白山云再次冲击港交所：边缘云"独角兽"的资本长征

Core Viewpoint - Baishan Cloud Holdings Limited is reapplying for a mainboard listing on the Hong Kong Stock Exchange, marking a significant step in its journey as an independent edge cloud service provider amidst the global cloud computing landscape transformation [1][2]. Company Background - Established nearly a decade ago, Baishan Cloud has faced multiple challenges in its listing attempts, including a failed application for the Sci-Tech Innovation Board in 2020 and a lapsed application for the Hong Kong Stock Exchange in 2024 [2][5]. - The company is now returning with a clearer strategic direction, a more mature technology system, and a steadily growing global business footprint [2][4]. Market Position - According to a report by Zrac Consulting, Baishan Cloud is the second-largest independent edge cloud service provider in China, holding approximately 2.0% market share in 2024 [5][6]. - The company positions itself as a neutral service provider, avoiding direct competition with clients, which has helped build trust [6]. Financial Performance - Baishan Cloud's revenue figures from 2022 to 2024 were 2.132 billion, 2.391 billion, and 2.218 billion RMB, respectively, with a 7% decline in 2024 compared to 2023 and a 12.77% drop in the first half of 2025 [7][8]. - The company has been operating at a loss, with net losses of 1.933 billion, 0.927 billion, and 1.467 billion RMB from 2022 to 2024, and a net loss of 0.65 billion RMB in the first half of 2025 [8]. Business Structure Transformation - The company is shifting its business structure towards higher value-added services, with revenue from security and intelligent computing services increasing from 1.57 billion RMB (7.38% of total revenue) in 2022 to 5.17 billion RMB (23.3% of total revenue) in 2024 [9][10]. Global Expansion - As of June 30, 2025, Baishan Cloud has deployed over 1,500 global edge nodes across 290 cities in 60 countries, with a network bandwidth of approximately 93 Tbps [11]. - The company's overseas business has shown significant growth, with a compound annual growth rate of about 29.2% from 2022 to 2024, and overseas revenue accounting for 37.1% of total revenue in the first half of 2025 [13][14]. Opportunities in AI - The rise of AI applications and corresponding demand for edge computing presents new opportunities for Baishan Cloud, which has launched a "large model API" product to provide low-latency and stable services [15]. - The CEO emphasized the evolution of edge computing from "traffic nodes" to "intelligent computing units" as a core paradigm for next-generation AI infrastructure [15]. Industry Outlook - The global edge cloud service market is projected to grow from 549.8 billion RMB in 2024 to 1,458 billion RMB by 2029, with a compound annual growth rate of 21.5% [17]. - The Chinese market is expected to grow even faster, from 81 billion RMB in 2024 to 251.5 billion RMB by 2029, with a compound annual growth rate of 25.4% [18].