The platform primarily targets small and medium-sized enterprises (SMEs), tailoring its services to their specific needs and tapping into a significant market segment. Zhubajie generates revenue through multiple streams, primarily through commission fees on completed projects. It diversifies income through 'smart enterprise services' such as taxation and tech support, as well as industrial services and solutions for government agencies, reducing reliance on a single revenue source.
Cyborg Score Rationale
The company has struggled with unsustainable unit economics from marketplace subsidies, faces a race-to-the-bottom on pricing from competitors, and grapples with quality control and weak trust systems. However, the platform utilizes AI, blockchain, and cloud technology for improved matching and user experience, with AI-driven matching increasing project completion rates.
Top Insights
Since its inception in 2006, Zhubajie has been doing non-standard service trading, rather than selling standardized goods.
By 2017, the platform had achieved unicorn status with approximately 4,000 employees and a daily transaction volume of RMB 15 million.
The company is strategically pursuing an IPO in Hong Kong.
The company has found itself stuck in a 'dying middle' tier of the freelance market, unable to compete with premium services or adapt to rapid technological advancements and changing consumer behaviors.
Named Competitors
Upwork — Global freelance marketplace for professionals
Fiverr — Online marketplace for digital services and freelance talent
(June 2015) Secured Series C funding of 2.6 billion yuan (~$400 million) led by Cybernaut and Chongqing government fund, valuing company at over 10 billion yuan
(2019) Began preparing for potential IPO; established position as China's largest IP services marketplace
(2026) Platform continues operations with 26+ million service users and diverse revenue streams beyond core freelancing
Open the full interactive Zhubajie (ZBJ Network Inc.) report
Strategic research, analyst-debate audio, full Cyborg Score breakdown across 11 dimensions, and saved-company audio playlists.