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, Qiniuyun successfully expanded its customer base during the record period. The number of MPaaS paying customers in Qiniuyun increased from 61,502 in 2020 to 68,808 in 2021, and further increased to 83,970 in 2022. The number of APaaS paying customers in Qiniuyun increased from 1,319 in 2021 to 1,967 in 2022.
As of December 31, 2022, Qiniuyun had over 1.35 million registered users, mostly developers or developer teams from various companies.
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.
In terms of gross margin, from 2020 to 2022, Qiniuyun's gross margins were 21.7%, 19.8%, and 19.9%, respectively.
According to the prospectus, Qiniuyun's R&D costs mainly include employee costs for R&D personnel, including wages, bonuses, benefits and share-based payments for R&D employees, depreciation and amortization expenses allocated to our R&D department and depreciation of servers and equipment used in R&D activities, R&D related service fees outsourced to third parties, office and travel expenses incurred by R&D personnel, and other miscellaneous expenses such as property services and public expenses and Internet data center cabinet costs allocated to R&D departments.
As of 2020, 2021 and the year ending 2022, Qiniuyun's R&D costs were approximately RMB 96 million, RMB 143 million and RMB 129 million, respectively, accounting for about 34.6%, 31.4% and 33.2% of various operating expenses (including sales and distribution expenses, administrative expenses and R&D costs) during the same period. In the same period, R&D costs accounted for 8.8%, 9.7%, and 11.2% of revenue, respectively.
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.
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%.