New Stock News | Yunzhong Rongxin submits application to Hong Kong Stock Exchange as supplier of intelligent real-time communication cloud solution.

According to the disclosure by the Hong Kong Stock Exchange on June 16, Beijing Yung Century Rongxin Network Technology Co., Ltd. (hereinafter referred to as Yung Century Rongxin) has submitted an application to the Hong Kong Stock Exchange for listing on the main board, with CICC Capital as the exclusive sponsor. Company Introduction According to the prospectus, Yung Century Rongxin is a supplier of intelligent real-time communication cloud solutions, providing reliable and scalable communication functions to support global digital transformation. Yung Century Rongxin offers a comprehensive communication cloud platform to developers of various applications (including apps, mini apps, etc.) in the form of PaaS and SaaS, integrating real-time communication and AI communication solutions. Developers integrate communication functions into their applications through APIs, and continue to use communication services through paid subscriptions, enabling applications to achieve real-time sending, receiving, and synchronization of multimedia messages such as text, images, voice messages, and video messages, and further expand intelligent risk control, translation, customer service, assistant, and agent interaction capabilities through selected AI functions. Yung Century Rongxin has developed a communication technology platform based on AICP (Application Integrated Communication Platform), deployed on the infrastructure of IaaS providers, supported by the "EverSync" communication protocol (aimed at improving information synchronization and transmission efficiency) and the fourth-generation SD-CAN global acceleration network (aimed at optimizing global communication routes and reducing latency). Yung Century Rongxin provides real-time communication services to customers in different regions through standardized service interfaces. Yung Century Rongxin deeply integrates cloud communication technology, interaction scenarios, and selected AI capabilities to expand communication from traditional information transmission to intelligent interaction, providing a foundation for a wide range of intelligent applications, facilitating the utilization of communication data, and supporting customer operations and development. As of December 31, 2025, Yung Century Rongxin has supported the communication needs of over 250,000 applications. Downstream application scenarios cover a wide range of fields, including social, entertainment, e-commerce, medical, sharing economy, intelligent transportation, and internal collaboration within enterprises. In addition, Yung Century Rongxin has established service capabilities in multiple markets outside mainland China and has accumulated experience in supporting customers' overseas operations and localization deployments. Yung Century Rongxin's solutions are based on the company's self-developed AICP platform, which integrates real-time communication and intelligent communication capabilities, serving as the "technical foundation" for the company's business. Yung Century Rongxin's solutions include: - Internet application solutions, which contributed the largest portion of the company's revenue during the previous reporting period. Yung Century Rongxin deploys AICP on top of the public cloud infrastructure of third-party cloud service providers to provide standardized, one-stop, multi-scenario real-time communication cloud solutions to internet application developers and operators from different regions. These solutions empower applications in social, entertainment, e-commerce, medical, sharing economy, and other fields to build communication capabilities and utilize the company's communication services through subscription and usage-based models. - Vertical industry solutions, aimed at meeting the needs of large and medium-sized enterprises for private cloud or hybrid cloud deployments. Yung Century Rongxin utilizes AICP to provide deeply customized real-time communication solutions for vertical industry scenarios, such as internal collaboration, intelligent office, intelligent customer service, and intelligent transportation. - Overseas national-level communication solutions, which represent an extension of Yung Century Rongxin's communication technology capabilities and large-scale project delivery experience. In response to the demand in certain overseas markets for the construction of large-scale national-level social communication platforms, Yung Century Rongxin integrates its high-concurrency communication capabilities, private deployment experience, and high security standard practices accumulated in the internet application and vertical industry markets to tailor a super application framework that combines real-time communication, mini programs, and open platforms, enabling local internet communication application operators to build overseas national-level communication platforms. The Saudi National Communication Project initiated by Yung Century Rongxin in 2020 and scheduled for delivery in 2024 demonstrates Yung Century Rongxin's capabilities in supporting the development and deployment of large-scale national-level communication platforms. These projects may generate revenue at different stages of the project lifecycle, including platform development, authorization, and operation-related services. Financial Information Revenue For the years 2023, 2024, and 2025, the company's revenue was approximately RMB 191 million, RMB 167 million, and RMB 197 million, respectively. Net profit/(loss) For the years 2023, 2024, and 2025, the company's net profit/(loss) was approximately -14.73 million, 3.151 million, and 31.843 million RMB, respectively. Gross profit margin For the years 2023, 2024, and 2025, the company's gross profit margin was 63.1%, 74.7%, and 80.5%, respectively. Industry Overview From 2021 to 2025, the global cloud communication services market is expected to grow rapidly, with a compound annual growth rate of 7.9%, from RMB 108.9 billion to RMB 147.5 billion. By 2030, the global cloud communication services market is expected to reach RMB 249.5 billion, with a compound annual growth rate of 11.1% from 2025 to 2030. From 2021 to 2025, the market size of the cloud communication services market in China is expected to grow at a compound annual growth rate of 6.8%, from RMB 42.5 billion to RMB 55.3 billion. By 2030, the market size of the cloud communication services market in China is expected to reach RMB 89.2 billion, with a compound annual growth rate of 10.0% from 2025 to 2030. The cloud communication services market remains highly fragmented, with many market participants offering diversified communication services and solutions for different customer groups, application scenarios, and geographical markets. In recent years, driven by global digital transformation, the global market for intelligent real-time communication cloud solutions has been growing rapidly. From 2021 to 2025, the market size of the global intelligent real-time communication cloud solutions market is expected to grow at a compound annual growth rate of 8.1%, from RMB 13.9 billion to RMB 19 billion. Looking ahead, the continued expansion of downstream application scenarios is expected to further drive market growth. By 2030, the market size of the global intelligent real-time communication cloud solutions market is expected to reach RMB 38.9 billion, with a compound annual growth rate of 15.4% from 2025 to 2030. From 2021 to 2025, the market size of the intelligent real-time communication cloud solutions market in China is expected to grow at a compound annual growth rate of 7.0%, from RMB 5.5 billion to RMB 7.2 billion. By 2030, the market size of the intelligent real-time communication cloud solutions market in China is expected to reach RMB 14.1 billion, with a compound annual growth rate of 14.4% from 2025 to 2030. Board of Directors The board of directors is composed of 11 directors, including four executive directors, three non-executive directors, and four independent non-executive directors. The directors serve a three-year term and are eligible for re-election at the end of their term. Equity Structure As of the last practicable date, Mr. Wang Cheng, Tianjin Rongyun, and Tianjin Yunchuang are the controlling shareholders of the company. As of the last practicable date, Tianjin Rongyun, controlled by its sole general partner Mr. Wang Cheng (Chairman and Executive Director of the company), has eight limited partners, with Beijing Shanju Investment Management Co., Ltd. (an independent third party of the company) holding approximately 31.14% of the partnership interests. The remaining limited partners do not hold 30% or more of the partnership interests. As of the last practicable date, there are no shareholders holding 30% or more of the equity of Beijing Shanju Investment Management Co., Ltd. As of the last practicable date, Tianjin Yunchuang, one of the employee incentive platforms of the company controlled by its sole general partner Mr. Wang Cheng, has 41 limited partners, with no individual holding 30% or more of the partnership interests. Intermediary Team Exclusive Sponsor: CICC Capital Legal Advisors: JunHe LLP, JunHe (Beijing) Law Firm, TAKREES Law Firm, everstead law llc Legal Advisors to Exclusive Sponsor: DeHeng Law Offices, Haiwen & Partners Reporting Accountants and Independent Auditors: PricewaterhouseCoopers Zhong Tian LLP (PwC Zhong Tian) Industry Consultant: Forrester Sullivan