On July 2, Anker Innovation was officially listed on the Hong Kong Stock Exchange.

A total of 46,632,800 H-shares were offered globally at HK$99.32 per share, raising approximately HK$4.6 billion. This marks the completion of Anker’s ”A+H” dual-capital platform strategy, following its listing on the ChiNext board of the A-share market in 2020.

In 2025, Anker Innovation reported revenue of 30.51 billion yuan and net income of 2.545 billion yuan, with products available in more than 180 countries and regions and serving over 200 million users. Why would a leading cross-border e-commerce company of this scale incur the additional cost of a Hong Kong IPO?

The answer lies not in the IPO itself, but in Hong Kong’s role within the overall cross-border e-commerce capital chain.

01 Anker’s ”A+H” Strategy: Two Capital Systems, Two Battlefields

Let's break down one layer of logic first.

An A-share listing raises funds in RMB, which are used for domestic R&D investments, supply chain development, and expansion in the Chinese market. An H-share listing raises funds in Hong Kong dollars and attracts global capital, which are used for overseas brand acquisitions, global channel expansion, and offshore capital allocation.

This isn’t simply a matter of ”adding another listing venue”; rather, it isAllocate Ammunition by Battlefield::

The essence of cross-border e-commerce is ”building the supply chain in China and tapping into global markets.” The A+H dual-listing structure reflects this essence at the capital level.

02 Why Hong Kong, and not Singapore or New York?

Anker’s prospectus does not go into detail about its architecture, but for cross-border sellers, it’s enough to understand why Hong Kong is a must-have option.

Level 1: The Funding Layer—The Natural Cash Flow Hub for Cross-Border E-Commerce

Sellers on Amazon, TikTok Shop, and independent e-commerce sites all know that Hong Kong is almost always the first stop for platform payments. Hong Kong has no foreign exchange controls, the Hong Kong dollar is pegged to the U.S. dollar, and funds can flow in and out freely.

But more importantly—where these funds ”remain” will determine your future tax costs and compliance risks. If they remain in Hong Kong, you can legally retain profits, reinvest, and plan for dividends. If they remain elsewhere, you may not have that same flexibility.

Level 2: Tax Level—This is not tax avoidance, but rather identifying the optimal solution within the compliance framework

Hong Kong companies have three tax characteristics that directly benefit cross-border sellers:

But keep in mind—these three benefits are contingent on ”compliance.” Companies that file ”zero returns” are not eligible for any of them, because the offshore exemption requires a complete audit report, and the profits tax incentive requires records of substantive operations.

Third Layer: Compliance Layer—Under Order No. 837, Hong Kong is no longer an isolation layer, but a conduit

Decree No. 837 took effect on July 1. The phrase ”Hong Kong, Macao, and Taiwan shall implement this decree accordingly” has brought Hong Kong companies under ”look-through” regulation. The previous notion that “registering a shell company in Hong Kong would provide a buffer” is now completely invalid.

But look at it from another perspective:Once the excess is stripped away, a Hong Kong corporate structure that is truly set up according to the rules actually becomes more valuable. Whether it’s opening a bank account, undergoing a tax audit, or passing a platform’s compliance review, the criteria for evaluation aren’t simply ”whether or not” something is in place, but rather ”whether it can withstand scrutiny.” A fully compliant Hong Kong company serves as a credit endorsement in and of itself.

03 How Should You Set Up a Hong Kong Company for Cross-Border E-Commerce?

Anker’s IPO can be viewed as news, or as a mirror. How far does your Hong Kong corporate structure fall short of the industry leaders in the following areas?

I. Corporate Entity: It’s Not Just a Matter of ”Getting Registered”

II. Substantive Operations: Mandatory Requirements Under Order No. 837

Following the implementation of Order No. 837, the most dangerous sign for Hong Kong companies is ”becoming a shell company.” Banks and tax authorities don’t look at whether you have a certificate of incorporation; rather, they look at:

• Physical office address (not a shared reception desk used by a dozen or so companies)
• At least one active employee with pay records and Mandatory Provident Fund contributions
• Actual business transactions that align with the company’s declared scope of business
• Comprehensive Bookkeeping and Auditing—Say No to Year-Round Zero-Income Filings

III. ODI Filing: The Only Legal Path for Compliant Outbound Investment

For individuals or businesses within China that own overseas companies, ODI (Overseas Direct Investment) filing is a prerequisite. Failure to file for ODI results in three consequences:

1. There is no legal basis for the transfer of funds abroad, and there is a risk of non-compliance with foreign exchange regulations.

2. When repatriating overseas profits to the mainland, banks will require proof of ODI filing.

3. Under Order No. 837, holding an overseas company without filing the required registration is directly deemed to be an illegal overseas investment.

IV. Opening a Bank Account: These Days, It’s Not About Resources—It’s About Qualifications

In the past, opening an account mainly depended on connections and luck. Following Order No. 837, Hong Kong banks have implemented due diligence—

• Trace the ultimate beneficiary in mainland China
• Source of funds, operating entity, and destination of profits—verify these three items
• The Shell Structure Was Exposed on the Spot

So the process for opening an account has now been completely reversed: instead of opening an account first and then addressing compliance issues later, you must first ensure compliance before applying to open an account.

If you have any needs, please feel free to contact us. Qicaiying can provide one-stop services for your Hong Kong company.

Add me on WeChat at qcygscszk or call 18676749275

04 What Anker’s IPO Tells the Industry Isn’t ”You Should Go Public”

Anker is pursuing an A+H listing because it has reached that scale and needs that tool.

However, Anker’s architectural approach is applicable to all cross-border sellers:From day one, treat your Hong Kong company as a genuine business entity, not just a piece of paper for collecting payments.

Specifically, consider whether you can do the following three things right now:

1. Hong Kong companies maintain separate financial records and undergo a full accounting and audit for each fiscal year.

2. There is a clear equity relationship between the mainland entity and the Hong Kong company (ODI filing)

3. The Hong Kong company has a track record of substantive operations—including a business address, staff, and financial transactions

If you can achieve these three things, whether your annual revenue is 30 million or 3 billion, your Hong Kong company will be a compliant operation that can withstand any scrutiny.

05 How Does Your Hong Kong Company Structure Compare to the Industry Leaders?

Three-Minute Self-Check:

1. Aside from the certificate of incorporation, does your Hong Kong company have any record of actual operations?

2. Has the ODI filing been completed? Does the information in the filing match the actual flow of funds?

3. Are the annual audit reports for Hong Kong companies merely a ”formality” or do they ensure that ”the books match the actual records”?

4. Can banks and tax authorities clearly trace the flow of funds from the platform’s payouts?

5. If your system were to be subjected to a penetration test right now, would your architecture hold up?

If you're unsure about Question 5—now is the best time to adjust your approach.

Qicaiying offers: ODI Filing + Hong Kong Company Registration + Substantive Operations Support (Compliant Registered Address + Staff + Bank Account Opening) + Annual Audit and Tax Filing—all in one comprehensive package. We don’t just help you register a shell company; we help you build a compliant structure that can withstand scrutiny.

Add me on WeChat at qcygscszk or call 18676749275

Enterprise Finance Group

Founded in 2015 and headquartered in Shenzhen, Qicaiying Group is a leading provider of corporate services and tax compliance solutions in China.

The Group is deeply committed to providing services across the entire corporate lifecycle. Its core business areas include: business registration, bookkeeping services, tax compliance, overseas company registration (Hong Kong, the U.S., Singapore, Mexico, etc.), cross-border structuring, outbound direct investment (ODI) filing, overseas tax planning, bank account opening assistance, and identity planning.

Over the past decade, Qicaiying has served more than 10,000 corporate clients and has accumulated solid practical experience in key areas such as corporate structuring in Hong Kong and overseas, cross-border tax and financial compliance, and corporate accounting management. The Group boasts a team of seasoned financial and tax advisors who closely monitor changes in domestic and international tax systems and regulatory trends, providing clients with one-stop solutions ranging from structural planning to implementation.