Global Financial Scanning: Identifying Funds Through Hong Kong Initial Public Offering
Intsig Information Co. Ltd., the Chinese company behind the popular CamScanner app, is planning a second listing in Hong Kong, aiming to target global investors [1]. The company's current valuation is anticipated to be around 20 billion yuan ($2.8 billion), based on its listing on Shanghai's STAR Market last year [1].
Over the past few years, Intsig has demonstrated strong and consistent growth in revenue and profits. Its revenue grew at an average annual rate of more than 20%, reaching 1.44 billion yuan ($201 million) in 2024 [1]. Net profit grew even faster, increasing by about 28% annually during the same period, reaching 400 million yuan in 2024 [1]. This growth momentum continued into 2025, with first quarter profit rising 29.4% year-on-year to 116 million yuan [1][2].
Intsig maintains high gross profit margins consistently exceeding 80%, highlighting its efficient operations and strong market positioning [1].
The company's flagship product, CamScanner, has over 1 billion users across 200 countries and supports 52 languages. It bills itself as the world's largest image-to-text processing product maker by user base [1]. CamScanner contributes over 70% of Intsig's revenue [1].
However, Intsig faces stiff competition in the global 2C efficiency AI product segment, holding only 2.2% of the market [1]. Rapid evolution of AI technology poses a risk to its competitiveness if it fails to keep pace [1].
Moreover, about one-third of Intsig's revenue comes from overseas, making foreign exchange risk management a significant challenge [1]. Among dual listings, the Hong Kong shares of most companies trade at discounts of around 20% to their Shanghai- and Shenzhen-listed prices [1]. The appeal of Intsig to Hong Kong investors may depend on the size of the discount it offers relative to its Shanghai share price.
Intsig was founded by Zhen Lixin, who has worked at companies like Sinopec and Motorola [1]. The company spends heavily on R&D, with costs rising from 279 million yuan in 2022 to 390 million yuan in 2024, equivalent to 27% of its revenue last year [1]. Intsig has integrated AI features like AI Magic Pro, AI Smart Erasure, and AI Sign into its flagship product, CamScanner [1].
In conclusion, Intsig's solid financial growth, strong market position, and innovative AI features make it an attractive prospect for investors. However, challenges such as competition, foreign exchange risks, and the impact of dual listings on valuation will need to be carefully navigated as it moves towards its planned Hong Kong listing.
[1] Intsig Information Co. Ltd. Press Release, [2] Financial Times, Intsig Information Co. Ltd. Q1 2025 Financial Results.
Technology plays a significant role in Intsig's success, with AI features such as AI Magic Pro, AI Smart Erasure, and AI Sign integrated into their flagship product, CamScanner. However, the rapid evolution of AI technology poses a risk to Intsig's competitiveness if it fails to keep pace with advancements.
