海马云赴港IPO前多家机构突击入股 对重要股东销售收入占比逾三成

Core Viewpoint - HaiMa Cloud Technology Co., Ltd. is pursuing an IPO in Hong Kong despite not achieving profitability during the reporting period from 2022 to 2024, although it has shown significant revenue growth [1][2]. Group 1: Financial Performance - HaiMa Cloud's revenue for the years 2022, 2023, and 2024 is approximately CNY 290 million, CNY 337 million, and CNY 520 million, respectively, while the total losses and expenses during the same period are CNY 246 million, CNY 218 million, and CNY 186 million, indicating ongoing losses [2]. - The administrative expenses as a percentage of revenue are 24.5%, 26.4%, and 15.2% for the years 2022, 2023, and 2024, respectively, while R&D expenses account for 46.1%, 33.5%, and 19.4% of revenue during the same period [2]. Group 2: Shareholding and Investment Activity - Prior to the IPO application, multiple institutions acquired shares in HaiMa Cloud, raising questions about compliance [3]. - Notably, Shenzhen Chuangdongfang Investment Co., Ltd. transferred approximately 402,600 shares to Ningbo Yueran Textile Co., Ltd., which later transferred the same number of shares again [3]. Group 3: Customer and Supplier Relationships - Migu Culture Technology Co., Ltd. is HaiMa Cloud's largest customer, contributing 42.5%, 46.4%, and 35.7% of revenue from 2022 to 2024, while holding a 13.62% stake in HaiMa Cloud [4]. - HaiMa Cloud has a dual relationship with Migu Culture's parent company, China Mobile, serving as both a supplier and a customer, with procurement amounts from China Mobile accounting for 8.2%, 0.2%, and 0% of total procurement during the reporting period [4]. - Customer J is identified as both a major customer and supplier, indicating overlapping roles in HaiMa Cloud's business operations [5].