Good News on Listing | Frost & Sullivan Assists Shanghai Zhuoyue Ruixin Digital Technology Co., Ltd. in Successful Listing on the Hong Kong Stock Exchange (2687.HK)

Shanghai Zhejiang Excellence Rui Xin Digital Technology Co., Ltd. (hereinafter referred to as 'Excellence Rui Xin' or 'Smart Tree') successfully listed on December 8, 2025. The company plans to issue 6.667 million H shares, of which 90% will be international offerings and 10% will be public offerings. The issue price per share is HK$62.26 - HK$76.10. Assuming the issue price is HK$69.18 per share, the net proceeds from global offerings are approximately HK$404.5 million.

During the process of listing in Hong Kong this time, Frost & Sullivan mainly undertook the following tasks: helping the issuer accurately and objectively understand its positioning in the target market, using objective market data to discover, support, and highlight the issuer's competitive advantages, assisting the issuer, investment banks, and other intermediaries in completing the relevant parts of the prospectus (such as overview, competitive advantages and strategy, industry overview, business, and other important chapters), helping the issuer complete communication with the Hong Kong Stock Exchange and investors, assisting investors in quickly understanding the market ecosystem and competitive landscape, and assisting the issuer in completing feedback on various industry-related issues from the Hong Kong Stock Exchange.

Frost & Sullivan has always been a leader in helping companies go public in Hong Kong. According to LiveReport's big data (statistical data as of September 30, 2025), from January to September 2025, as well as during the past 12 and 36 months, Frost & Sullivan provided listing industry advisory services to 47 (market share 72%), 62 (market share 69%), and 162 (market share 70%) Hong Kong-listed IPOs respectively, ranking first in terms of number. It has a wealth of industry experience and communication skills with regulatory authorities, exchanges, investment and financing institutions, and various related institutions.

• The company is one of the earliest to provide digital course content, knowledge graphs, and panoramic teaching space services and products for Chinese higher education institutions;

• The company is one of the few in the industry that can empower a wide range of application scenarios (including digital teaching content and teaching environments) with advanced technology;

• The company is a leader in the industry that can seize the latest technologies emerging in the market, carry out application research and development, and form services and products that meet the common needs of a large number of customers, gaining widespread market recognition and achieving rapid commercialization;

• The company has established a wide network of customer support and service centers, demonstrating excellent customer service capabilities. As of June 30, 2025, the company has set up 251 customer service and support centers in 95 cities;

• The company focuses on the customer base of leading higher education institutions, achieving rapid penetration;

• This high-quality customer base has also driven the continuous expansion of the company's overall customer base and maintained high stickiness;

• The company boasts an experienced management team, a learning-oriented organizational culture, and a long-term commitment to the higher education market.

According to the Frost & Sullivan report, in terms of revenue for 2024, the company:

• Ranked second in the digital education market for higher education in China, with a market share of 4.0%;

• Ranked first in the digital teaching content production market for higher education in China, with a market share of 7.3%.

Higher education informatization refers to the comprehensive, systematic, and in-depth transformation and improvement of various aspects of higher education institutions such as campus management, teaching, and research activities through the use of information technology. The aim of higher education informatization is to enhance the quality, efficiency, and effectiveness of higher education.

The 2024 'Government Work Report of the People's Republic of China' reaffirmed the importance of deepening the implementation of the strategy to rejuvenate the country through science and education. Higher education plays a crucial role in the high-quality development process of China, especially in the cultivation of highly skilled talents, innovative research, and public services. Due to the wide range of disciplines in higher education and rapid knowledge iteration, information technology is widely used in higher education. Under the influence of the rapid development and iteration of revolutionary technologies, policy orientation and financial support will tend more towards the informatization of higher education. By 2024, government funding for higher education informatization reached RMB 124 billion, accounting for 24.3% of the total education informatization funds. With the steady increase in fiscal support for education, the continuous growth in the number of students enrolled, combined with policy support from central and local governments, higher education informatization is accelerating its development and will continue to be the largest sub-sector of new annual investment in future education informatization.

In terms of total revenue, the market size of higher education informatization in China reached 124 billion yuan in 2024, with a compound annual growth rate of 9.7% since 2020. By 2029, the market size of higher education informatization in China is expected to reach 182 billion yuan, with a compound annual growth rate of 8.0% from 2024 to 2029.

Data source: Ministry of Education, National Bureau of Statistics, Frost & Sullivan analysis

The informatization of higher education in China can be divided into teaching informatization, research informatization, and campus service informatization according to application scenarios. Teaching informatization in higher education institutions mainly targets teaching activities, including the informatization of teaching content, teaching methods, teaching resources, and teaching evaluation. Related applications include but are not limited to online courses (such as MOOCs), virtual simulation courses, digital classrooms, teaching resource management platforms, and knowledge graphs. Research informatization mainly focuses on research activities, including the construction of research laboratories, the purchase and consumption of equipment and materials related to research. Related applications include but are not limited to database sharing and university instrument and equipment sharing systems. Campus service informatization refers to the information technology solutions adopted by higher education institutions in the fields of operation, management, and logistics services. The main applications include campus administrative management systems and library management systems.

Teaching informatization is the most potential sub-market within higher education informatization. The informatization of higher education teaching has become the core of higher education informatization. In recent years, relevant national ministries and commissions have increasingly emphasized the importance of teaching informatization. The Ministry of Education, in conjunction with six other departments, clearly stated in the 'Guiding Opinions on Promoting the Construction of New Educational Infrastructure and Building a High-Quality Educational Support System' that 'Improve smart teaching facilities. Enhance the level of multimedia teaching equipment in general classrooms, support interactive feedback, high-definition live streaming and recording, and other teaching methods. Deploy subject-specific classrooms and teaching laboratories, entrust perceptive interaction, simulation experiments, and other equipment to create vivid and intuitive new classrooms. In areas with conditions, popularize personal learning terminals that meet technical standards and learning needs to support personalized teaching and learning under network conditions. Support the construction of video interaction systems that meet teaching and management needs, support home learning and home-school interaction.' After the COVID-19 pandemic, higher education teachers and students have become accustomed to a powerful, flexible, and efficient technology-based teaching system, thus stimulating further investment in higher education teaching informatization. In the future, higher education teaching informatization is expected to become one of the two pillars of higher education informatization. In terms of revenue, the market size of higher education teaching informatization reached 354 billion yuan in 2024, with a compound annual growth rate of 14.2% from 2020 to 2024. It is expected to increase to 692 billion yuan by 2029, with a compound annual growth rate of 14.3% from 2024 to 2029. The revenue from higher education teaching informatization accounts for 28.6% of the total revenue of higher education informatization, and it is expected that this proportion will continue to rise and reach 38.0% by 2029.

Data source: Ministry of Education, National Bureau of Statistics, Frost & Sullivan analysis

With the increase in government expenditure on higher education informatization and the rise in the proportion of teaching informatization expenditures, the market scale of China's higher education teaching informatization market has grown from RMB 20.8 billion in 2020 to RMB 35.4 billion in 2024, with a compound annual growth rate of 14.2%. It is expected to reach RMB 69.2 billion by 2029, with a compound annual growth rate of 14.3% from 2024 to 2029. From the perspective of development stages, the higher education teaching informatization market can be divided into traditional teaching informatization and teaching digitization. The market share of higher education teaching digitization is expected to increase from 60.0% in 2024 to 65.5% in 2029.

With strong government support and the active response of higher education institutions to digital policies, the market scale of China's higher education teaching digitization has grown from RMB 127 billion in 2020 to RMB 213 billion in 2024, with a compound annual growth rate of 13.7%. It is expected to reach RMB 453 billion by 2029, with a compound annual growth rate of 16.3% from 2024 to 2029.

Data source: Ministry of Education, National Bureau of Statistics, Frost & Sullivan analysis

The digital education market for higher education teaching can be divided into two sub-markets based on product or service type: the digital teaching content production market and the digital teaching environment market. Digital education content production is at the core of education, serving as the starting point and foundation for the digitization of higher education teaching. High-quality educational content is carefully designed and produced by excellent teaching teams within institutions based on curriculum settings. Capturing the teaching process or creating course materials allows students to watch independently or participate in practical learning, laying an important content foundation for digital teaching. By 2024, the digital teaching content production market will account for 46.0% of the overall scale of higher education digitization in China, and it is expected to reach 51.0% by 2029.

Data source: Ministry of Education, National Bureau of Statistics, Frost & Sullivan analysis

The digital education market in China is characterized by highly fragmented competition, with numerous providers offering various services and products. In 2024, there were approximately 2,000 participants in the digital education market; among them, the top five companies accounted for a combined market share of 12.9%. In 2024, our company ranked second in revenue among all companies in the digital education market in China, an increase from our 3.4% market share in 2023.

Data source: Analysis by Frost & Sullivan

The market characteristics of digital teaching content production for higher education are highly fragmented in terms of competition pattern. In 2024, there were approximately 1,000 participants in the digital teaching content production market for higher education; by revenue, the top three providers accounted for a total market share of 12.5%. In 2024, our company ranked first in terms of revenue among all companies in the digital teaching content production market for higher education in China, with a market share of 7.3%.

Data source: Analysis by Frost & Sullivan

● Demand for educational equity

The continuous progress of society has put forward higher requirements for educational equity. An increasing number of first-class domestic higher education institutions are beginning to use digital teaching products and services to share high-quality educational resources with institutions in regions where teaching materials are limited and teaching methods are traditional. This sharing helps reduce the imbalance in educational resource distribution between regions, thereby promoting educational equity. Digitalization is crucial for meeting such needs because it can fully utilize technology to solve the problems of creating, sharing, and obtaining high-quality teaching resources.

●Technical accumulation and innovative applications

Innovation and development in artificial intelligence, virtual simulation, audio-visual technology, and data security have accelerated the transformation of traditional classrooms into digital and intelligent learning spaces. These technologies not only improve educational quality but also promote the construction of smart teaching environments and resource sharing, creating a continuously developing digital ecosystem for education.

●Pioneering influence at the forefront of higher education institutions

Higher education institutions under the 'Double First-Class Plan' and 'Double High Plan' are leading higher education institutions in other institutions in terms of research capabilities, discipline construction, faculty strength, etc. These leading universities are pioneers and leaders in the digitalization of higher education teaching in China, driving the development of the entire market. The average total expenditure on higher education informatization of 'Double First-Class Plan' universities reached RMB 3.34 billion in 2021 (the latest publicly available data for 2024), about three to four times that of other universities. Similarly, the average total expenditure on higher education informatization of 'Double High Plan' higher vocational colleges reached RMB 1.58 billion in 2021 (the latest publicly available data for 2024), about two to three times that of other higher vocational colleges. In terms of digital capabilities and willingness, these first-class higher education institutions are significantly ahead of other domestic higher education institutions and play a leading and exemplary role in the digital construction of other higher education institutions.

●Evolution of teaching and learning habits

The digital age not only affects students but also has a significant impact on teachers. As students gradually adopt digital learning tools, teachers integrate digital resources into teaching methods to adapt to this transformation. The COVID-19 pandemic has accelerated this shift in teaching and learning habits because both teachers and students must quickly adapt to remote and online teaching environments. Therefore, higher education institutions must continuously update their teaching facilities and methods to accommodate new learning habits and requirements. In addition, the market for digital services and products in higher education teaching has been stimulated and expanded by this trend.

● Preferential policies and financial support

The Chinese government actively promotes the digitization of higher education teaching in order to cultivate more talents who can contribute to scientific research innovation and drive the overall economic and social development. Preferential policies promote the sharing and integration of advantageous educational resources, which can also improve the overall quality of higher education.

● Focusing on high-quality digital education content

The current situation of uneven distribution of educational resources indicates that teachers and courses in key disciplines will receive more attention, prompting an increasing number of teachers to take on the responsibility of disseminating knowledge and prioritize the production of high-quality digital educational content. The continuous accumulation of the above content will drive the expansion of the digital environment, broaden the scope of digital resource sharing, thereby promoting educational equity and ultimately improving the overall educational level.

● Strengthen and consolidate support for digital and smart teaching methods

New-generation information technologies such as AI and big data have become a new driving force for the digitization of higher education teaching. They promote the comprehensive integration and innovative evolution of information technology in all aspects of the higher education teaching system, including the establishment and improvement of support systems for the digitization of higher education teaching, such as integrated teaching environments, teacher competency frameworks, technology-driven teaching methods, personalized educational resource services, educational evaluation systems, and continuously developing governance frameworks driven by educational industry data.

●Hybrid learning model

Hybrid learning models, which combine online and offline methods, are becoming an important educational strategy. This integration of traditional offline teaching methods with online teaching methods is forming a new teaching model. In addition, it involves a rich fusion of the real world and virtual learning environments, spanning experiences within and outside individual institutions. In this model, digital tools and platforms are seamlessly integrated into the teaching scenario, enhancing flexibility in learning while maintaining educational continuity and quality.

● Personalized teaching methods

With the increasing maturity of new-generation technologies such as artificial intelligence, big data, and cloud services, people will further focus on meeting the personalized needs of teachers and students through intelligent analysis and management tools. Taking university knowledge graphs as an example, as the core brain and engine of the future 'AI + education' era, knowledge graphs not only help teachers visualize, personalize, and systematize fragmented teaching resources to provide intelligent education services but also promote students to conduct personalized deep learning and adaptive learning from their own perspectives, achieving a scientific learning path.

●Comprehensively understand teaching of various disciplines

A profound understanding of various disciplinary knowledge related to the higher education teaching process is a fundamental prerequisite for achieving digitalization of teaching. Providers of digital services and products for higher education teaching must accumulate and understand relevant disciplinary knowledge in order to effectively utilize their technical resources and capabilities, thereby offering technical solutions that meet the needs of higher education institutions.

● Operational and Service Capabilities

As a vast and complex system, higher education institutions require service providers to possess mature operational and service capabilities. By deploying management and technical personnel to provide on-site services, service providers can help higher education institutions achieve digital and smart education transformation. For newcomers, mastering and implementing digital products and services for higher education teaching to meet competitive standards can be challenging.

● Technical sensitivity and expertise in application development

Building a digital, robust, reliable, and user-friendly end-to-end service and product for higher education teaching requires significant technical investment and expertise. Service and product providers also need to customize technologies to effectively address the specific application scenarios of higher education institutions. This move may pose challenges to emerging companies.

●Service and product quality

Higher education teaching digital services and products often contain technical errors, vulnerabilities, and security issues that are difficult to detect and fix, especially when new versions or upgrades are initially launched or implemented. For newcomers in the industry, these services and products may contain serious vulnerabilities, defects, or security issues that lead to customer loss and substantial remediation costs.

● Reputation and Past Performance

In China, the good track record and extensive past performance of providers offering digital services and products for higher education teaching are key factors that customers closely evaluate during the bidding process. Higher education digital service providers with a good track record can usually provide high-quality services, and their existing market share can greatly limit entry for other competitors. Therefore, the service experience and reputation of Chinese providers also become barriers for new entrants. For example, providers with a good reputation and outstanding performance can support their business capabilities through project quality, comprehensive execution capabilities, and after-sales service, which are not easily achieved in a short period. Leading providers can gain competitive advantages through their strong resource network, good reputation, and outstanding performance during the bidding process.