On June 25, Huaxing Capital Holdings Co., Ltd. (hereinafter referred to as “Huaxing Capital”) formally submitted an application for listing A1 to the Hong Kong Stock Exchange to initiate the listing process of the Hong Kong stock market. The lead underwriters of Huaxing Capital IPO are Goldman Sachs, ICBC International, and the financial advisor is Huaxing Capital.

According to public information, Huaxing Capital is one of the earliest private FA (financial advisory) institutions in China.

According to public information, Huaxing Capital is one of the earliest private FA (financial advisory) institutions in China. Most of the influential financing, mergers and acquisitions, and listings of the Internet in China can be seen, including the joint lead underwriter of Youxin Landing on Nasdaq, the deputy underwriter of iQiyi's initial public offering, and the only domestic underwriter of Jingdong IPO. It also participated in large-scale mergers and acquisitions such as Didi and Fast, Meituan and Public Comments, 58 City and Market.

According to the prospectus, as of December 31, 2017, among the 20 companies with the largest market capitalization or valuation of China's new economic enterprises, Huaxing Capital has 15 customers, and unicorn customers account for 56% of the total market value of Chinese unicorns. Therefore, some people in the industry call it "the unicorn behind the unicorn." According to its prospectus, Huaxing Capital's adjusted income in 2017 was US$212 million, and its net profit was US$58 million, up 47.6% and 5.2% year-on-year respectively. It can be seen from the income share that investment banking business accounts for more than half of its revenue, and Huajing Securities has accumulated losses of USD 45 million for two consecutive years.