Core Viewpoint - PPLabs Technology Limited (referred to as "Paiouyun") has submitted an application for an IPO on the Hong Kong Stock Exchange, despite incurring significant losses over the past three years, totaling over 560 million yuan [1][6]. Company Overview - Paiouyun was founded in 2018 by Yao Xin and Wang Wenyu, focusing on distributed cloud computing services to address the mismatch between massive computing demand and underutilized supply [4]. - The company offers edge cloud computing and AI cloud computing services, leveraging a global network of computing resources [4]. Financial Performance - Paiouyun's revenue for the years 2022 to 2024 was 286 million yuan, 358 million yuan, and 558 million yuan, respectively, reflecting a compound annual growth rate (CAGR) of 39.7% [5]. - Despite revenue growth, the company reported losses of 84.97 million yuan, 189 million yuan, and 294 million yuan for the same period, with total losses amounting to approximately 568 million yuan [6]. Market Position - As of December 31, 2024, Paiouyun ranks first among independent edge cloud computing service providers in China, with a computing network covering over 1,200 cities and more than 4,000 computing nodes [5]. - The global edge cloud computing market is projected to reach 185.1 billion yuan in 2024, with the Chinese market expected to grow to nearly 37 billion yuan by 2029 [5]. Investment and Funding - The company has undergone five rounds of financing, with a post-money valuation of approximately 4.69 billion yuan after its B round in April 2025 [10]. - Recently, Paiouyun received investment support from a Hong Kong investment management company, often referred to as the "Hong Kong version of Temasek" [11]. Use of IPO Proceeds - The net proceeds from the IPO will primarily be used to enhance technical capabilities in distributed cloud computing services, expand market share, and support overseas expansion [11].

2018年PPTV创始人姚欣和前PPTV首席架构师王闻宇联合创立了PPIO派欧云（以下简称"派欧云"），近日这家采用轻资产运营模式的云计算公司赴港递表。 按2024年的相关营收计，派欧云在中国边缘云计算服务提供商中排名第七，市场份额4.1%，前三位分别是天翼云、移动云、阿里云，三家市场份额总计 36.5%。 和集中式云计算平台相比，分布式云计算更适合图像及音视频传输等应用场景，这会否限制这类平台的发展？见仁见智，但2022—2024年派欧云的销售成本 跟着营收一起增长，经调整净亏损小幅收窄又扩大66%，且负债总额和负债净额均逐年上涨、大客户依赖也是客观事实。 销售成本降不下来 根据计算资源的部署方式，云计算可分为集中式和分布式两种模式。 简单来说，集中式云将大量的计算能力集中于数量有限的大型数据中心，从集中的位置向广泛客户群提供计算、存储及网络服务。分布式云将云资源广泛分 布在不同网络层级及地理区域，特征是节点分散且海量。通过分散资源并将其定位于更接近最终用户的位置，可缩短数据传输距离并减少时延。派欧云就是 分布式云计算企业。 2022—2024年派欧云营收从2.86亿元涨到3.58亿元，再增至5.58亿元， ...