Recently, the investment groups have been buzzing—A fintech company that has been listed on the SME Board of the A-share market for nearly ten years suddenly submitted an application for a main board listing on the Hong Kong Stock Exchange. At first glance, this move seems just for fundraising, but the truth is far more complex.

A close look at the financial data reveals the story. In the first nine months of 2025, revenue decreased by 14.4% year-on-year, which should be bad news. However, gross profit margin actually jumped from 33.0% to 40.3%. This is not luck; it’s because management deliberately cut off low-profit, unprofitable businesses.

It sounds a bit harsh, but such "amputation for survival" decisions are quite rare nowadays. Most companies, in order to maintain revenue scale, prefer to hold onto unprofitable projects, eventually turning into zombies. This company took the opposite approach—abandoning scale to focus on profit quality. Such determination is indeed rare in the capital markets.

Behind the listing in Hong Kong stocks is actually a quiet strategic shift. From A-shares to Hong Kong stocks, from diversification to focus, from pursuing growth to pursuing profit—the overall game is much bigger than it appears on the surface.