Strategic Value of BlueFocus' Dual Listing in Hong Kong and Its Impact on China's Advertising and Marketing Industry

is a leading public relations and digital marketing service enterprise in China, founded in 1996 and listed on the Shenzhen Stock Exchange GEM in 2010, known as “the first PR stock”. According to the latest financial data [0], the company’s current market capitalization is $34.09 billion, and its share price is RMB 9.60.

:

• Revenue Scale
  : 2024 revenue exceeded RMB 60 billion, ranking first in China’s marketing industry [1]
• Market Share
  : Based on 2024 revenue, BlueFocus is the largest marketing company in China and the only Chinese enterprise among the world’s top 10 marketing communication companies, ranking 10th with a market share of 0.68% [1]
• Global Layout
  : Marketing services have reached nearly 200 countries and regions worldwide, serving over 100,000 clients cumulatively, including more than 100 Fortune China 500 enterprises [1]

BlueFocus is the first enterprise in the industry to propose “All in AI” and shift to “AI First” [2]. The company has built a complete AI product matrix:

:

• BlueAI
  : An industry-leading marketing large model that supports localized content generation and intelligent delivery in 29 languages [2]
• Xinying Creation Platform
  : Provides video creation functions such as AI face swapping, intelligent matting, and batch editing. 200 videos per batch can be delivered within 24 hours, with a conversion rate increase of 40% [2]
• AI Agent Matrix
  : As of September 2025, 136 AI Agents have been incubated, covering core business scenarios such as video generation, intelligent delivery, and content creation [3]

:

• AI-driven business revenue reached RMB 2.47 billion in the first three quarters of 2025, steadily moving towards the annual AI revenue target of RMB 3-5 billion [3]
• The number of Token calls via API access to large models has exceeded 600 billion, and it is expected to surpass 1 trillion by the end of 2025 [3]

:

• Period Performance
  : From the beginning of 2024 to December 2025, the share price rose from RMB 7.10 to RMB 9.60, an increase of 35.21% [4]
• Price Range
  : The highest price during the period was RMB 11.95 (2024-12-13), and the lowest was RMB 4.92 (2024-07-24), with large fluctuations [4]
• Technical Indicators
  : The current share price is above the 20-day moving average (RMB 8.90) and the 60-day moving average (RMB 8.57), indicating a short-term upward trend [4]
• Trading Volume
  : The average daily trading volume is 194 million shares, with sufficient liquidity [4]

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:

• The Hong Kong stock market has a diversified international investor structure, covering many global institutional investors, which can provide A-share companies with broader financing channels and attract international capital inflows [5]
• Since 2025, the “A+H” dual listing model has seen explosive growth. As of December 28, 19 A-share companies have successfully landed on the Hong Kong capital market this year, a year-on-year surge of 533% compared to 3 in 2024, and their total fundraising accounted for more than 50% of the total fundraising of Hong Kong IPOs [5]
• These 19 A-share companies raised a total of approximately HK$139.993 billion, accounting for 51.35% of Hong Kong’s total annual fundraising [5]

:

• The valuation difference between the A-share and Hong Kong stock markets provides valuation management space for listed companies
• The Hong Kong stock market has a more mature valuation system for emerging industries such as AI and technology, which helps to提升 BlueFocus’ valuation level as an “AI + marketing” technology company

:

• BlueFocus has launched the “Globalization Overseas 2.0” strategy, promoting the transformation of overseas cross-border marketing business from an agency-based model to a model driven by localized operations and technology [1]
• The company has set up 5 overseas offices in the United States, Vietnam, Thailand, Indonesia, and Singapore [1]
• As an international financial center and capital hub connecting the mainland and the world, Hong Kong will become an important bridgehead for the company to expand overseas clients and attract international talents

:

• Successfully listing on the Hong Kong stock market itself is a strong international brand endorsement, which can significantly enhance the company’s global visibility and market reputation [5]
• It helps to提升 the company’s competitive position in the global marketing communication industry and compete with international giants (WPP, Omnicom, Publicis)

:

• The dual supervision standards of A-share and Hong Kong stock markets are stricter, which will force enterprises to align their governance structure and information disclosure level with international standards, further improving operational transparency and standardization [5]
• The Hong Kong capital market has higher requirements for ESG (Environment, Social, Governance), which will promote the company’s practices in sustainable development

:

• The Hong Kong stock market has a higher proportion of international investors, which helps to optimize the company’s shareholder structure
• Improve the company’s visibility and influence in the global capital market

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:

• According to Frost & Sullivan data, the scale of China’s digital marketing market is expected to exceed RMB 1.2 trillion in 2025 (annual growth rate of 18%) [1]
• Industry concentration continues to increase: Top 10 companies (Suoxiang, Hylink, BlueFocus, etc.) account for 60% of the market share, mainly relying on full-link service capabilities and AI technology advantages [1]
• The listing of BlueFocus as a leading enterprise will further strengthen the competitive pattern of “the strong get stronger”

:

• With the “A+H” dual financing platform, BlueFocus will gain stronger capital operation capabilities
• Quickly acquire technology, talents, and customer resources through mergers and acquisitions to accelerate industry integration
• It is expected to drive more enterprises in the industry to seek capitalization, promoting the industry from fragmentation to concentration

:

• BlueFocus is one of the first A-share advertising and marketing enterprises to realize AI business performance兑现 [3]
• The company’s total operating revenue in the first three quarters of 2025 reached RMB 51.098 billion, a year-on-year increase of 12.49%, among which the proportion of AI-driven business revenue continued to rise [3]
• This provides a clear reference for the AI commercialization path for the entire industry

:

• Since the launch of ChatGPT in 2023, the share price of US stock advertising AI application enterprise AppLovin (APP.US) has increased by up to 56 times [3]
• In the first quarter of 2025, AppLovin’s advertising business revenue reached US$1.159 billion, a year-on-year increase of 71%, adjusted EBITDA increased by 92% year-on-year, and the profit margin was as high as 81% [3]
• Giants such as Meta and Google have also achieved strong growth in advertising business through AI technology
• As a Chinese benchmark enterprise, BlueFocus’ Hong Kong listing will provide a clear valuation reference for A-share advertising and marketing companies

:

• Traditional advertising agencies have lower valuation multiples (usually 10-20x PE)
• AI technology companies have significantly higher valuation multiples (US stock AI advertising companies can reach 50-100x PE)
• After BlueFocus successfully lists on the Hong Kong stock market, it will promote the transformation of the entire industry’s valuation logic from “labor-intensive creativity” to “AI industrialized production” [6]

:

• BlueFocus’ R&D expenses in 2022, 2023, and 2024 were RMB 72 million, RMB 89 million, and RMB 54 million respectively [1]
• Although short-term investment causes profit pains for the company, it is a necessary investment to build long-term competitiveness
• The Hong Kong stock market has higher recognition for R&D-oriented enterprises, which helps the company obtain a reasonable valuation premium

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:

• Based on the revenue generated by the global marketing industry, the top five service providers account for a total market share of 19.19% [7]
• BlueFocus ranks 10th with a share of 0.68%, and is the only Chinese enterprise among the top ten [7]
• The top five companies are all multinational giants: WPP (UK,5.14%), Omnicom (US,4.50%), Publicis (France,4.21%), IPG (US,2.87%), Dentsu (Japan,2.47%) [7]

:

• Global advertising giant WPP is facing severe challenges: 2024 revenue was only US$18.426 billion, a year-on-year decline of 0.7%; China region declined by 20.8% [6]
• WPP’s total number of employees decreased from 114,173 at the end of 2023 to 108,044 at the end of 2024, a decrease of 6,129 [6]
• Lost multiple top clients such as Coca-Cola North America business and Mars Group media business [6]
• WPP is fully betting on AI transformation, investing over 400 million pounds annually in AI construction [6]

:

• The rise of vertical AI marketing companies has further squeezed the living space of traditional 4A companies [6]
• For example, Navos adopts a multi-Agent collaborative architecture, focusing on solving the full-link needs of overseas marketing, and can complete the full case that traditional 4A advertising companies need three months to finish in three days [6]

:

• The scale of China’s marketing industry reached RMB 170.2 billion in 2024, with a compound annual growth rate of 10.0% from 2020 to 2024 [7]
• It is expected to have a compound annual growth rate of 9.8% from 2024 to 2029, reaching RMB 301.17 billion in 2029 [7]
• The scale of China’s advertising service industry reached RMB 31.65 billion in 2024, with a compound annual growth rate of 13.3% from 2020 to 2024 [7]

:

• From 2020 to 2024, the overseas cross-border marketing service industry in the Asia-Pacific region has been in a leading position in the market, far exceeding other regions [1]
• Although the Middle East region has a small base, it is the fastest-growing region [1]
• BlueFocus has served more than 100,000 overseas enterprises cumulatively, witnessing the development process of Chinese brands from “testing the waters overseas” to “rooting globally” [2]

:

• AI technology is deeply penetrating into the advertising value chain, and a new generation of platform-based advertising service providers is beginning to emerge [1]
• Transform from traditional project-based services (relying on a lot of manual operations) to technology-driven services (automatic delivery, intelligent optimization, AI content generation) [1]
• It is expected that the global AI advertising market sales will reach US$1.023 billion in 2024 and soar to US$10.32 billion in 2031, with a compound annual growth rate of 39.7% [8]

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:

• Current net profit margin is -0.33%, operating profit margin is -0.41% [0]
• ROE (Return on Equity) is -2.82%, indicating weak profitability [0]
• The company is still in the investment period of AI transformation, with continuous investment in R&D and sales expenses

:

• The current P/E ratio is -155.97x, indicating that the market has concerns about the company’s profitability [0]
• The commercialization progress of AI business needs continuous verification

:

• Peers such as Yeahmobi and Leo Group are also accelerating AI transformation
• Leo Group’s net profit increased by 469.1% year-on-year in the third quarter of 2025, and the number of AI delivery system operations exceeded 35 million times [3]
• Internet giants such as Tencent, Alibaba, and Baidu are also increasing their investment in AI advertising [8]

:

• Global marketing giants are also actively transforming to AI, with WPP investing over 400 million pounds annually in AI construction [6]
• US stock AI advertising leaders such as AppLovin have established strong technical barriers and commercial closed loops [3]

:

• The Hong Kong stock market has relatively lower liquidity than the A-share market, which may affect the trading activity of H-shares
• For some enterprises, the exit progress of early investors is slow after listing, and liquidity is insufficient after stock解禁 [9]

:

• The Hong Kong stock market generally has lower valuations for Chinese concept stocks
• It is necessary to提升 market recognition through continuous performance growth

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:

• AI business revenue is expected to continue to grow at a high speed, moving towards the annual target of RMB 3-5 billion
• Accelerate overseas business layout, especially in high-growth markets such as Southeast Asia and the Middle East
• Transform overseas marketing business from agency model to localized operation + technology-driven model

:

• After successful listing in Hong Kong, it will obtain “H-share” status and be included in Hong Kong Stock Connect eligible stocks
• It is expected to attract southbound funds and international institutional investors to allocate
• The A+H dual financing platform provides greater capital operation space for the company

:

• It is expected to challenge the top five positions in the global marketing communication industry
• As an AI-driven marketing technology company, it will obtain a valuation level benchmarking US stock AI advertising leaders such as AppLovin
• Become a core service provider for the globalization of Chinese brands

:

• The proportion of AI business revenue continues to increase, becoming the company’s first growth curve
• Reconstruct traditional marketing services through AI technology to achieve cost reduction and efficiency improvement
• Explore new business models such as AI Agent, transforming from service fees to SaaS subscription models

:

1. Accelerate AI commercialization落地
   : Focus on core scenarios such as overseas marketing, and quickly expand the scale of AI business revenue
2. Strengthen globalization layout
   : Take the opportunity of listing in Hong Kong to accelerate overseas mergers and acquisitions and team building
3. Optimize profitability
   : While pursuing technology investment, pay attention to short-term profit improvement, and balance long-term investment and short-term performance
4. Strengthen investor communication
   : Clearly convey AI transformation strategy and commercialization progress to the market, and提升 valuation level

:

1. Embrace AI transformation
   : Traditional marketing companies need to accelerate AI technology investment to avoid being eliminated
2. Focus on overseas opportunities
   : The globalization of Chinese brands is a general trend, and overseas marketing services have huge market space
3. 提升 capitalization level
   : More high-quality marketing companies should seek listing on A-share or Hong Kong stock markets to obtain development funds
4. Strengthen industry integration
   : Improve industry concentration through mergers and acquisitions and cultivate Chinese marketing giants with global competitiveness

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BlueFocus’ dual listing in Hong Kong has important strategic value. It not only provides the company with a broader international financing platform and strategic support for globalization development but also will have a profound impact on the capitalization of China’s advertising and marketing industry:

:

• Capital Level
  : Expand international financing channels, optimize shareholder structure, and提升 valuation level
• Business Level
  : Accelerate globalization layout, enhance brand international influence, and strengthen overseas marketing capabilities
• Industry Level
  : Promote industry concentration, verify AI commercialization path, and reconstruct valuation system

:

• Continuous breakthroughs and commercialization of AI technology
• Accelerated wave of globalization of Chinese brands
• Increased recognition of Chinese concept stocks and technology companies in the Hong Kong stock market

:

• Short-term profit pressure and valuation fluctuations
• Intensified industry competition
• Hong Kong stock market liquidity risk

Looking forward, if BlueFocus successfully lists in Hong Kong, it will further consolidate its position as a leading enterprise in China’s marketing industry and a global AI-driven marketing technology company, playing an important role in promoting the transformation and upgrading and globalization development of China’s advertising and marketing industry.

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[0] Jinling API Data - BlueFocus (300058.SZ) financial data, market data, technical analysis
[1] Futu News - “BlueFocus Sprint for ‘A+H’ Listing: Domestic Marketing Leader, 2024 Revenue Exceeds RMB 60 Billion” (https://www.moomoo.com/hans/news/post/54998108)
[2] Sina Finance - “BlueAI Full-scenario Product Matrix, Reconstructing the Growth Logic of Globalization 2.0” (https://finance.sina.com.cn/stock/relnews/cn/2025-12-04/doc-infzrepe0529111.shtml)
[3] Sina Finance - “From Concept to Profit, AI Application End Usher in Value Reassessment” (https://finance.sina.com.cn/jjxw/2025-12-28/doc-inhehypz1561016.shtml)
[4] Jinling Python Calculation - BlueFocus Stock Price Statistical Analysis
[5] Securities Daily/People’s Daily Online - “19 A-share Companies Successfully Issued H-shares This Year” (http://finance.people.com.cn/n1/2025/1229/c1004-40634497.html)
[6] 36Kr - “How Big is the Transformation of AI to Marketing?” (https://m.36kr.com/p/3406824557304194)
[7] HKEX Prospectus - “Industry Overview Marketing Industry Introduction” (https://www1.hkexnews.hk/app/sehk/2025/107472/a124098/sehk25062501343_c.pdf)
[8] 21st Century Business Herald - “Big Companies’ AI Dreams Are Supported by Advertising” (https://www.21jingji.com/article/20250618/herald/00c1517d3ddd9530e11046614b341ac3.html)
[9] 21st Century Business Herald - “The Song of Ice and Fire of Hong Kong IPO: Differentiation Returns Under Capital Restructuring” (https://www.21jingji.com/article/20251229/herald/00e2f60ced8f8ef587b8aab9279d8743.html)