New stock news | Star Microelectronics (688031.SH) files listing application with Hong Kong Stock Exchange, focusing on providing AI infrastructure software.

According to the disclosure from the Hong Kong Stock Exchange on August 18, Xinghuan Information Technology (Shanghai) Co., Ltd. (688031.SH) (referred to as Xinghuan Technology) has submitted an application for listing on the main board of the Hong Kong Stock Exchange, with Haitong International as its exclusive sponsor. The prospectus shows that Xinghuan Technology is an AI infrastructure software provider that helps enterprises efficiently build AI infrastructure software through deep integration of artificial intelligence, big data, and cloud technologies, promoting intelligent transformation and business model innovation in various industries. By revenue, the company is ranked fifth in the Chinese AI infrastructure software market in 2024, also the largest pure AI infrastructure software provider. The company has built a new generation AI infrastructure software matrix, including big data and cloud infrastructure platforms (TDH and TDC), distributed databases (ArgoDB and KunDB), data development and governance tools (TDS), AI platforms for large language models and machine learning operations (LLMOps and MLOps), and a knowledge platform (TKH). These products together form an end-to-end solution from data to knowledge, from models to applications. As of March 31, 2025, the company's products and solutions have been implemented in more than ten industries such as finance, public sector, energy, healthcare, transportation, manufacturing, serving over 1,600 customers, including approximately 110 of the Fortune China 500 companies. From 2022 to 2024, repeat revenue from existing customers accounted for over 70% of total revenue on average. Xinghuan Technology's core technologies cover seven key areas, including container-based data cloud technology, distributed computing, multi-model data unified processing, distributed database technology, AI and machine learning operations technology, knowledge engineering and knowledge graph technology, and big data development technology. In terms of business model, the company focuses on product-oriented commercialization of its proprietary software platform through independent research and development. Revenue mainly comes from software license sales, as well as technical services and software upgrades for long-term deployment and operation. The company's business is mainly divided into three business lines: AI and big data infrastructure software business, solution business, and other business. In terms of risks, the high concentration of customers poses a risk. In the first quarter of 2025, the top five customers accounted for 40.9% of revenue, with the largest single customer contributing 17.6%. This dependency makes the company vulnerable to risks, as fluctuations in demand from key customers or changes in cooperation relationships could directly impact revenue stability. Furthermore, the company's international expansion is still in the early stages, with international business revenue accounting for less than 5% in 2024, and the globalization process facing multiple challenges such as technological adaptation and compliance reviews. Financially, in the fiscal years 2022, 2023, 2024, and the three months ending March 31, 2025, Xinghuan Technology achieved revenues of approximately RMB 373 million, RMB 491 million, RMB 371 million, and RMB 64.205 million, respectively; during the same periods, the net losses were approximately RMB 272 million, RMB 289 million, RMB 344 million, and RMB 83.723 million, respectively.