New Stock News | Qiuniu Cloud passes the listing hearing of the Hong Kong Stock Exchange and becomes the third largest audio and video PaaS service provider in China.

According to the news from the Hong Kong Stock Exchange on September 24th, Qingniu Intelligent Technology Co., Ltd. (referred to as "Qiniu Cloud") conducted a listing hearing on the Hong Kong Stock Exchange, Shenwan Hongyuan Group Hong Kong and BOCOM INTL as joint sponsors. According to the prospectus, Qingniu Cloud provides audio and video cloud services in China, based on iResearch data, the company's revenue in 2023 accounted for 1.5% of the entire audio and video cloud services market. Based on 2023 revenue calculations, the company is the third largest audio and video PaaS service provider in China, with a market share of 5.8%. Based on 2023 APaaS revenue calculations, the company is also the second largest audio and video APaaS service provider in China, with a market share of 14.1%. APaaS provides platform services based on application scenarios, bundling corresponding tools and functions according to scenarios. According to iResearch, in 2023, the size of the audio and video APaaS market in China had reached 2 billion yuan, and it is estimated that by 2028, the size of the audio and video APaaS market will reach 14.4 billion yuan, with a compound annual growth rate of 48.6%. In 2023, the size of the cloud service market in China reached 513.7 billion yuan, with the audio and video cloud service market reaching 91.5 billion yuan, accounting for 17.8% of the total cloud service market in China. The PaaS market and the APaaS market were 22.9 billion and 2 billion yuan respectively in 2023, accounting for 25.0% and 2.2% of the entire audio and video cloud service market. In terms of content or data types, the cloud service market in China can be divided into audio and video cloud service market and non-audio and video cloud service market. Audio and video cloud services refer to the production, storage, processing, distribution, analysis, audit, retrieval, and recommendation of unstructured audio and video content in multimedia format, including recordings, short films, live videos, music, and images. Non-audio and video cloud services refer to other cloud services such as government cloud, retail and catering cloud, and industrial cloud, which include structured data such as financial data, customer contact lists and other standardized data, as well as some non-structured data unrelated to audio and video content, such as text, emails, documents, developed applications, and projects, etc. Qingniu Cloud's main products and services include (1) MPaaS products, a series of audio and video solutions including a proprietary content delivery network for accelerated content delivery ("QCDN"), an object storage platform for storing content ("Kodo"), interactive live products for streaming real-time audio and video content, and an intelligent media data analysis platform ("Dora") that provides a wide range of data processing and analysis capabilities; and (2) APaaS solutions, which are scenario-based audio and video solutions based on the company's MPaaS capabilities and utilizing the company's low-code platform, mainly aimed at enabling customers to quickly call different functions and achieve business goals with easy deployment. The company believes the following competitive advantages have contributed to the company's success and will help drive the company's future growth: (i) the third largest audio and video PaaS service provider and the second largest audio and video APaaS service provider in China; (ii) comprehensive capabilities and strong expansion capabilities in providing one-stop scenario-based audio and video solutions; (iii) diverse commercial potential nurtured by rich application scenarios; (iv) strong integrated audio and video technology and low-code platform development capabilities; and (v) experienced and insightful management team and a research and development team with outstanding innovation capabilities. The company plans to adopt the following strategies to further develop its business: (i) continuously deepen in major scenarios to develop and expand the company's customer base; (ii) accelerate the expansion of overseas business to create new business growth points; (iii) continue to increase research and development investment, build AIGC capabilities and iteratively improve the company's low-code platform; and (iv) seek strategic investments and acquisitions. In terms of finances, in 2021, 2022, and 2023, Qingniu Cloud's revenue was approximately 1.471 billion yuan, 1.147 billion yuan, and 1.334 billion yuan respectively.