Recently, Midoduo Group Co., Ltd. (hereinafter referred to as “Miduoduo”) updated its prospectus and resubmitted its listing application to the Hong Kong Stock Exchange. The exclusive sponsor is CCB International.
Midoduo was established in 2014 and was initially positioned as a traditional cross-border trade intermediary.
In the following ten years, the company’s role and the evolution of the industry have always been at the same frequency.
In 2018, Midoduo transformed into a digital advertising agency and further upgraded to a cross-border e-commerce marketing service provider in 2022. It has always been committed to helping advertisers of different categories and sizes carry out overseas marketing efficiently and accurately.
“As more and more companies shift from ‘selling products’ to ‘making brands’, the demand for overseas marketing, localized operations, etc. continues to grow. Leading service providers with platform resources and delivery capabilities are expected to further increase their market share. Midoduo is expected to directly benefit from the wave of Chinese brands ‘going global’.” Some experts said that for Midoduo, in the future, it will need to use AI and digital capabilities to gradually upgrade to a data-driven and technology-driven platform service provider.
In the wave of Chinese brands accelerating their “going overseas”, cross-border e-commerce service providers are playing an increasingly important role.
According to Zhuoshi Consulting data, Midoduo is the fifth largest cross-border e-commerce service provider in China in terms of revenue in 2024.
Up to now, Midoduo has formed three mature and stable business segments: customized overseas marketing services (online) based on platforms such as Google and TikTok, overseas e-commerce operation services (online + offline), and digital exhibition services (offline).
The company has become one of the few service providers in the cross-border e-commerce marketing service industry that can provide both online and offline comprehensive marketing solutions.
From the perspective of business composition, overseas marketing services are Midoduo’s core source of income.
From 2023 to 2025, the revenue of this segment will be US$70.4 million, US$70.6 million and US$128.7 million respectively, accounting for 99.3%, 99.3% and 93.1% of the total revenue respectively.
In terms of overseas e-commerce operation services, the company purchases goods from brand partners and sells them directly through overseas platforms. In 2025, the revenue of this segment will be US$4.2 million, with a gross profit margin as high as 72.1%.
The digital exhibition service is mainly to co-organize the China Cross-border E-commerce Fair, the industry leader, from 2021 to provide offline transaction matching scenarios for cross-border e-commerce exhibitors.
The rapid growth of core overseas marketing services, coupled with the incremental contribution from overseas e-commerce operations and digital exhibition services, will promote a significant increase in Midoduo’s revenue scale in 2025.
From 2023 to 2025, the company’s revenue will grow at a compound annual growth rate of 39.6%.
Among them, the performance in 2025 is particularly outstanding: revenue will increase from US$71.1 million in 2024 to US$138.1 million, a year-on-year increase of 94.2%; gross profit during the same period will increase from US$3.1 million to US$11.8 million, and gross profit margin will increase from 4.4% to 8.6%.
For the substantial growth in revenue in 2025, the prospectus gives three explanations: First, the company has strengthened its customer service and operational capabilities in providing overseas marketing services through Google, and the improvement of comprehensive service quality has led to an increase in the average revenue contribution of each customer and helped acquire new customers; second, the company will become TikTok for
Business official advertising agency, after the two parties strengthened cooperation, the company successfully grasped the trend of diverse audiences migrating from traditional search platforms such as Google to short video social media; thirdly, the overseas e-commerce operation business segment newly launched in May 2025 has developed rapidly, contributing new momentum to revenue growth.
The prospectus disclosed that during this IPO in Hong Kong, Midoduo plans to use the funds raised to continue to expand its business and increase profit margins, develop diversified businesses, strengthen cost control and technological innovation, seize the booming business opportunities in the cross-border e-commerce marketing service industry, and maintain sustainable growth and stable profitability.
China’s cross-border e-commerce industry is experiencing a sustained and profound structural growth.
According to data from Chuoshi Consulting, the market size of China’s cross-border e-commerce industry will grow from US$228 billion in 2020 to US$461.7 billion in 2024, with a compound annual growth rate of 19.3%, and is expected to further expand to US$933.6 billion in 2029.
This expansion is driven by the advancement of mobile Internet technology and the continued expansion of the user base.
Consumers can shop anytime and anywhere through smartphones and tablets, and improvements in digital payment systems, smart logistics and related infrastructure have further accelerated industry development.
Relying on China’s advanced production capabilities and diversified industrial clusters, cross-border e-commerce companies have demonstrated strong competitiveness in the international market.
With the accelerated internationalization of the industry, the continuous improvement of the platform ecosystem, the diversification of the global supply chain and favorable policy support, the industry is ushering in a new stage of expansion.
“Cross-border e-commerce has changed from an ‘option’ to a ‘must-have’ for China’s manufacturing to go overseas.” Some experts said, “But the focus of competition is changing. In the early days, growth was achieved through distribution and low prices. Now branding and refined operations have become the key, which has just given rise to strong demand for professional marketing service providers.”
This is indeed the case.
Companies “going abroad”, especially small and medium-sized enterprises, often have limited knowledge of the target market’s regulatory framework, business ecosystem and actual marketing execution. This has led to growing demand for all-round professional support such as localization, precise brand marketing, digital tool application and event planning.
According to data from Chuoshi Consulting, the market size of China’s “overseas” marketing service industry has reached US$36.3 billion in 2024, and is expected to expand to US$73.7 billion by 2029, with a compound annual growth rate of 15.2% from 2024 to 2029.
It was on this track that Midoduo tried to get stuck.
As China’s fifth-largest cross-border e-commerce service provider in terms of revenue in 2024, Midoduo positions itself as an “online + offline comprehensive marketing solution service provider.” This differentiated strategy is precisely in response to the industry’s transformation from single traffic delivery to full-link services.
“Many service providers can help companies place advertisements, but there are not many that truly understand overseas consumers, can produce localized content, and can also connect offline exhibition resources.” Some experts believe that “Midoduo covers digital platforms such as Google and TikTok and self-operated China cross-border e-commerce fairs. This online and offline model has a certain scarcity in the industry.
“
Facing the future, Midoduo has proposed a clear strategic path: continue to consolidate its existing market position in China’s cross-border e-commerce marketing service industry and expand overseas marketing services to the Southeast Asian market; expand the scale and service capabilities of overseas e-commerce operations; continue to improve technical capabilities; explore strategic investment, acquisition and partnership opportunities to create synergy with the business.
Against the grand backdrop of Chinese brands accelerating their “going overseas”, Midoduo is trying to turn the industry’s success into sustained growth of its own performance.
From the perspective of the industry, Midoduo is expected to become a target worthy of attention in the field of cross-border e-commerce services with its industry growth dividends, business diversification advantages and continuously improving financial performance.
