Core Viewpoint - Starry Technology is the smallest in terms of revenue among its peers and is facing significant challenges, including declining revenue and increasing losses, raising doubts about its ability to attract investors in the Hong Kong IPO market [1][4][6]. Company Performance - Starry Technology's revenue for 2022, 2023, and 2024 was 3.73 billion, 4.91 billion, and 3.71 billion respectively, indicating a decline in 2024 compared to 2022 [6][17]. - The company reported net losses of -2.71 billion, -2.88 billion, and -3.43 billion for the same years, with total losses exceeding 9 billion over three years [6][17]. - As of the first quarter of 2025, the company's undistributed profits stood at -14.03 billion, making it difficult for investors to expect cash dividends [7]. Market Position - Starry Technology is the latest to list on the A-share market among its peers, with its IPO occurring in October 2022, while competitors listed earlier [3][4]. - The company's revenue is significantly lower than its peers, with 2024 revenue being less than half of the second-lowest peer, Zhongwang Software, which reported 8.88 billion [3][4]. Financial Discrepancies - There are inconsistencies in the financial data reported by Starry Technology, with significant differences between the revenue proportions from direct sales and third-party distributors in its A-share announcements and Hong Kong prospectus [9][11][12]. - For instance, the company claimed that direct sales accounted for 96.3% of total revenue in the Hong Kong prospectus, while its A-share report indicated a much lower figure of 50.64% for 2024 [11][12]. Sales and Expenses - Starry Technology's sales expense ratio was notably high, at approximately 55% from 2022 to 2024, which did not translate into revenue growth [14][17]. - The sales expenses for the years 2022, 2023, and 2024 were 2.05 billion, 2.63 billion, and 2.04 billion, respectively, consistently maintaining a high percentage of revenue [14][17]. Cash Flow and Efficiency - The company has been experiencing negative cash flow from operating activities, with net cash flows of -3 billion, -3.65 billion, and -3.27 billion for the years 2022, 2023, and 2024 [17]. - The accounts receivable turnover days have increased significantly, indicating slower collection efficiency, with days extending from 198 in 2022 to 342 in 2024 [17].

Group 1 - The core viewpoint of the article highlights that Xinghuan Technology-U is a leading player in the AI infrastructure software sector, ranking fifth in the Chinese market in 2024 and being the largest pure AI infrastructure software provider [1] - As of August 20, 2025, the stock price of Xinghuan Technology-U is reported at 53.15 yuan, reflecting a decrease of 0.67% from the previous trading day, with a trading volume of 57,980 lots and a transaction amount of 303 million yuan [1] - The company submitted an application for H-share listing on the Hong Kong Stock Exchange on August 18, 2025, with disclosed revenue of 371 million yuan for 2024 and 64.205 million yuan for the first quarter of 2025 [1] Group 2 - The company specializes in AI infrastructure software, integrating artificial intelligence, big data, and cloud technology to provide intelligent transformation solutions for enterprises [1] - The core technologies of the company encompass seven major areas, including container-based data cloud technology and distributed computing technology [1] - On August 20, 2025, the net inflow of main funds was 1.4025 million yuan, while the net outflow over the past five days was 135.2507 million yuan [2]

Core Viewpoint - The company, Star Ring Information Technology (Shanghai) Co., Ltd., has submitted an application for H-share listing on the Hong Kong Stock Exchange, indicating its intent to expand its market presence and raise capital for growth initiatives [1] Group 1: Company Overview - Star Ring Technology is a provider of AI infrastructure software, integrating artificial intelligence, big data, and cloud technology to assist enterprises in building efficient AI infrastructure [2] - The company ranks fifth in the domestic AI infrastructure software market by revenue as of 2024 and is the largest pure AI infrastructure software provider [2] - As of March 31, 2025, the company has implemented its products and solutions across over 10 industries, serving more than 1,600 clients [2] Group 2: Financial Performance - The company's revenue from AI and big data infrastructure software for the years 2022, 2023, 2024, and Q1 2025 was 298 million, 390 million, 284 million, and 394 million respectively, accounting for 80%, 79.5%, 76.7%, and 61.4% of total revenue during those periods [3] - The total revenue for the years 2022, 2023, 2024, and Q1 2025 was 373 million, 491 million, 371 million, and 64.21 million respectively, with net losses of 272 million, 289 million, 344 million, and 83.72 million [2] Group 3: Customer and Supplier Dynamics - The top five suppliers accounted for 44.3%, 43.2%, 39.1%, and 67.3% of total procurement in 2022, 2023, 2024, and Q1 2025, with the largest supplier contributing 11.2%, 23.3%, 14.6%, and 26.7% respectively [4] - The top five customers contributed 15.6%, 16.4%, 14.4%, and 40.9% of total revenue in the same periods [4] Group 4: Market Expansion Plans - The company plans to actively expand into overseas markets, recognizing the significant growth potential in the global AI infrastructure software market [5]

证券代码：688031 证券简称：星环科技 公告编号：2025-037 英文：https://www1.hkexnews.hk/app/sehk/2025/107634/documents/se hk25081801578.pdf 需要特别予以说明的是，本公告仅为境内投资者及时了解本次发行并上市 1 的相关信息而作出。本公告以及公司刊登于香港联交所网站的申请资料不构成 也不得视作对任何个人或实体收购、购买或认购公司本次发行上市的 H 股股票 的要约或要约邀请。 公司本次发行上市尚需取得中国证券监督管理委员会、香港证监会和香港 联交所等相关政府机关、监管机构、证券交易所的批准、核准或备案，并需综 合考虑市场情况以及其他因素方可实施，仍存在不确定性。公司将根据该事项 的进展情况及时履行信息披露义务，敬请广大投资者注意投资风险。 星环信息科技（上海）股份有限公司 关于向香港联交所递交 H 股发行并上市的申请并刊发申请 资料的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 星环信息科技（上海）股份有限公司（以下简称"公司"） ...

Core Viewpoint - The company has submitted an application for issuing H-shares and listing on the Hong Kong Stock Exchange on August 18, 2025 [1] Group 1 - The application was submitted to the Hong Kong Stock Exchange and the relevant documents were published on the exchange's website [1] - The application materials were prepared in accordance with the requirements of the Hong Kong Securities and Futures Commission and the Hong Kong Stock Exchange [1] - The information contained in the application is a draft version and may be updated or changed over time [1]

Core Viewpoint - The company has submitted an application for issuing H-shares and listing on the Hong Kong Stock Exchange on August 18, 2025 [1] Group 1 - The application was submitted to the Hong Kong Stock Exchange and the Hong Kong Securities and Futures Commission [1] - The application materials have been published on the Hong Kong Stock Exchange's website [1] - The information contained in the application is a draft version and may be updated or changed [1]

Core Viewpoint - The company, Xinghuan Technology (688031.SH), has submitted an application for issuing H-shares and listing on the Hong Kong Stock Exchange on August 18, 2025 [1] Group 1 - The application was submitted to the Hong Kong Stock Exchange and the relevant documentation was published on the same day [1] - The application materials were prepared in accordance with the requirements of the Hong Kong Securities and Futures Commission and the Hong Kong Stock Exchange [1] - The published materials are in draft form and may be updated or changed over time [1]

Core Viewpoint - Starry Information Technology (Shanghai) Co., Ltd. has submitted an application for listing on the Hong Kong Stock Exchange, with Haitong International as its sole sponsor [1]. Company Overview - Starry Technology is an AI infrastructure software provider that integrates AI, big data, and cloud technology to help enterprises efficiently build AI infrastructure software, driving intelligent transformation and business model innovation across various industries [4]. - By revenue, the company ranks fifth in China's AI infrastructure software market in 2024 and is the largest pure AI infrastructure software provider [4]. - The company has developed a new generation of AI infrastructure software matrix, including big data and cloud platforms (TDH and TDC), distributed databases (ArgoDB and KunDB), data development and governance tools (TDS), AI platforms for large language models and machine learning operations (LLMOps and MLOps), and knowledge platforms (TKH) [4]. Market Presence - As of March 31, 2025, the company's products and solutions have been implemented in over ten industries, serving more than 1,600 clients, including approximately 110 Fortune China 500 companies [4]. - From 2022 to 2024, the average repurchase revenue from existing clients accounted for over 70% of total revenue [4]. Technology and Business Model - The core technologies of the company cover seven foundational areas, including container-based data cloud technology, distributed computing technology, multi-model data unified processing technology, distributed database technology, AI and machine learning operations technology, knowledge engineering and knowledge graph technology, and big data development technology [4]. - The business model centers around the commercialization of proprietary software platforms, with revenue primarily derived from software license sales and technical services for long-term deployment and operation [5]. Financial Performance - The company reported revenues of approximately RMB 372.6 million, RMB 490.5 million, RMB 370.8 million, and RMB 64.2 million for the fiscal years 2022, 2023, 2024, and the three months ending March 31, 2025, respectively [8]. - The company incurred losses of approximately RMB 272.3 million, RMB 289.2 million, RMB 344.3 million, and RMB 83.7 million for the same periods [8]. Risk Factors - The company faces risks due to high customer concentration, with the top five customers contributing 40.9% of revenue and the largest single customer accounting for 17.6% [7]. - The international business revenue is expected to be less than 5% in 2024, indicating that the global expansion is still in its early stages and faces challenges such as technology adaptation and compliance review [7].

Core Viewpoint - Xinghuan Information Technology (Shanghai) Co., Ltd. has submitted an application for listing on the Hong Kong main board, with Haitong International Capital as the sponsor [1] Group 1: Company Overview - The company is a leading provider of AI infrastructure software in China, integrating artificial intelligence, big data, and cloud technology to help enterprises efficiently build AI infrastructure software [1] - According to Frost & Sullivan, the company ranks fifth in the Chinese AI infrastructure software market by revenue in 2024 and is the largest pure AI infrastructure software provider [1]

Core Viewpoint - Xinghuan Information Technology (Shanghai) Co., Ltd. has submitted an application for listing on the Hong Kong main board, with Haitong International Capital as the sponsor [1] Group 1: Company Overview - The company is a leading provider of AI infrastructure software in China, integrating artificial intelligence, big data, and cloud technology to help enterprises efficiently build AI infrastructure software [1] - According to Frost & Sullivan, the company ranks fifth in the Chinese AI infrastructure software market by revenue in 2024 and is the largest pure AI infrastructure software provider [1]