IPO申购指南：七牛智能

Investment Rating - The report suggests a cautious subscription for Qiniu Intelligent (2567.HK) [3] Core Viewpoints - Qiniu Intelligent is a provider of audio and video cloud services, holding a 1.5% market share in the overall audio and video cloud service market as of 2023. It is the second-largest audio and video APaaS service provider in China with a market share of 14.1% [3] - The company offers comprehensive and high-performance MPaaS products and has integrated technical capabilities covering all aspects of audio and video services. Its main products include QCDN, Kodo, interactive live streaming products, and Dora, an intelligent media data analysis platform [3] - The company's MPaaS platform delivers over 4.6 billion minutes of audio and video playback daily, which is above the industry average. The Kodo product supports centralized and edge storage as well as multi-cloud deployment [3] - The estimated market capitalization post-IPO is approximately HKD 56 billion, with a price-to-sales ratio of about 4 times based on 2023 figures, indicating reasonable valuation despite the competitive cloud industry and weak macroeconomic environment [3] Company Details - The IPO price range is set between HKD 2.74 and HKD 2.86, with total fundraising expected to be HKD 374 million based on the median offer price [3] - The total number of shares offered is 159 million, with 90% allocated for international placement and 10% for public offering [3] - The subscription period runs from September 30, 2024, to October 10, 2024, with the listing date scheduled for October 16, 2024 [3]