星瞰IPO | 绿云软件“抢头马”，大年初四递表港交所，携程参投

Core Viewpoint - The Hong Kong Stock Exchange has seen a strong start to 2026 with 24 IPOs raising over HKD 87 billion, and 488 companies are currently in the IPO application queue. Hangzhou GreenCloud Software Co., Ltd., a leading PMS provider in the accommodation industry, has submitted its IPO application, with CICC as the sole sponsor [1]. Company Overview - Hangzhou GreenCloud Software, founded in 2010, specializes in digital solutions for the accommodation industry, including digital marketing services and other value-added services [11]. - The company is recognized as a leading digital service provider in China's accommodation sector, with a market share exceeding 16% and managing over 37,000 hotel rooms [11]. - GreenCloud Software has been profitable every year from 2020 to 2024, distinguishing itself among the top five digital service providers in the accommodation industry [11]. Financial Performance - The company's revenue for 2023, 2024, and the first nine months of 2025 was reported at CNY 337 million, CNY 327 million, and CNY 225 million, respectively, with corresponding profits of CNY 73.85 million, CNY 68.96 million, and CNY 34.57 million [10]. - The estimated compensation for directors in 2026 is projected to be approximately CNY 3.49 million, showing a slight increase from 2024 [5]. Management and Compensation - The executive team, including Chairman Yang Mingkui, has relatively low salaries, with Yang earning CNY 480,000 and the highest-paid executive earning CNY 643,000 [3][4]. - To supplement limited executive compensation, the company has implemented an employee stock ownership plan, granting a total of 5.3 million shares to 166 eligible participants from 2016 to 2021 [7]. IPO and Fundraising Plans - The funds raised from the IPO will be allocated towards upgrading the AI hotel operating system, expanding the sales team, and enhancing brand promotion, including hiring approximately 15 senior algorithm developers and 70 operational support staff [11]. - GreenCloud Software has undergone five rounds of financing, with a post-investment valuation of approximately CNY 2.5 billion [11].