Is Ouyeel profitable and how big is its revenue?

Ouyeel reported RMB 37.9 billion revenue in 2022, up 24% year over year, with GMV exceeding RMB 380 billion, per a Jiemian report. No independently verified 2023 to 2025 revenue figures have surfaced, so current profitability cannot be confirmed.

Ouyeel was founded in February 2015 as a wholly owned subsidiary of China Baowu Steel Group, which is 100% owned by the Chinese central government. Baowu began a mixed ownership reform in May 2017, opening about 28% equity to partners and investors.

Is Ouyeel going public soon?

Ouyeel filed for an A-share IPO with China's CSRC in July 2020 after signing with CITIC Securities, but multiple vendor sources report the plan was cancelled around July 2024. No independent press confirmation of the cancellation or any re-filing has been found as of mid-2026.

Who is Ouyeel's biggest competitor?

ZG Group (Zhaogang.com) is Ouyeel's closest rival, holding about 40% of China's third-party steel e-commerce transaction volume in 2023 with RMB 195 billion plus GMV, and it completed a Hong Kong Stock Exchange listing via de-SPAC on 28 July 2025, per HKEX filings.

Could AI replace Ouyeel?

AI threatens only Ouyeel's software layer, price matching and data services. Its core moat is physical: captive supply from parent China Baowu Steel Group, state financing, warehousing, and a seat on Chinese steel industry standards bodies, none of which a generic AI tool can replicate.

Is Ouyeel a safe company to join?

Ouyeel's survival looks near certain given its state-owned parent China Baowu, but equity upside is uncertain: its A-share IPO appears stalled since around July 2024, and rival ZG Group already leads the faster-growing third-party segment as of its July 2025 HKEX listing.

China · subsidiary of China Baowu Steel Group (state-owned) · China

Ouyeel

China Baowu's captive steel e-commerce and supply-chain platform for buying and selling steel.

Protection under test

Assessed 29 July 2026 · Evidence as of 29 July 2026

Something worth protecting exists and is being tested right now.

On the recordSince 29 July 2026 · Checkable from 2026 · Every call on the record Checkpoint: Confirmation or denial of Ouyeel's A-share IPO status after its reported 2024 withdrawal

The call

Ouyeel's tie to Baowu keeps it alive and dominant in captive steel flow, while ZG Group's public listing and lead in third-party trade caps how far its business can grow.

Ouyeel is a government-owned online marketplace where Chinese steelmaker Baowu sells steel and related materials to buyers. The company is hard to disrupt because the Chinese government owns it, Baowu is required to sell through it, and the government finances everything around it. However, Ouyeel's investors cannot easily cash out (no clear stock listing path), and a rival called ZG Group just went public and is winning customers outside Baowu's guaranteed sales. The one thing that would change this: if China's steel factories keep shrinking production, Ouyeel's total sales shrink even with a locked-in customer.

Why

AI pressure: AI-driven price discovery tools such as Alibaba 1688's matching features. AI matching tools could commoditize price discovery in steel trading but cannot replace Ouyeel's physical delivery and financing ties to Baowu. Could AI do the core job? Unlikely.

Bigger players: ZG Group (Zhaogang.com). ZG Group already holds roughly 40% of China's third-party steel e-commerce transactions and listed on HKEX in July 2025. Could a giant copy it? No, they are blocked.

What protects it. State ownership under China Baowu gives Ouyeel captive steel supply, financing, and logistics that outside platforms cannot copy.

What would change this call

Whether Ouyeel re-files or confirms withdrawal of its A-share IPO within the next year. Shows whether Ouyeel regains a public equity liquidity path or stays stalled.
ZG Group's post-listing GMV and expansion into non-ferrous, electronics, or overseas markets. Indicates whether ZG Group is converting its listing into faster growth than Ouyeel.
Published 2023-2025 split of Ouyeel's third-party versus captive Baowu transaction volume. Reveals whether Ouyeel is gaining or losing ground in the open market ZG Group leads.

Key numbers

2022 revenue RMB37.9B, up 24% year over year (2022)
ZG Group holds ~40% third-party steel trade share (2023)
Ouyeel valued at $1.46B after 2019 funding round (2019-07)

Named risks

A-share IPO reportedly cancelled around July 2024 with no confirmed liquidity path. Severity: high
China's steel production trending down under decarbonization mandates, shrinking captive volume. Severity: high
ZG Group's post-IPO capital gives it resources to expand into non-ferrous and overseas markets. Severity: medium
Most 2023 to 2025 operating figures are vendor-claimed and unconfirmed by independent press. Severity: medium

Rivals, as read in July 2026

Rival	Direction	Evidence
ZG Group (Zhaogang.com)	gaining on	HKEX listing 28 July 2025, ~40% third-party steel e-commerce share in 2023
Alibaba 1688/Alibaba.com	contesting	Adjacent generalist industrial B2B platform, low direct competitive pressure so far

Questions people ask

Is Ouyeel profitable and how big is its revenue?: Ouyeel reported RMB 37.9 billion revenue in 2022, up 24% year over year, with GMV exceeding RMB 380 billion, per a Jiemian report. No independently verified 2023 to 2025 revenue figures have surfaced, so current profitability cannot be confirmed.
Who owns Ouyeel?: Ouyeel was founded in February 2015 as a wholly owned subsidiary of China Baowu Steel Group, which is 100% owned by the Chinese central government. Baowu began a mixed ownership reform in May 2017, opening about 28% equity to partners and investors.
Is Ouyeel going public soon?: Ouyeel filed for an A-share IPO with China's CSRC in July 2020 after signing with CITIC Securities, but multiple vendor sources report the plan was cancelled around July 2024. No independent press confirmation of the cancellation or any re-filing has been found as of mid-2026.
Who is Ouyeel's biggest competitor?: ZG Group (Zhaogang.com) is Ouyeel's closest rival, holding about 40% of China's third-party steel e-commerce transaction volume in 2023 with RMB 195 billion plus GMV, and it completed a Hong Kong Stock Exchange listing via de-SPAC on 28 July 2025, per HKEX filings.
Could AI replace Ouyeel?: AI threatens only Ouyeel's software layer, price matching and data services. Its core moat is physical: captive supply from parent China Baowu Steel Group, state financing, warehousing, and a seat on Chinese steel industry standards bodies, none of which a generic AI tool can replicate.
Is Ouyeel a safe company to join?: Ouyeel's survival looks near certain given its state-owned parent China Baowu, but equity upside is uncertain: its A-share IPO appears stalled since around July 2024, and rival ZG Group already leads the faster-growing third-party segment as of its July 2025 HKEX listing.

Timeline

2025-07-28Rival ZG Group completes HKEX listing via de-SPAC, ticker 6676.HK
2024-08Ouyeel Lianjin scrap-steel base opens with 1.0M ton/year capacity (vendor-claimed)
2024-07Ouyeel A-share IPO reportedly cancelled (vendor-claimed, unconfirmed)
2023-08Ouyeel Industrial Products raises 1B yuan from 7-investor consortium including Hidden Hill Capital
2022Ouyeel reports RMB 37.9B revenue, up 24% YoY, GMV over RMB 380B
2021Ouyeel partners with Rio Tinto and Bank of China on cross-border trade (vendor-claimed)
2020-07Ouyeel signs pre-listing tutoring agreement with CITIC Securities, files with CSRC
2020Ouyeel establishes Singapore regional HQ (vendor-claimed)
2019-06Ouyeel raises over 2B yuan (~$291M), valuation reaches ~$1.46B
2017-05China Baowu launches mixed ownership reform, opening ~28% equity
2015-02Ouyeel founded in Shanghai as wholly owned Baowu subsidiary

Revision history

29 July 2026

First assessed. Protection under test. The text above is fixed as of this date and is not edited afterwards.

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