New stock news | Qiniu Intelligent officially listed on the Hong Kong Stock Exchange, becoming the third largest audio and video PaaS service provider in China.

According to the disclosure of the Hong Kong Stock Exchange on September 22, Qiniu Intelligent Technology Co., Ltd. (referred to as "Qiniu Intelligent") submitted its listing application to the main board of the Hong Kong Stock Exchange, with Shenwan Hongyuan Group Hong Kong and BOCOM INTL as its joint sponsors. The company had previously submitted applications to the Hong Kong Stock Exchange on June 29, 2023, and March 18, 2024. The prospectus shows that Qiniu Intelligent provides audio and video cloud services in China. According to Ai Rui Consulting, the company's revenue accounted for 1.5% of the entire audio and video cloud service market in 2023. Based on the 2023 revenue, the company is the third largest audio and video PaaS service provider in China with a market share of 5.8%. In terms of revenue from APaaS in 2023, the company is also the second largest audio and video APaaS service provider in China with a market share of 14.1%. The size of China's cloud service market reached 513.7 billion yuan in 2023. In the same year, the audio and video cloud service market reached 91.5 billion yuan, accounting for 17.8% of the total cloud service market in China. The PaaS market and APaaS market in 2023 were 22.9 billion and 2.0 billion yuan respectively, accounting for 25.0% and 2.2% of the entire audio and video cloud service market. The company's main products and services include (1) MPaaS products, a series of audio and video solutions, including a proprietary content delivery network (QCDN) for accelerating content delivery, an object storage platform (Kodo) for storing content, an interactive live streaming product for real-time streaming of audio and video content, and a smart media data analysis platform (Dora) with extensive data processing and analysis capabilities; as well as (2) APaaS solutions, which are scenario-based audio and video solutions utilizing the company's MPaaS capabilities and low-code platform, aimed at enabling customers to easily deploy and quickly call different functions to achieve business goals. The company believes that the following competitive advantages have contributed to its success and will help drive the company's future growth: (i) being the third largest audio and video PaaS service provider and the second largest audio and video APaaS service provider in China; (ii) offering comprehensive and strong expansion capabilities through one-stop scenario-based audio and video solutions; (iii) leveraging rich application scenarios to enhance diverse commercial potential; (iv) possessing strong integrated audio and video technology and low-code platform development capabilities; and (v) having an experienced and insightful management team and an innovative research and development team. The company plans to adopt the following strategies to further develop its business: (i) deepening its presence in key scenarios to develop and expand its customer base; (ii) accelerating overseas business expansion to create new business growth points; (iii) continuing to increase research and development investment to build AIGC capabilities and iteratively improve the company's low-code platform; and (iv) seeking strategic investments and mergers and acquisitions. Financially, the revenue of Qiniu Intelligent was approximately 1.471 billion yuan, 1.147 billion yuan, and 1.334 billion yuan in 2021, 2022, and 2023, respectively. During the same periods, the company incurred losses of 220 million yuan, 213 million yuan, and 324 million yuan. It is worth noting that Qiniu Intelligent mentioned in the prospectus that any security vulnerabilities and attacks on the company's systems and network, as well as any failure to otherwise protect personal, confidential, and proprietary information, could damage the company's reputation, have a negative impact on its business, and have significant adverse effects on its financial condition and operating performance. If the company cannot avoid such attacks and security vulnerabilities, it may incur significant legal and financial liabilities, its reputation and business will be damaged, and it may suffer significant income losses due to sales losses and customer dissatisfaction.