Leju Finance Lan Lan
On June 29, Qiniu Intelligent Technology Co., Ltd. (hereinafter referred to as “Qiniuyun”) submitted a prospectus at the Hong Kong Stock Exchange. Shen Wan Hongyuan Hong Kong and BOC International are co-sponsors.
According to Leju Finance's “Pre-Review IPO”, Qiniuyun's main products and services include MPaaS products, that is, a series of audio and video solutions, including proprietary content distribution networks (“QCDN”), object storage platforms (“Kodo”), interactive live streaming products, and intelligent media data analysis platforms (“Dora”), which mainly serve customers with strong development capabilities and strong flexibility requirements; and APaaS solutions.
According to the prospectus, the history of Qiniuyun can be traced back to the company's registration and establishment as an overseas holding limited company in the British Virgin Islands in May 2011. In August 2011, Qiniu Information was founded in China. Since its establishment, Qiniu Information has exercised control over Qiniu Information through contractual arrangements to facilitate business in China.
From 2012 to 2020, Qiniuyun completed a total of six rounds of financing from MatrixHK, MatrixHK, a company operated by Jingwei China, and Qiming MD and Qiming Venture Capital, CBC (a company operated by Broadband Capital), Shanghai Zhangjiang and Shanghai Zhangjiang Science Investment (companies operated by Zhang Jiang Group), Taobao China, and Yonglu (companies controlled by China State-owned Enterprise Structural Adjustment Fund Co., Ltd.) with financing amounts of 1 million US dollars, 5 million US dollars, 20 million US dollars, 55 million US dollars, 85 million US dollars, respectively US$10,000, US$93 million, with a total financing of US$166 million.
As of the final practical date, Xu Shiwei controlled about 17.96% of the total issued share capital through DreamGalaxy, Taobao China held about 17.69% of the total issued share capital, and Magic Logistics Investment Limited, a subsidiary of Yunfeng Fund, held 12.44% of the shares. The company does not have a controlling shareholder.
In terms of performance, from 2020 to 2022, Qiniuyun's earnings were 1,089 million yuan, 1,471 million yuan, and 1,147 million yuan respectively. For the three years ended December 31, 2022, Qiniuyun's revenue from the top five customers accounted for 30.3%, 22.7%, and 25.5% of revenue for that period, respectively.
According to iResearch, based on revenue in 2022, Qiniuyun is the third largest audio and video PaaS service provider in China, second only to the audio and video PaaS business of the two largest Internet companies in China, with a market share of 5.7%. According to iResearch, based on revenue from APaaS in 2022, Qiniuyun is also the second largest audio and video APaaS service provider in China, second only to the audio and video APaaS business of one of the largest Internet companies in China, with a market share of 11.9%.
As of December 31, 2022, Qiniuyun had over 1.35 million registered users, mostly developers or developer teams from various companies. In 2022, Qiniuyun had over 80,000 paying customers.