As competition in the cross-border e-commerce field becomes increasingly fierce, Huakai Yibai continues to expand its business territory in response to performance pressure.
On the evening of June 12, Huakai Yibai (300592) issued an announcement announcing that it would spend more than 300 million yuan to enter the “silver economy” track.
The announcement shows that the company’s wholly-owned subsidiary Shenzhen Yibai Network Technology Co., Ltd. (“Yibai Network”) plans to sign an “Investment Cooperation Agreement” with Shenzhen Bison River Technology Co., Ltd. (“Shenzhen Bison River”), Wang Hongmei, Zhong Jiajie, and Wen Kayi.
Yibai Network, Wang Hongmei, Zhong Jiajie, and Wen Kayi respectively increased capital in Shenzhen Bison River. Yibai Network increased capital by 120 million yuan, Wang Hongmei increased capital by 40.29 million yuan, Zhong Jiajie increased capital by 34.76 million yuan, and Wen Kayi increased capital by 3.95 million yuan.
After the capital increase is completed, Yibai Network holds 60% of the equity of Shenzhen Bixunhe, and Wang Hongmei, Zhong Jiajie, and Wenkayi collectively hold 40% of the equity. Shenzhen Bixunhe will become a holding subsidiary of Yibai Network and be included in the consolidated statements of listed companies.
At the same time, Hong Kong Bison River, a wholly-owned subsidiary of Shenzhen Bison River, will sign an “Asset Acquisition Agreement” with Hong Kong Hongji Holdings Co., Ltd. to acquire its core operating assets such as e-commerce platform stores, inventory, intangible assets, accounts receivable and payable, and monetary funds for a transaction consideration of 200 million yuan.
This external investment and asset purchase were all funded in cash.
According to data, HOMLAND, the core brand of Hong Kong Hongji Holdings Co., Ltd., focuses on creating household medical auxiliary products that support independent living for the elderly, focusing on categories such as shower chairs, walkers, and safety handrails. It has established extensive brand recognition and user base in the U.S. market.
Huakai Yibai stated that this acquisition aims to promote the upgrading of the company’s cross-border e-commerce boutique business to specialization, branding and verticalization.
After the transaction is completed, the company will rely on HOMLAND’s mature brand assets and product system to quickly enter the high-growth, high-repurchase home medical auxiliary equipment track, gradually build a one-stop home care solution covering products and services, and further implement the “independent and dignified” brand concept. This will significantly enhance the company’s market position and comprehensive competitiveness in the silver economy, and is in line with the company’s overall development strategy and the long-term interests of all shareholders.
The subject matter of this asset purchase transaction is the e-commerce platform stores, trademarks, patents, domain names and other intangible assets, inventories, monetary funds, accounts receivable, accounts payable and other core operating assets held or actually controlled by Hong Kong Hongji Holdings Co., Ltd.
The unaudited revenue of the underlying assets last year was 293 million yuan, and the net profit was 26.2376 million yuan.
As of December 31, 2025, the base date of assessment, the book value of the assets of the cross-border e-commerce business asset group actually controlled by Hong Kong Hongji Holdings Co., Ltd. was 18.6996 million yuan, the book value of liabilities was 31.3662 million yuan, and the book value of net assets was – 12.6666 million yuan.
In addition, this acquisition has set performance commitments. Wang Hongmei, Zhong Jiajie, and Wen Kayi promised that the target company’s non-net profit in 2026 and 2027 will be no less than 30 million yuan and 40 million yuan respectively.
It is worth mentioning that this is Huakai Yibai’s second recent investment in the cross-border e-commerce field.
Two months ago, Yibai Network planned to increase capital in Shenzhen Mipinsheng International Trading Co., Ltd. with 46.55 million yuan of its own or self-raised funds.
At the same time, Shenzhen Mipinsheng will use its wholly-owned subsidiary Hong Kong Mipinsheng International Trading Co., Ltd. as the main body to acquire core operating assets such as inventories, stores, and intangible assets held by Hong Kong Newrig Trading Co., Ltd. at a transaction consideration of 66.5 million yuan.
Hong Kong Nurego is a cross-border e-commerce company specializing in high-quality sports brands. It has long been deeply involved in the field of golf and peripheral products, and has strategically extended to high-end sports categories with high added value and high user stickiness such as horse riding, rugby, and baseball. Its brand FINGER TEN has established good brand recognition on mainstream European and American e-commerce platforms.
Behind the continuous increase in cross-border e-commerce, Huakai Yibai’s performance has declined for two consecutive years. With revenue increasing in 2024 and 2025, non-net profits fell by 44.03% and 15.07% year-on-year respectively.
However, in the first quarter of this year, the company’s performance recovered, and it turned a profit after deducting non-net profits.
Public information shows that Huakai Yibai Technology Co., Ltd. was established on February 23, 2009. When it was established, it mainly provided comprehensive environmental art design services for large indoor spaces such as exhibition halls and exhibition halls. The product form was various cultural themed space display systems.
In 2021, the company completed the major asset reorganization of Yibai Network and implemented strategic transformation. It actively adjusted and shrank the original space environment art design business, and the cross-border export e-commerce business has become the company’s main business.
