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.
In terms of equity structure, 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 MagicLogistics 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. The adjusted net losses were $20.3 million, $143 million and $150 million respectively.
As of 2020, 2021 and December 31, 2022, Qiniuyun recorded cumulative losses of $2,223 billion, $2,453 billion and $2,656 million, respectively.
For the three years ended December 31, 2022, Qiniuyun's revenue from the largest customers accounted for 10.5%, 11.3%, and 8.1% of revenue for that period, 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.
In 2020, 2021 and 2022, Qiniuyun's top five suppliers accounted for about 75.6%, 63.5% and 52.4% of total purchases in each year, respectively. In the same period, the largest suppliers accounted for about 48.8%, 36.1% and 16.3% of total purchases for each year, respectively. Among them, Taobao China has the triple status of shareholder, customer, and supplier.
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.