New stock news | Qiniu Cloud landed on the Hong Kong Stock Exchange Main Board, becoming the third largest audio and video PaaS service provider in China.

According to the disclosure by the Hong Kong Stock Exchange on September 22nd, Qiniu Intelligent Technology Co., Ltd. (referred to as Qiniu Cloud) has 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 Cloud provides audio and video cloud services in China. According to iResearch, the company's revenue accounted for 1.5% of the entire audio and video cloud service market in 2023. Based on the revenue in 2023, the company is the third largest audio and video PaaS service provider in China, with a market share of 5.8%. Based on revenue earned 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 the cloud service market in China reached 513.7 billion RMB in 2023. The audio and video cloud service market reached 91.5 billion RMB in 2023, accounting for 17.8% of the total cloud service market in China. The PaaS market and APaaS market in 2023 were 22.9 billion RMB and 2 billion RMB 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 its proprietary content delivery network (QCDN), object storage platform (Kodo), interactive live streaming product, and media data analysis platform (Dora); and (2) APaaS solutions designed to provide customizable audio and video solutions based on the company's MPaaS capabilities and low-code platform. The company believes that its competitive advantages, including being the third largest audio and video PaaS service provider and the second largest audio and video APaaS service provider in China, as well as its comprehensive capabilities, diverse commercial potential, strong integrated audio and video technology, experienced management team, and innovative research and development team, will drive its future growth. The company plans to further develop its business through strategies such as deepening its presence in key markets, accelerating international expansion, increasing research and development investment, and seeking strategic investments and acquisitions. In terms of finances, Qiniu Cloud's revenue was approximately 1.471 billion RMB, 1.147 billion RMB, and 1.334 billion RMB in 2021, 2022, and 2023, respectively.