New Stock News | Yonyou Network Technology (600588.SH) is planning to list in Hong Kong. Growth in traditional cloud service revenue is slowing down.

Yonyou Network Technology (600588.SH) announced that, in order to promote the globalization 2.0 strategy and strengthen connection with overseas capital markets, the company is planning to issue overseas shares (H shares) and list on the Hong Kong Stock Exchange. This issuance of H shares and listing still requires approval from the company's shareholders' meeting, as well as filing with the China Securities Regulatory Commission and obtaining approval from the Hong Kong Stock Exchange and the Hong Kong Securities and Futures Commission. The company reminds that there is still significant uncertainty in this H shares listing, and investors should be aware of the investment risks. According to the information, Yonyou Network Technology Co., Ltd. was established in 1995 and is located at No. 68 Beiqing Road, Haidian District, Beijing. It is a company primarily engaged in providing services to large enterprises, medium-sized enterprises, small and micro enterprises, as well as government and other public organizations. According to the company's 2024 annual report, in 2024, Yonyou Network Technology had operating revenue of 9.153 billion yuan, a decrease of 6.57% year-on-year; a net loss attributable to the company's shareholders of 2.061 billion yuan, with an expanded loss; a net loss attributable to the company's shareholders after deducting non-recurring gains and losses of 2.038 billion yuan, with an expanded loss; and a basic loss per share of 0.62 yuan/share; cloud service revenue of 6.85 billion yuan, a slight decrease of 3.4%.