According to a disclosure made to the Hong Kong Stock Exchange on September 23, Guangzhou Wensh Information Technology Co., Ltd. (referred to as Wensh Information) has submitted a listing application for the main board, with China Securities International as the sole sponsor. The company had previously submitted an application to the exchange on January 16, 2026.

As detailed in the prospectus, Wensh Information is a global technology consumer electronics brand operating within the knowledge-focused productivity tools sector. The company is dedicated to producing intelligent hardware devices that offer paper-like reading and writing experiences, focus enhancement, and portability, thereby assisting knowledge workers worldwide in efficiently accessing textual information. Its devices also support content summarization, search, editing, and management functions to deliver high-value output. The company's intelligent hardware portfolio is divided into two categories: high-speed readers and productivity tablets, both of which run on its proprietary open operating system, BOOX OS. The revenue breakdown by product category is as follows:

According to data from Frost & Sullivan, based on 2025 retail value, the company ranks as the largest knowledge-focused productivity tool brand in China and the second-largest globally within this market segment. This segment is a subset of the broader knowledge-focused intelligent tools market, representing nearly half of the overall market's value in 2025 based on the same metric. According to the same source, the company holds a 4.2% global market share, while the highest market share in the same category stands at 13.1%.

Serving knowledge workers globally, the company has built a software-hardware product portfolio centered on reading, writing, and deep thinking, positioning these products as the gateway for users to access its ecosystem of services. Leveraging this portfolio, as of June 30, 2026, the BOOX OS operating system installed on its hardware devices had surpassed 1.2 million monthly active users. The continuous launch of new hardware products serves as a critical channel for acquiring new users: in 2023, 2024, 2025, and the six months ending June 30, 2026, these new hardware products contributed 36.9%, 26.3%, 33.2%, and 10.5% of total revenue for each respective period. Additionally, the company's software product, StarNote, continues to expand its user base, with cumulative downloads reaching approximately 2 million as of June 30, 2026.

The company's research and development team, along with sustained investment in R&D, underpins the successful commercialization of its products. The company's technical capabilities are demonstrated in the following areas: (i) a range of consumer smart devices, namely high-speed readers and productivity tablets, designed to meet reading and writing needs across diverse scenarios; (ii) BOOX OS, its self-developed open operating system installed across all its smart devices, which enhances the clarity, color reproduction, and refresh responsiveness of electronic ink displays while integrating AI and cloud service capabilities; and (iii) StarNote, a standalone reading and writing application that enables users to synchronize, preserve, and access notes and annotations across different smart devices.

According to Frost & Sullivan, the penetration rate of knowledge-focused productivity tools reached 51.8% in 2025 and is projected to increase to 68.0% by 2030. As demand for AI and cloud services grows, the market for knowledge-focused productivity tools, increasingly embedded with AI features and cloud services, is expected to expand significantly. According to the same source, the market size is projected to grow from RMB 44.4 billion in 2026 to RMB 80.4 billion by 2030, representing a compound annual growth rate of 16.0% from 2026 to 2030.

Financial Highlights

Revenue: For the fiscal years 2023, 2024, and 2025, and the six months ending June 30, 2025 and 2026, the company's revenue was approximately RMB 804 million, RMB 1.018 billion, RMB 1.128 billion, RMB 534 million, and RMB 574 million, respectively.

Net Profit: For the fiscal years 2023, 2024, and 2025, and the six months ending June 30, 2025 and 2026, the company's net profit was approximately RMB 124 million, RMB 121 million, RMB 131 million, RMB 70.057 million, and RMB 53.27 million, respectively.

Net Profit Margin: For the fiscal years 2023, 2024, and 2025, and the six months ending June 30, 2026, the company's net profit margins were 15.4%, 11.9%, 11.6%, and 9.3%, respectively.

Industry Overview

Text information processing is a core activity in education, academic research, and professional workflows. As long-form digital content and online collaboration continue to expand, users increasingly need to read, review, annotate, and organize large volumes of written material. Fragmented information absorption patterns and multitasking environments often weaken focus during prolonged reading and document processing, leading to increased fatigue. In this context, a device's suitability for these tasks depends on two capabilities: productivity capability and knowledge-focus capability. The table below outlines the global market size for knowledge-focused intelligent tools from 2021 to 2030. This market has maintained steady growth and is expected to continue expanding, supported by rising demand for text-intensive processing, ongoing document digitization, and continuous upgrades in products and services.

Knowledge-focused productivity tools derive user value primarily from display and refresh performance, input and handwriting capabilities, and the coordination of file management, search, synchronization, and collaboration functions. For products with open systems, the latter can be further extended through third-party applications, supporting a more sustained read-annotate-organize-synchronize/collaborate workflow. The table below lists common products offered by major players in the knowledge-focused productivity tools market:

The chart below illustrates the global market size of the knowledge-focused productivity tools market from 2021 to 2030. This market is a segment of the broader global knowledge-focused intelligent tools market, encompassing products primarily used for reading, writing, note-taking, and other knowledge-intensive applications. In 2025, based on retail value, this segment accounted for nearly half of the overall intelligent tools market. Driven by growing demand for integrated reading and writing workflows and tight integration with terminal workflows and cloud services, this market is expected to continue expanding, with the penetration rate of the overall knowledge-focused intelligent tools market rising steadily.

Within the knowledge-focused productivity tools segment, monochrome electronic ink products remain the foundation for text-based document processing, while color electronic ink products are increasingly used for visually complex reading and review scenarios. As color solutions mature, they are expected to drive further product portfolio upgrades, while monochrome products are anticipated to remain the mainstream entry-level choice. From a system architecture perspective, knowledge-focused productivity tools can be divided into open-system and closed-system products, each catering to different user preferences and expected to coexist in the long term. Open-system products typically offer broader application extensibility and ecosystem connectivity, whereas closed-system products emphasize lower distraction, clearer functional boundaries, and more stable interaction paths. Both segments are expected to continue expanding, driving the industry's evolution toward an integrated hardware-plus-software-plus-services model.

Board Composition

The board currently comprises eight directors, including five executive directors and three independent non-executive directors.

Shareholding Structure

Gongyi Wensh, Gongchuang Wensh, Ms. Dan, Mr. Zhu, and Mr. Zhai together form the company's controlling shareholder group. Gongyi Wensh controls Gongchuang Wensh as its general partner. The company is 99% held by Ms. Dan, who also serves as an executive director and general manager. Gongchuang Wensh is the employee shareholding platform, with Gongyi Wensh acting as its general partner.

Advisory Team

Sole Sponsor: China Securities (International) Finance Holding Company Limited
Company Legal Advisers: Slaughter and May, Zhong Lun Law Firm
Sole Sponsor Legal Advisers: Jia Yuan Law Offices, AllBright Law Offices
Auditor and Reporting Accountant: Ernst & Young
Industry Adviser: Frost & Sullivan (Beijing) Inc., Shanghai Branch
Compliance Adviser: Hong Bo Capital Limited