腾讯投的北京AI存储黑马，要IPO了

Core Insights - Starry Sky Technology, an AI storage solution provider, has officially submitted its listing application to the Hong Kong Stock Exchange on January 27, 2024, marking a strategic shift from its previous plans to list on the A-share Science and Technology Innovation Board [1][6]. Company Overview - Founded in 2015, Starry Sky Technology specializes in providing AI storage solutions that support various applications, including AI training, machine learning, high-performance computing, and large-scale data analysis [1]. - The company is recognized as the largest independent provider of distributed AI storage solutions in China, holding a market share of 10.4% as of 2024 [3][4]. Financial Performance - The company reported revenues of RMB 1.67 billion, RMB 1.72 billion, and RMB 1.95 billion for the years 2023, 2024, and the first nine months of 2025, respectively. It achieved a net profit of RMB 0.08 million in the first nine months of 2025 after previously incurring losses [7][9]. - Research and development (R&D) expenditures exceeded RMB 250 million over the past three years, with R&D costs accounting for 65.9%, 51.0%, and 29.5% of total revenue in 2023, 2024, and the first nine months of 2025, respectively [7][9]. Product Offerings - Starry Sky Technology's solutions include AI data lake storage and AI training storage solutions, which are delivered through integrated systems and pure software, compatible with various industry-standard protocols [13]. - The company has developed the first distributed storage platform in the industry that supports all protocols and the first platform supporting heterogeneous chips within a single system [4][15]. Market Position and Growth - The distributed AI storage market in China is projected to grow significantly, with local deployment expected to reach 13.4EB by 2024 and expand to 67.2EB by 2030, reflecting a compound annual growth rate of 30.9% [34]. - Starry Sky Technology has established a comprehensive ecosystem that facilitates seamless deployment and implementation of AI storage solutions across various business operations [34]. Client Base - The company has served over 1,500 enterprises across sectors such as smart manufacturing, financial institutions, telecommunications, and technology companies [12]. - In 2023, 2024, and the first nine months of 2025, revenue from the top five clients accounted for 52.9%, 51.4%, and 39.3% of total revenue, respectively [18][22]. Shareholding Structure - Major shareholders include Tencent and Kunlun Wanwei, holding 5.64% and 1.15% of the company, respectively [31][27].