跨境电商上市热潮：中国版Zara子不语二次递表港交所
跨境电商行业正掀起一股上市热潮。3月7日，跨境电商企业子不语集团向港交所递交主板上市申请，华泰国际和农银国际担任联席保荐人。值得注意的是，这已是子不语第二次递表，此前该公司曾于2021年6月30日首次提交申请。
The cross-border e-commerce industry is experiencing an IPO boom. On March 7, cross-border e-commerce company Zibuyu Group submitted a listing application to the Hong Kong Stock Exchange's main board, with Huatai International and ABC International serving as joint sponsors. Notably, this is Zibuyu's second filing, having previously submitted its first application on June 30, 2021.
在子不语首次递表同期，敦煌网、三态电子和飞书深诺等跨境电商企业也相继提交了上市申请。近期，国内最大跨境电商、B2C快时尚巨头Shein被曝拟重启赴美上市计划，甚至有传闻称其总部转籍新加坡是为上市做准备。此外，正在创业板排队上市的跨境电商品牌赛维时代也更新了招股书，拟在深交所挂牌上市，募资6.22亿元。
During the same period as Zibuyu's first filing, cross-border e-commerce companies including DHgate, SanTai Electronics, and DeepLink also submitted listing applications. Recently, China's largest cross-border e-commerce company and B2C fast fashion giant Shein was reported to be planning to restart its US listing plans, with rumors suggesting its headquarters relocation to Singapore was preparation for the IPO. Additionally, cross-border e-commerce brand SFC Group, which is queuing for listing on the ChiNext board, has updated its prospectus, planning to list on the Shenzhen Stock Exchange and raise 622 million yuan.
中国版Zara：年营收23亿的跨境电商巨头
China's "Zara": Cross-border E-commerce Giant with 2.3 Billion Yuan Annual Revenue
根据招股书显示，子不语作为时尚服饰及鞋履产品运营商，2021年营收达23.47亿元，净利润2.01亿元。公司特别强调将建立大型独立自营网站以提升品牌知名度，并寻求产业链投资机会。
According to the prospectus, as a fashion apparel and footwear operator, Zibuyu achieved revenue of 2.347 billion yuan in 2021 with a net profit of 201 million yuan. The company particularly emphasized plans to establish large independent self-operated websites to enhance brand awareness and seek industrial chain investment opportunities.
海关总署数据显示，2021年我国跨境电商进出口额达1.98万亿元，增长15%。网经社报告显示，2021年中国跨境电商融资交易超70起，总金额超200亿元。然而，去年持续近5个月的"亚马逊封号"事件给行业带来巨大冲击，据深圳市跨境电子商务协会统计，仅2个月内就有超5万户中国卖家被封店，预计行业损失超千亿元。
Customs data shows China's cross-border e-commerce import and export volume reached 1.98 trillion yuan in 2021, growing by 15%. A report from 100EC.cn indicates there were over 70 cross-border e-commerce financing deals in China in 2021, totaling more than 20 billion yuan. However, last year's nearly five-month "Amazon account suspension" incident caused significant industry impact. According to the Shenzhen Cross-border E-commerce Association, over 50,000 Chinese sellers were banned within just two months, with estimated industry losses exceeding 100 billion yuan.
151个品牌的隐形帝国
An Invisible Empire of 151 Brands
子不语被称为"中国版Zara"，截至2020年底已自主设计151个品牌。公司采用"快反模式"，从样品生产到推出首批产品最短仅需7天，快于Zara的14天。2021年，其服饰产品均价107元，鞋履产品均价237.33元。
Dubbed "China's Zara", Zibuyu had independently designed 151 brands by the end of 2020. The company adopts a "fast response model", taking as little as 7 days from sample production to first product launch, faster than Zara's 14 days. In 2021, its average apparel price was 107 yuan, and footwear averaged 237.33 yuan.
然而，子不语对亚马逊和Wish平台存在严重依赖。2019-2021年，通过这两大平台产生的营收占比分别为86.0%、76.7%和84.2%。2021年，其活跃用户数从1144.6万骤降至518.2万，Wish平台降幅高达67.14%。
However, Zibuyu heavily relies on Amazon and Wish platforms. From 2019 to 2021, revenue from these two platforms accounted for 86.0%, 76.7% and 84.2% respectively. In 2021, its active users plummeted from 11.446 million to 5.182 million, with Wish platform seeing a 67.14% decline.
独立站：跨境电商的新战场
Independent Websites: The New Battleground for Cross-border E-commerce
亿邦智库报告显示，31%的跨境电商企业已布局独立站，21%正在筹备。子不语在募资计划中明确将投入资金用于独立网站开发。电商分析师李成东指出："独立站建设成本高，但受制于平台规则，商家不得不寻求新出路。"
A report from EBrun shows 31% of cross-border e-commerce companies have established independent websites, with 21% preparing to do so. Zibuyu explicitly plans to invest in independent website development in its fundraising plan. E-commerce analyst Li Chengdong noted: "Building independent websites is costly, but constrained by platform rules, merchants have to seek new solutions."
目前，跨境电商行业正面临转型关键期。随着平台规则变化和市场竞争加剧，如何平衡规模增长与品牌价值，将成为行业参与者面临的核心挑战。
The cross-border e-commerce industry is currently at a critical juncture of transformation. With changing platform rules and intensifying market competition, how to balance scale growth with brand value will become the core challenge facing industry participants.
