New Stock News | Seahorse Cloud submits its application to Hong Kong Stock Exchange again, aiming to become the largest provider of GPUaaS real-time cloud rendering services for cloud-based gaming in China.

According to the disclosure by the Hong Kong Stock Exchange on January 30th, Anhui Haima Yun Technology Co., Ltd. (referred to as "Haima Yun") has submitted an application for listing on the Main Board of the Hong Kong Stock Exchange, with CICC and CMB International as joint sponsors. The company previously submitted an application to the Hong Kong Stock Exchange on June 27, 2025. Company Profile The prospectus shows that Haima Yun is the largest provider of cloud gaming real-time cloud rendering services (i.e. visual content calculation and generation) GPUaaS provider in China. According to data from Zhishi Consultancy, based on revenue in 2024, the company ranks first among providers of real-time cloud rendering services for cloud gaming scenarios in China, with a market share of 17.9%. GPUaaS is a cloud solution that allows users to access GPU-based computing resources remotely and cost-effectively through virtualization technology. It mainly includes (i) graphical GPUaaS, which is primarily real-time cloud rendering; and (ii) computational GPUaaS, which is mainly AI inference and AI training. The company provides real-time cloud rendering services and related solutions to customers in industries such as gaming, entertainment, digital cultural tourism (using digital technology to virtually represent cultural sites or landmarks and provide interactive experiences), and digital education. These services and solutions are supported by the company's self-developed and deeply integrated platform software and infrastructure hardware, equipped with a deep integration of software and hardware core based on GPU graphics computing. This architecture allows end users to use high-performance GPU computing-based digital content and applications on different devices anytime and anywhere, without being limited by the user's device. Haima Yun provides real-time cloud rendering services and related solutions to a diversified customer base, mainly including enterprise customers (such as digital content operators, gaming platforms, game developers, game tool service providers, and mobile hardware manufacturers, etc.). Enterprise customers can integrate the company's proprietary SDK and API into their products, allowing their end users to use digital content and applications based on high-performance GPU computing on various hardware devices such as PCs, phones, tablets, and smart TVs, such as games, 3D design software, AIGC software, and digital cultural tourism content. The end user's device only serves as an input and output interface, and the content and applications run on the company's cloud platform, transmitting the rendering results to the user's device via streaming. This mechanism does not require a large amount of local computing power, making it easier for end users to access such digital content and applications. As of December 31, 2024, the company provided real-time cloud rendering services to nine of the top ten market participants in the Chinese cloud gaming industry, and established long-term partnerships with well-known market participants, including China Mobile Limited, several well-known mobile hardware manufacturers, leading gaming platforms, and top game developers. As of October 31, 2025, the company's platform hosts over 32,000 operating games, including several blockbuster games launched on different devices in recent years, such as a phenomenon-level action role-playing 3A game developed in China and released in 2024, and a groundbreaking open world game developed in China and released in 2020, making significant achievements in enhancing the mobile gaming experience. In addition to cloud gaming scenarios, the company also applies real-time cloud rendering service capabilities to other industries and scenarios undergoing digital transformation, as well as other emerging innovative initiatives. Financial information Revenue: For the fiscal years of 2022, 2023, 2024, the ten months ended on October 31, 2024, and the ten months ended on October 31, 2025, Haima Yun's revenues were approximately RMB 290 million, RMB 337 million, RMB 520 million, RMB 423 million, and RMB 584 million, respectively. Profit: For the fiscal years of 2022, 2023, 2024, year ended on October 31, 2024, and the ten months ended on October 31, 2025, Haima Yun's annual losses and total comprehensive expenses were approximately RMB 246 million, RMB 218 million, RMB 186 million, RMB 135 million, and RMB 149 million, respectively. Industry Overview Real-time cloud rendering services can be roughly divided into three application types: cloud gaming, cloud native, and other scenarios. Among them, cloud-native applications are mainly used to build virtual spaces or metaverses for specific purposes, which incur additional costs in the space construction process, such as real-world scanning, scene modeling, and artistry, with real-time cloud rendering value accounting for a relatively small proportion. From the perspective of market demand, although the potential market size of cloud-native applications is huge, it is still mainly in the exploratory stage. In contrast, cloud gaming requires continuous real-time rendering at all stages, with a significantly higher demand for latency and interactivity, and has formed a relatively mature and rapidly growing sector commercially. The market for real-time cloud rendering services is still in a relatively early stage of development. According to data from Zhishi Consultancy, the global market size of real-time cloud rendering services increased from RMB 11 billion in 2020 to RMB 29.7 billion in 2024, with a compound annual growth rate of 28.1% from 2020 to 2024. It is expected to reach RMB 87 billion by 2029, with a compound annual growth rate of 24.0% from 2024 to 2029. Overall, the growth rate of China's real-time cloud rendering service market exceeds that of the global market for real-time cloud rendering services. According to data from Zhishi Consultancy, the market size of China's real-time cloud rendering services increased from RMB 2.4 billion in 2020 to RMB 8 billion in 2024, with a compound annual growth rate of 34.4% from 2020 to 2024, and is expected to further reach RMB 33.2 billion by 2029, with a compound annual growth rate of 33.1% from 2024 to 2029. With the steady growth of the global gaming population, the global gaming market is also expanding. At the same time, game adaptations of film and television works have attracted many audiences to join the ranks of gaming enthusiasts, further driving the development of the gaming community, giving the gaming industry strong vitality and long-term development potential. According to data from Zhishi Consultancy, the global gaming industry's market size increased from RMB 1.246 trillion in 2020 to RMB 1.337 trillion in 2024, with a compound annual growth rate of 1.8% from 2020 to 2024, and is expected to further reach RMB 1.632 trillion by 2029, with a compound annual growth rate of 4.1% from 2024 to 2029. China is one of the important participants in the global gaming market. In recent years, the focus of the Chinese gaming industry has shifted from game publishers to game developers, attracting more young players to participate. According to data from Zhishi Consultancy, China's gaming industry market size increased from RMB 278.7 billion in 2020 to RMB 325.8 billion in 2024, with a compound annual growth rate of 4.0% from 2020 to 2024, and is expected to further reach RMB 426.8 billion by 2029, with a compound annual growth rate of 5.5% from 2024 to 2029. Board information The board consists of nine directors, including four executive directors, two non-executive directors, and three independent non-executive directors. Equity structure A group of concerted action persons, Haima Leyun, Yifeng Gong and Huicong Jiashi jointly constitute the largest shareholder group of the company. As of the latest practically feasible date, the 1,480,812 shares held by Guangyi Wen Investment (accounting for approximately 2.49% of the company's share capital) are frozen by judicial authorities due to property preservation measures in ongoing legal proceedings. According to applicable Chinese laws and regulations, the frozen shares cannot be transferred without the permission of the relevant judicial authorities, and the holder of the frozen shares cannot use them as collateral or set any property encumbrances. The directors believe that the aforementioned frozen shares will not have a significant adverse impact on the company's equity structure and business operations. The remaining 49.00% of Simon Technology's shares are held by Hefei Haiyu Intelligent Technology Partnership Enterprise (limited partnership). Hefei Haiyu Intelligent Technology Partnership Enterprise is a limited partnership established in China on May 21, 2025, with Mr. Kuo Ming Kong, the company's vice president, holding 90% of the partnership interests in Hefei Haiyu Intelligent Technology. The remaining 14.00% of Haima Yun's shares are held by Hefei Haiyu Intelligent. Intermediary team Joint Sponsors: China International Capital Corporation Hong Kong Securities Limited, CMB International Financing Limited Company Legal Advisor: With regard to Hong Kong and U.S. law: Harris & Moure Solicitors and Attorneys-at-Law Limited; with regard to Chinese law (including Chinese data compliance law): Harris & Moure Solicitors Legal Advisors of the Joint Sponsors: With regard to Hong Kong and U.S. law: Baker McKenzie; with regard to Chinese law: Jia Yuan Law Firm Auditors and Reporting Accountants: Deloitte Touche Tohmatsu Certified Public Accountants Industry Advisor: Zhishi Industry Consulting Co., Ltd.