply tied to overseas mainstream media platforms, involving a large amount of cross - border data flow. The relevant compliance review process is naturally more complex.

While the Hong Kong stock listing has hit a snag, there have been undercurrents in the A - share market.

On June 3, the company's announcement of the results of share reduction showed that Zhao Wenquan, the chairman, had cumulatively reduced his holdings of 15.5 million shares through centralized bidding at an average reduction price of 19.09 yuan per share, cashing out about 296 million yuan. This amount directly exceeded BlueFocus' full - year net profit attributable to the parent company of 225 million yuan in 2025. During the same period, Xiong Jian, the departing director and deputy general manager, reduced his holdings of 354,500 shares. The two together reduced their holdings of 1.58545 million shares. The whole process complied with the pre - disclosure requirements and regulatory rules, but the precise timing of cashing out at a high level still sparked extensive discussions among investors.

As the share reduction was finalized, the stock price also experienced an extreme roller - coaster ride.

Throughout June, BlueFocus was a popular trading stock in the A - share AI marketing sector.

On June 1, the stock price reached a high of 18.29 yuan during the session. The single - day trading volume exceeded 10.5 billion yuan, and the turnover rate soared to 17.31%. The enthusiasm of capital chasing reached its peak. Subsequently, the market cooled down rapidly, and the profit - taking orders were cashed out intensively. On June 23, the stock price plunged 7.75% in a single day, and the net outflow of main funds was nearly 1 billion yuan. As of the close on June 30, the company's stock price was reported at 13.76 yuan, a decline of more than 24% from the high at the beginning of the month, and the total market value fell back to 49.4 billion yuan.

While the IPO has hit the brakes, the company has stepped on the gas on the business side.

The data in the first - quarter report of 2026 showed that the company achieved a single - quarter operating income of 18.807 billion yuan, a year - on - year increase of 31.91%; the net profit attributable to the parent company was 126 million yuan, a year - on - year increase of 32.04%; the growth rate of non - recurring profit after deduction was as high as 34.61%. Both the revenue and profit achieved double - digit high growth, continuing the expansion momentum at the beginning of the year.

The core engine of growth comes from the full - scale expansion of the AI business: although the AI revenue in the first quarter of 2026 increased at a high speed, according to the growth rate, it accounted for about 15% - 20% of the total revenue. The AI penetration rate in the overseas business has even exceeded 70%. The gross profit margin of AI - related businesses ranges from 42% to 55%, which is much higher than that of traditional advertising agency businesses, and is continuously reshaping the company's profit base.

What is more interesting than the profit recovery is the explosive progress of the AI business.

The annual report data showed that in 2025, the company's AI - driven revenue reached 3.725 billion yuan, a year - on - year increase of 210.42%. The annual Token call volume exceeded the trillion - level scale. The application of AI technology has officially entered the large - scale implementation stage from the pilot stage. The company's self - developed Blue AI industry model has been connected to several underlying large models such as Microsoft Cloud, Baidu, and Zhipu AI. It integrates the professional operation models and content data accumulated by BlueFocus over the years, achieving a 100% employee penetration rate and a 70% business usage rate. Currently, 136 intelligent agent applications for vertical marketing scenarios have been developed.

Pan Fei, the CEO of BlueFocus, once publicly stated that under the dual waves of AI and globalization, the company has the opportunity to break through the boundaries and upper limits of development and transform from a labor - intensive marketing company to a global technology company.

With the performance as the foundation, the company has not stopped its layout in the industrial sector.

Recently, BlueFocus has been active in the AI field. In addition to continuously iterating the Blue AI platform, it has also deepened cooperation with technology giants such as ByteDance and Alibaba. At the same time, it has connected to the two model systems of Doubao and Tongyi Qianwen, covering the two core marketing scenarios of short - video and e - commerce. Market news shows that the company originally planned to launch a controlling acquisition of PureBlue AI, an enterprise optimizing the GEO generation engine, after completing the fundraising in the Hong Kong stock market, further complementing the AI technology stack and connecting the entire link from content generation to effect optimization.

Expiration is not the end, but there are still uncertainties ahead. As of press time, BlueFocus has not issued an official statement regarding the expiration of the prospectus.