Chenguang Co., Ltd. is planning to spin off a controlling subsidiary for a separate listing.

Securities Times Reporter Zhao Liyun

On the evening of March 16, Chuang Guang Co., Ltd. (603899) announced that after careful consideration of industry development trends and related strategic plans, the company plans to spin off its controlling subsidiary, KeliPu Technology Group Co., Ltd. (hereinafter referred to as “KeliPu Technology Group”), for listing on the Hong Kong Stock Exchange.

Chuang Guang is a comprehensive stationery supplier mainly engaged in the design, research and development, manufacturing, and sales of student stationery, office supplies, children’s art products, and other related products under the Chuang Guang brand and its subsidiaries.

KeliPu Technology Group was established in 2012 and is a controlled subsidiary of Chuang Guang. Its main business is enterprise general material digital procurement services, providing various corporate clients with full-scenario digital procurement solutions covering one-stop office supplies, MRO industrial products, marketing gifts, and employee benefits. Its services include product procurement, supply chain management, warehousing and logistics, and sales to corporate clients, with an independent complete operational system separate from the company.

According to disclosures, in the first three quarters of 2025, Chuang Guang achieved operating revenue of 17.327 billion yuan, a year-on-year increase of 1.25%; net profit attributable to the parent was 948 million yuan, down 7.18% year-on-year. In the third quarter alone, the company reported revenue of 6.519 billion yuan, up 7.52% year-on-year; net profit attributable to the parent was 391 million yuan, up 0.63%. Among them, KeliPu Technology Group achieved revenue of 9.69 billion yuan in the first three quarters, a year-on-year increase of 5.83%, with a 17% increase in the third quarter compared to the same period last year.

Chuang Guang stated that the spin-off and independent listing of KeliPu Technology Group will fully leverage the resource allocation optimization function of the capital market, broaden its financing channels, further enhance its capital strength, corporate governance level, and core competitiveness, and promote its high-quality and sustainable development. At the same time, this spin-off will deepen the company’s layout in the enterprise general material digital procurement service field, enhance overall competitiveness, and align with the company’s overall strategic development goals.

This spin-off and listing will not result in the company losing control over KeliPu Technology Group, nor will it significantly adversely affect the operation and development of other business segments or the company’s overall sustainable profitability, nor will it impair the company’s independent listing status.

The spin-off and listing are still in the preliminary planning stage, and there may be unforeseen risk factors affecting the planning, scheme formulation, and decision-making process. Whether the listing can obtain the necessary approvals or filings, and the timing of such approvals, remains uncertain.