According to the report from the Futubull Finance APP, Qiniu Smart Technology Co., Ltd. (referred to as Qiniu Smart) submitted its application to the main board of the Hong Kong Stock Exchange, with swhyhk and Bocom Intl as its joint sponsors. The company had previously filed with the Hong Kong Stock Exchange on June 29, 2023, and March 18, 2024.

The prospectus shows that Qiniu Intelligent provides audio and video cloud services in China. According to iResearch Consulting, in 2023, the company's revenue accounted for 1.5% of the entire audio and video cloud service market. Based on the 2023 revenue, the company is the third largest audio and video PaaS service provider in China, with a market share of 5.8%. Based on the revenue from APaaS in 2023, the company is also the second largest audio and video APaaS service provider in China, with a market share of 14.1%.

In 2023, the market size of cloud computing services in China reached 513.7 billion RMB. In 2023, the audio and video cloud service market reached 91.5 billion RMB, accounting for 17.8% of the total cloud computing service market in China. Also, the PaaS market and APaaS market in 2023 were 22.9 billion RMB and 2 billion RMB respectively, accounting for 25.0% and 2.2% of the entire audio and video cloud service market.

The company's main products and services include: (1) MPaaS products, a series of audio and video solutions, including a proprietary content delivery network for accelerated content distribution ("QCDN"), an object storage platform for storing content ("Kodo"), an interactive live streaming product for real-time streaming of audio and video content, and the smart media data analysis platform ("Dora") providing extensive data processing and analysis capabilities; and (2) APaaS solutions, scenario-based audio and video solutions based on the company's MPaaS capabilities and leveraging the company's low-code platform, primarily aimed at enabling customers to easily deploy and quickly invoke different functions to achieve business goals.

The company believes that the following competitive advantages have contributed to its success and will help drive its future growth: (i) The third-largest audio and video PaaS service provider and the second-largest audio and video APaaS service provider in China; (ii) An integrated audio and video solution showcasing comprehensive and strong expansion capabilities; (iii) Rich application scenarios promoting diverse commercial potential; (iv) Strong integrated audio and video technology and low-code platform development capabilities; and (v) Experienced and insightful management team and a research and development team with outstanding innovation capabilities.

The company plans to pursue the following strategies to further develop its business: (i) Continuously deepen its presence in key scenarios to develop and expand the company's customer base; (ii) Accelerate the expansion of overseas business to create new growth opportunities; (iii) Continuously strengthen research and development investment to build AI and big data capabilities and iteratively improve the company's low-code platform; and (iv) Seek strategic investments and mergers and acquisitions.

In terms of finance, the revenue of Qiniu Technology in 2021, 2022, and 2023 was approximately 1.471 billion yuan, 1.147 billion yuan, and 1.334 billion yuan respectively; while the losses for the same period/year were 0.22 billion yuan, 0.213 billion yuan, and 0.324 billion yuan respectively.

It is worth noting that in its prospectus, Qiniu Technology mentioned that vulnerabilities and attacks on the company's systems and networks, as well as any failure to otherwise protect personal, confidential, and proprietary information, could damage the company's reputation, negatively impact its business, and have significant adverse effects on the company's financial condition and performance. If the company fails to avoid such attacks and security vulnerabilities, it may incur significant legal and financial liabilities, its reputation and business will be damaged, and it may suffer substantial revenue losses due to sales losses and customer dissatisfaction.