New Stock News | Starry Sky Technology Reapplies to the Hong Kong Stock Exchange, Focusing on Enterprise-level AI Storage Solutions

According to the Hong Kong Stock Exchange's disclosure on August 30, Beijing Xingchen Tianhe Technology Co., Ltd. (referred to as: Xingchen Tianhe) has submitted its listing application to the main board of the Hong Kong Stock Exchange, with Huatai International as its sole sponsor. The company had previously submitted its application to the main board of the Hong Kong Stock Exchange on January 27. Company Profile The prospectus shows that Xingchen Tianhe focuses on providing enterprise-level AI storage solutions, helping businesses efficiently integrate data, decision-making, and operations on a large scale. With proprietary technologies such as XSEA and XScale developed by the company, it has created AI storage solutions, including AI data lake storage and AI training and inference storage solutions, enabling seamless deployment and implementation of AI storage in business operations of enterprise clients, addressing critical storage needs during the AI transformation process. The company's XSEA focuses on achieving rapid, resilient, and efficient large-scale data storage, while XScale aims to manage large volumes of data in a flexible and scalable manner. Utilizing these proprietary technologies, the company has developed AI storage solutions: Data Lake Storage Solutions. The data lake storage solution is designed to aggregate, clean, and retain large volumes of raw and unstructured data, serving as the starting point for the complete lifecycle of AI data. Training and Inference Storage Solutions. The training and inference storage solution is responsible for transferring data at high speed to GPUs, overcoming two major bottlenecks in the industrythe I/O wall in large model training and the memory wall in long-context inference. By 2025, the top five providers of distributed AI storage solutions in China are expected to hold a combined market share of 47.9%, with the company capturing 10.6% of the market, making it the second largest provider of distributed AI storage solutions in China and the largest independent provider. In terms of revenue in the overall data storage market in Mainland China for 2025, the company is ranked between 10th to 15th among market participants, with a market share of approximately 0.1%. In the distributed AI storage market (including independent providers and large non-independent companies), the company is also expected to rank between the 10th and 15th position, with a market share of about 2.7%. Revenue from AI storage solutions primarily comes from the sale of the company's AI storage solutions, and the income is determined on a case-by-case basis, referencing overall value delivered, market conditions, and specific client negotiations. The company also provides AI storage services, including end-warranty, maintenance, or renewal services offered with AI storage solutions. Additionally, the company provides annual maintenance services and value-added services such as capacity expansion. Revenue from AI storage services mainly refers to service charges collected based on the scope, duration, and terms of related service arrangements. Financial Information Revenue For the fiscal years 2023, 2024, 2025, and the six months ending June 30, 2026, the company achieved revenues of approximately 167 million yuan (RMB, hereinafter), 172 million yuan, 267 million yuan, and 186 million yuan, respectively. Losses For the fiscal years 2023, 2024, 2025, and the six months ending June 30, 2026, the company recorded losses of approximately -181 million yuan, -84.17 million yuan, 7.137 million yuan, and 307,000 yuan, respectively. Gross Margin For the fiscal years 2023, 2024, 2025, and the six months ending June 30, 2026, the company's corresponding gross margins were 55.4%, 63.7%, 63.8%, and 51.8%, respectively. Industry Overview AI workflows typically involve data collection and cleaning, model training, and inference and application stages. With the rapid growth of data volumes, efficient and secure storage systems have become a core component of AI infrastructure. China has over 500 AI storage suppliers. According to Zhonshi Consulting's data, local deployments of AI storage are expected to reach 22.4EB by 2025 and to expand to 99.0EB by 2030, with a compound annual growth rate (CAGR) of 34.6%. Meanwhile, the scale of the local AI storage market is projected to reach 23.7 billion yuan in 2025 and grow to 103.4 billion yuan by 2030, with a CAGR of 34.3%. Training and inference storage aims to meet the high concurrency and low latency access requirements for hot data during the model training and inference phases, playing a key role in fully unleashing AI computing performance. This type of storage architecture typically employs high-bandwidth interconnects, distributed file systems, and fine-grained data sharding mechanisms to achieve high throughput, low latency, and high access consistency under intensive workloads. According to Zhonshi Consultings data, the installed capacity of distributed AI storage in China is expected to reach 17.5EB by 2025 and expand to 89.1EB by 2030, with a CAGR of 38.5%. By 2025, AI data lake storage is expected to occupy approximately 78.5% of the market by installed capacity, while AI training and inference storage is expected to hold 21.5%. It is anticipated that these proportions will change to approximately 72% and 28%, respectively, by 2030. Additionally, according to the same source, the revenue of the local distributed AI storage market in China is projected to reach 17.1 billion yuan by 2025 and to grow to 90.8 billion yuan by 2030. Competitive Landscape of the Distributed AI Storage Market in China The solutions providers in Chinas distributed AI storage market can be broadly categorized into independent and non-independent suppliers. By revenue in the overall data storage market in Mainland China for 2025, the group is expected to rank between 10th and 15th among market participants, with a market share of approximately 0.1%. In the local AI storage market, the group is expected to rank between 15th and 20th by revenue in 2025, with a market share of approximately 1.1%. In the distributed AI storage market, the group is expected to rank between 10th and 15th by revenue in 2025, with a market share of approximately 2.7%. Board of Directors The company's board of directors consists of 8 members, including 4 executive directors, 1 non-executive director, and 3 independent non-executive directors. The term of directors is three years and they can be re-elected. Shareholding Structure As of August 21, 2026, under the concert party agreement, Mr. Xu, Mr. Wang, and Xingchen Tianshu (as a group of shareholders) collectively have the right to control approximately 24.78% of the voting rights attached to the total issued shares of the company through (i) the 52,705,817 shares held by Mr. Xu; (ii) the 22,455,647 shares held by Mr. Wang; and (iii) the 12,611,553 shares held by Xingchen Tianshu. Mr. Xu is the general partner of Xingchen Tianshu and has the rights and authority to manage and oversee the affairs of Xingchen Tianshu. Intermediary Team Sole Sponsor: Huatai Financial Holdings (Hong Kong) Limited Company Legal Advisors: Regarding Hong Kong law and U.S. law: Hogan Lovells; Regarding Chinese law: King & Wood Mallesons; Regarding international sanctions law: Jun He Law Offices LLC; Regarding Chinese sanctions law: Jun He Law Offices Legal Advisors for Sole Sponsor: Regarding Hong Kong law and U.S. law: Sidley Austin LLP; Regarding Chinese law: Haiwen & Partners Auditor and Reporting Accountant: Deloitte Touche Tohmatsu Industry Consultant: Zhonshi Industry Consulting Co., Ltd. Compliance Advisor: Hoder Financial Limited