On October 10th， as reported by Kuai Technology， the Shanghai Stock Exchange official website shows that Qichacha’s IPO application has been accepted and the company plans to list on the main board of the Shanghai Stock Exchange.
The prospectus reveals that Qichacha is a professional comprehensive provider of commercial big data services， dedicated to delivering accurate， efficient， and convenient commercial data services. This positioning highlights their focus on aggregating and presenting critical business intelligence for various stakeholders.
Its main suppliers include Alibaba Group， Apple Advertising (Beijing) Co.， Ltd.， Baidu Group， and Huawei Software Technologies Co.， Ltd. The strong lineup of suppliers suggests Qichacha leverages robust technological and cloud infrastructure， a common practice for data-intensive service providers aiming for scalability and reliability.
Furthermore， Qichacha is one of the earlier internet enterprises in the commercial big data service industry to obtain enterprise credit reporting filing from the People’s Bank of China. It is also the first company in the industry to pass the security assessment for cross-border data transfer issued by the Cyberspace Administration of China. These certifications are crucial for building trust and ensuring compliance， especially in an era of increasing data privacy regulations and international data flows.
As of the end of June 2025， Qichacha’s C-end (consumer-facing) product had accumulated over 150 million registered users， with more than 80 million monthly active users since its launch in 2014. This significant user base indicates strong market penetration and user stickiness for its consumer-oriented data services， suggesting a successful strategy in making business information accessible to a broad audience.
According to the “Blue Book of China’s Commercial Big Data Service Industry” and QuestMobile data， in 2023， Qichacha ranked second in market share and mobile active users among general commercial big data service providers in the enterprise information sector. It also secured the first position in mobile application store downloads. This demonstrates its competitive strength and widespread adoption within the enterprise information services market.
In terms of B-end (business-to-business) services， Qichacha’s offerings have been adopted by 5 major state-owned banks， 12 joint-stock commercial banks， over 50 securities firms， more than 80 insurance companies， over 200 law firms， and hundreds of China’s top 500 enterprises. This extensive client portfolio underscores the platform’s value proposition for institutional clients， providing them with essential data for decision-making， risk assessment， and compliance.
From 2022 to the first half of 2025， Qichacha’s operating revenue was RMB 518 million， RMB 618 million， RMB 708 million， and RMB 375 million， respectively. Its net profit attributable to the parent company after non-recurring gains and losses was RMB 162 million， RMB 229 million， RMB 298 million， and RMB 161 million during the same periods. These figures indicate a consistent growth trajectory in revenue and profitability， pointing towards a sustainable business model.
Notably， Qichacha boasts an exceptionally high gross profit margin. From 2022 to the first half of 2025， the company’s gross profit margin was 87.24%， 88.51%， 88.81%， and 90.74%， respectively， earning it the moniker “Software茅” (a term often used to denote a leading， high-value listed company in a particular sector in China). This remarkably high margin， especially for a software and data service company， suggests a strong pricing power， efficient cost management， or the proprietary nature of its data and algorithms.
Qichacha plans to raise RMB 1.5 billion in this IPO. The funds will be allocated to various projects， including the upgrade of Qichacha’s C-end commercial big data product (RMB 458 million)， the upgrade of Qichacha’s B-end commercial big data product (RMB 171 million)， the upgrade of Qichacha’s multi-dimensional big data storage (RMB 368 million)， and Qichacha’s commercial big data artificial intelligence research and development project (RMB 503 million). This strategic allocation of capital signals a clear intent to further invest in product innovation， technological advancement， and market expansion， particularly in the rapidly evolving fields of AI and big data analytics.
