Chinese version of "OpenRouter" QINIU (02567) is the only rare target in Hong Kong stocks with "AI hub" capability.

At a critical juncture when the global artificial intelligence industry is shifting from parameter arms race to large-scale application landing, the AI sector of the Hong Kong stock market is undergoing a profound revaluation of value. At the beginning of 2026, QINIU (02567) has become the focus of the capital market with its explosive growth of the MaaS (Model as a Service) platform. On January 19, QINIU officially launched the upgraded "AI Big Model Plaza," marking a milestone node: this tech giant that has been deeply cultivating the audio and video cloud services for many years is transforming from a traditional cloud service provider to a "Chinese MaaS dispatch hub" through a model plaza that covers all scenarios, an extremely compatible API architecture, and forward-looking Agent+MCP services. It is worth mentioning that this transformation is not simply a business overlay, but a reconstruction of the underlying development paradigm in the AI Native era. As the only scarce target in the Hong Kong stock market with "AI hub" capabilities, QINIU is filling the gap in the "model dispatch layer" of the Chinese AI ecosystem. Its benchmark is not just a simple cloud service model, but the globally popular "OpenRouter" model. This scarcity stems from its absolute neutrality and strong bilateral effects, pushing the company's value into a new revaluation cycle. Neutral dispatch positioning, filling the gap in the domestic "model dispatch layer" In 2025, the market structure of large models is undergoing intense dynamic changes, and the rise of open-source models has completely changed the industry rules. User habits have shifted from relying on a single model to switching, combining, and using models in different scenarios. QINIU sensitively captured this trend, breaking down the physical barriers between various model vendors through the MaaS platform, providing developers with a unified scheduling entry. It is worth noting that, unlike the tech giants like AWS and Azure, who are deeply tied to specific model vendors, QINIU maintains absolute neutrality, meaning it does not represent the interests of any specific model vendor, making it the ultimate platform for developers to conduct AB testing and performance benchmarking. Developers can directly configure the Qiniu Cloud MaaS API Key in development tools such as VS Code and Cline according to business needs, enabling seamless switching between models such as DeepSeek and GLM without the need for complex refactoring. This architecture advantage of "Chinese version of OpenRouter" allows it to share the explosion of model call volume in a "pay-as-you-go" premium mode, without bearing the high risk of losses from model development. Since the launch of the MaaS platform in 2025, the number of related users has shown non-linear expansion, surpassing 180,000. As of January 14, 2026, the total number of registered users on the Qiniu Cloud platform has officially exceeded 1.92 million. In just the past few months, the company has added more than 200,000 developers and enterprise users, marking a significant scale effect in its MaaS ecosystem. Driven by the dual wheels of policy and technology, the AI racetrack is showing the characteristics of a "long and gradual snowfall," with QINIU taking the lead in fierce market competition with its neutral multi-model comparison capability in the AI Native era. From "service" to "ecosystem," the explosion of multi-agents drives value revaluation Looking ahead to 2026, the capital market generally regards it as the year of explosion for multi-agent (Multi-Agent) reasoning. As the production paradigm shifts from simple dialogue to complex reasoning tasks with long sequences and multiple steps, multi-model scheduling will become a requirement in the execution process of intelligent agents. In this trend, the frequency of MaaS platform calls and the requirement for consistency in context will exponentially increase. In response to this, QINIU has proactively laid out its Agent+MCP services, providing large models with the ability to "perceive the world" and "execute tasks" through pre-installed standardized MCP plugins. This not only breaks the physical boundaries of AI but also makes it the preferred pedestal for building AI Agents. In the future, as new generation models like DeepSeek V4 further reduce the cost of reasoning, the call frequency of AI Agents will truly explode, and as the technical backbone supporting millions of users, the value of QINIU's model distribution and scheduling will be unprecedentedly amplified. More importantly, QINIU is building a strong data moat based on the MaaS platform. Through a full-stack management console, enterprises can achieve fine-grained control over resources, intuitively compare the quality, latency, and response speed of different models in the same prompt, thereby saving budget and optimizing costs. Unlike vendor's performance data, QINIU provides a real picture based on the actual success rate, first token delay, and response speed of developers' calls. For enterprise customers, this transparent and fine-grained resource control capability is highly attractive from a business perspective. This feedback generated from massive real calls forms QINIU's unique "data flywheel": the more users, the more accurate the model evaluation; the more accurate the evaluation, the more attractive it is to developers to use the most suitable models rather than the nominally strongest ones; the strong user stickiness generated is a barrier that pure technical service providers find difficult to overcome. From a broader industry perspective, QINIU stands at the intersection of the three waves of "audio and video + AI + cloud services." In the first half of 2025, the company's AI-related revenue exceeded 184 million yuan, contributing 22.2% of total revenue, confirming the effectiveness of the company's transformation from traditional audio and video cloud to AI infrastructure. In the first half of 2025, the China MaaS market size reached 1.29 billion yuan, a year-on-year growth of over 400%, indicating an explosive growth phase. In this blue ocean, QINIU's scarcity as the only target with AI hub attributes in the Hong Kong stock market is becoming more prominent. At the same time, the capital market's attention to this scarce target is continuously increasing, with institutions such as Guotai Haitong and Shenwan Hongyuan Group giving QINIU "buy" ratings. As multi-agent applications enter the large-scale deployment phase in 2026, the market's reliance on the "model dispatch layer" will experience exponential growth. With the formation of this ecosystem effect, QINIU's business model is evolving from a simple "commission on transactions" to a strategic elevation of "ecosystem empowerment," and its valuation anchor will switch from traditional PS to a platform premium with more imaginative space. The current QINIU is gradually evolving from a simple service provider to the core of the ecosystem, carving out a unique path in the landscape where giants loom. As AI moves towards efficiency competition in the second half, its core value as an "AI hub" is expected to accelerate realization, indicating that its value revaluation in the capital market has just begun.