Visual (China) Cultural Development Co., Ltd. (Visual China) announced on June 15 that they have submitted an application for listing to the Hong Kong Stock Exchange. This move comes as Visual China’s profits have been declining year after year, putting pressure on their performance and prompting them to seek financing through a listing in Hong Kong.
In a statement released on June 15, Visual China disclosed their intention to issue overseas listed shares (H shares) and apply for listing on the Hong Kong Stock Exchange Main Board. The company officially submitted the application on June 14, 2026.
Public records show that in November 2025, Visual China unveiled their plans to issue H shares and list on the Hong Kong Stock Exchange. The company had previously been listed on the Shenzhen A-share market in April 2014. If Visual China’s listing in Hong Kong is successful, they will be dual-listed on both the mainland A-share market and the Hong Kong H-share market.
As a company specializing in visual content copyright trading and creative customization services, Visual China is facing a challenging situation with declining profits. According to a report by the Beijing Business Daily on June 16, Visual China’s Hong Kong IPO prospectus for 2023 showed a net profit of approximately 154 million yuan, which dropped to around 130 million yuan in 2024 and further decreased to approximately 92.674 million yuan in 2025. Concurrently with the decline in net profit, Visual China’s gross profit margin has also been decreasing over the years, at 51.2% in 2023, 46.8% in 2024, and 41.7% in 2025.
Prior to the submission of their listing application in Hong Kong, the ultimate controlling shareholders of the company, Wu Yurui and Chai Jijun, collectively reduced their holdings by 7.7318 million shares between February 26 and May 25, cashing out about 272 million yuan.
In response, Bai Wenxi, Vice Chairman of the China Enterprise Capital Alliance, mentioned that it is common for major shareholders to reduce their holdings before submitting listing applications, which may be due to personal financial needs, avoidance of lock-up restrictions, or lack of confidence in the pricing or future performance of the company’s Hong Kong IPO.
As of the close of trading on June 15, Visual China’s stock price was reported at 22.25 yuan per share, with a total market value of 15.59 billion yuan.
Public records indicate that Visual (China) Cultural Development Co., Ltd. was established in June 2000 and listed on the Shenzhen A-share market in April 2014. The company’s operations are centered around AI-driven visual content copyright trading and creative customization services, integrating over 540 million images, videos, music, 3D models, and other content. In April 2019, the company was forced to close and rectify its website due to the presence of non-compliant images, resulting in a fine.