According to the Futu Financial APP, according to the news of the Hong Kong Stock Exchange on September 24, Qiniu Smart Technology Co., Ltd. (referred to as Qiniu Cloud) conducted a listing hearing on the Hong Kong Stock Exchange, with Shenwan Hongyuan Hong Kong and Bocom International as its joint sponsors.

According to the prospectus, Qiniu Cloud provides audio and video cloud services in China. According to iResearch, 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%. APaaS provides platform-based services based on application scenarios, packaging relevant tools and functions according to the scenarios. According to iResearch, in 2023, the scale of China's audio and video APaaS market has reached 2 billion RMB. It is expected that by 2028, the scale of the audio and video APaaS market will reach 14.4 billion RMB, with a compound annual growth rate of 48.6%.

In 2023, China's cloud service market reached 513.7 billion RMB, the audio and video cloud service market reached 91.5 billion RMB, accounting for 17.8% of China's total cloud service market. 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.

According to the content or data type, the Chinese cloud service market can be divided into the audio and video cloud service market and the non-audio and video cloud service market. Audio and video cloud services refer to the production, storage, processing, distribution, analysis, audit, retrieval, and recommendation of unstructured audio and video content in multimedia formats, including recordings, short films, live videos, music, and images. Non-audio and video cloud services refer to other cloud services such as government cloud, retail dining cloud, and industrial cloud, which include structured data such as financial data, customer contact lists, and other data in standard spreadsheet formats, as well as some unrelated unstructured data such as text, emails, files, developed applications, and projects.

Qiniu Cloud'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 delivery (QCDN), an object storage platform for storing content (Kodo), interactive live streaming products for real-time audio and video content, and the intelligent data analysis platform Dora that provides extensive data processing and analysis functions; and (2) APaaS solutions, which are scenario-based audio and video solutions based on the company's MPaaS capabilities and the utilization of the company's low-code platform, aimed at enabling customers to easily deploy and quickly call different functions to achieve business goals.

The company believes that the following competitive advantages have contributed to its success and will help drive the company's 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) a one-stop scenario-based audio and video solution that demonstrates comprehensive capabilities and strong expansion capabilities; (iii) rich application scenarios to foster diverse commercial potential; (iv) strong integrated audio and video technology and low-code platform development capabilities; and (v) an experienced and insightful management team and a research and development team with outstanding innovation capabilities.

The company plans to adopt the following strategies to further develop its business: (i) Continuously deepening its presence in key scenarios to develop and expand the company's customer base; (ii) Accelerating the expansion of overseas business to create new business growth points; (iii) Continuously strengthening research and development investment to build AIGC capabilities and iteratively improve the company's low-code platform; and (iv) Seeking strategic investments andMerger.

In terms of finance, in 2021, 2022, and 2023, Qiniu Cloud's revenue is approximately 1.471 billion yuan, 1.147 billion yuan, and 1.334 billion yuan respectively.