New stock news: Xunzhong shares submit documents to the Hong Kong Stock Exchange to become China's largest full-stack cloud communication service provider.

According to the disclosure by the Hong Kong Stock Exchange on July 26, Beijing Xunzhong Communication Technology Co., Ltd. (referred to as Xunzhong Communication) has submitted an application for listing on the main board of the Hong Kong Stock Exchange, with DBS Bank as the sole sponsor. The prospectus shows that, according to Frost & Sullivan data, as of 2023, Xunzhong Communication is the largest full-stack cloud communication service provider in China, and one of the earliest providers of cloud communication services in China. Additionally, the company is one of the few in China able to provide AI-driven communication services. Communication Platform as a Service, also known as CPaaS, is the core of the company's business, accounting for over 80% of the company's revenue in previous periods. On the company's cloud CPaaS platform, the company's clients (mainly internet companies, software and IT companies, and financial institutions) can easily access a wide range of comprehensive telecom resources purchased from major telecom operators and other service providers in China, including voice, messaging, and mobile data functions. Additional value-added features, such as data analysis, privacy protection, and intelligent routing, are embedded in the company's CPaaS. Furthermore, the company also provides Contact Center Software as a Service, also known as Contact Center SaaS, which is a cloud software service that enables enterprises to handle interactions with customers and potential customers. According to the Frost & Sullivan report, the company has built a full-stack cloud communication service, allowing the company to offer a variety of telecom resources and delivery channels compared to competitors with single-service capabilities, meeting the increasingly diverse information and communication needs of enterprises. The company's cloud communication services aim to reduce the complexity of customers simultaneously connecting to multiple communication service providers and systems, helping customers deploy communication services quickly, improve efficiency, and enhance user engagement. Utilizing its cloud communication capabilities since its establishment in 2008, the company launched a new business segment, Intelligent Communication Solution, in May 2020. The company's solution utilizes software or hardware combinations to assist communication and connectivity, mainly targeting public sector clients. Common use cases include municipal governance and security. Financially, for the fiscal years 2021, 2022, 2023, and the three months ending March 31, 2024, Xunzhong Communication recorded revenues of approximately 994 million yuan, 810 million yuan, 916 million yuan, 189 million yuan, and 152 million yuan respectively, with corresponding net profits of 74.816 million yuan, 74.66 million yuan, 76.584 million yuan, 11.474 million yuan, and 5.148 million yuan. Xunzhong Communication mentioned in the prospectus that any reduction or decrease in demand for the company's services and solutions could have a significant adverse impact on the company's business, operating performance, and financial condition. Failure to continue innovating or effectively respond to rapidly evolving technologies, market demands, industry trends, and other risks and uncertainties could have a significant adverse impact on the company's business, operating performance, and prospects.