On February 10, 2026, as“going global”has become a norm for Chinese enterprises, a hidden champion laying the foundation for their global compliance officially stepped into the capital market. ICS Group Limited submitted its listing application to the Hong Kong Stock Exchange. Its prospectus reveals a key fact: with the first and only full licenses covering the British Virgin Islands (BVI), Cayman Islands and Hong Kong in China, the firm has quietly grown into the largest domestic professional service provider for Chinese enterprises going global.

According to Frost & Sullivan, by revenue in 2024, ICS Group ranked first in China’s enterprise going‑global professional services market with a 10.5% share and second among global peers. Notably, in the first nine months of 2025, the company achieved a net profit margin of 31.4% and a 68.9% year‑on‑year surge in net profit. This is backed by a classic business model that uses regulatory licenses to build a wide moat and operational efficiency to deliver high profits.

I. Core Barrier: Scarcity of Full Licenses Defines the Industry Ceiling

In the highly regulated offshore financial services sector, licenses represent both access and trust. ICS Group’s core competitive advantage lies in its full set of key licenses in BVI, Cayman Islands and Hong Kong—the three most important jurisdictions for Chinese enterprises going global. Amid stricter regulation and a near halt in new license issuance, this“full‑license”status forms an extremely difficult‑to‑replicate entry barrier.

This allows ICS Group to independently provide clients with one‑stop services ranging from offshore company registration and fund establishment to ongoing compliance management, without relying on external partners. This capability directly translates into strong client stickiness: as of the Latest Practicable Date, the company managed over 15,000 registered entities, with a client retention rate of 86.8% in 2024. Efficiency is another strength: through its self‑developed business management system, the standard turnaround time for internal document processing is controlled within one business day, balancing compliance requirements and client experience.

II. Financial Decoding: Healthy Model of High Growth and High Profitability

An examination of ICS Group’s income statement shows a textbook growth trajectory for a professional services firm. Revenue jumped 51.4% from RMB 132 million in 2023 to RMB 200 million in 2024, reflecting strong growth momentum.

Sustained profitability improvement is an even more important signal. The company’s gross margin has long stayed stable at a high level of around 46%, while its net profit margin rose steadily from 26.0% in 2023 to 31.4% in the first nine months of 2025. This“stable gross margin, rising net margin”pattern reveals significant economies of scale: as the number of managed entities exceeded 15,000, revenue growth outpaced cost growth, unlocking strong operating leverage. In the first nine months of 2025, net profit reached RMB 66 million, up 68.9% year on year—far exceeding revenue growth.

Its revenue structure is also healthy. Core corporate services accounted for about 93% of revenue, forming the mainstay, with over 72% coming from highly stable and predictable recurring management and renewal services. Meanwhile, the company has successfully expanded from single services to integrated solutions. Fund administration and tax services grew 90.4% and 104.8% year on year in 2024, respectively, forming a clear second growth curve.

III. Market Tailwinds and Future Challenges

ICS Group is positioned at a highly certain growth frontier. Frost & Sullivan projects that the market size of professional services for Chinese enterprises going global will expand rapidly from RMB 2.0 billion in 2024 to RMB 5.9 billion in 2029, at a CAGR of 25.8%. The IPO proceeds will help the company further scale up and upgrade its technology platform to capture this historic opportunity.

However, risks remain beneath the bright outlook. Investors should rationally assess its challenges: first, the business structure still heavily relies on traditional corporate services; although emerging fund and tax services are growing fast, their contribution remains small and will take time to become true pillars. Second, global compliance regulations continue to tighten, and the compliance cost of maintaining full licenses may rise over the long term. Third, a high‑growth track will inevitably attract competition. Transforming current license advantages into deeper brand loyalty and technological moats is the key to long‑term leadership.