Sou Hu Cai Jing·2026-02-21 11:56Core Viewpoint - Hangzhou GreenCloud Software Co., Ltd. (GreenCloud Software) is preparing for an IPO on the Hong Kong Stock Exchange, aiming to leverage its position as a leading digital service provider in the accommodation industry [2]. Company Overview - GreenCloud Software, established in 2010, specializes in providing digital solutions, digital marketing services, and other value-added services for the accommodation industry [2]. - The company has developed a cloud-based product ecosystem centered around its Property Management System (PMS), enhancing operational efficiency and guest experience for hotels [6]. Market Position - GreenCloud Software is the largest PMS supplier in China's accommodation digitalization industry, holding market shares of 16.8% in sales and 16.3% in room coverage as of 2024 [5]. - The company has been the only profitable player among the top five accommodation digital service providers in China from 2020 to 2024, with the highest cumulative net profit during this period [5]. Client Base - The company serves over 37,000 hotels in China, including major hotel management groups ranked in the top 50 by the China Hotel Association and top 60 by the China Tourism Hotel Association [4]. - GreenCloud Software's solutions are also utilized in the cultural tourism sector, with clients including notable groups such as Songzan and Anaya [4]. Revenue Breakdown - The company's revenue for the years ending December 31, 2023, and 2024, is reported as RMB 337.241 million and RMB 327.053 million, respectively, with a projected revenue of RMB 225.070 million for the nine months ending September 30, 2025 [7][14]. - Revenue sources include digital solutions for the accommodation industry (80.1%), digital marketing services (12.9%), and other value-added services (7.0%) [7]. Shareholding Structure - The pre-IPO shareholding structure indicates that Yang Mingkui and Gao Liang collectively hold approximately 58.81% of the company, making them the controlling shareholders [8][10]. Management Team - The board of directors consists of nine members, including six executive directors and three independent non-executive directors, with Yang Mingkui serving as the Chairman and General Manager [12][13]. Advisory Team - The IPO's advisory team includes CICC as the sole sponsor, Ernst & Young as the auditor, and various legal advisors [16][17].