Core Viewpoint - HaiMa Cloud Technology Co., Ltd. is preparing for an IPO on the Hong Kong Stock Exchange, focusing on real-time cloud rendering services for various industries, including gaming and digital education [1] Group 1: Company Overview - Established in 2013, HaiMa Cloud is the first company in China to independently design and develop servers and build GPU clusters for real-time cloud rendering [1] - The company has formed long-term partnerships with major clients, including China Mobile and leading game developers [1] - As of 2024, HaiMa Cloud is the largest GPUaaS provider for real-time cloud rendering services in China, holding a market share of 17.9% [1] Group 2: Financial Performance - Revenue for HaiMa Cloud was 290 million RMB in 2022, projected to grow to 520 million RMB by 2024, reflecting a compound annual growth rate (CAGR) of 33.8% [2] - Despite revenue growth, the company has been operating at a loss, with net losses of 245 million RMB in 2022, 217 million RMB in 2023, and 185 million RMB in 2024 [2] - The majority of revenue comes from cloud gaming GPUaaS, which accounted for 85.4% of total revenue in 2022, decreasing to 65.4% in 2023, and increasing to 88.1% in 2024 [2] Group 3: Customer Dependency - HaiMa Cloud has a significant reliance on a few major clients, with the top five clients contributing 81.2% of total revenue in 2022, 72.3% in 2023, and 72.7% in 2024 [3] - The largest client, Migu Culture, contributed 123 million RMB in 2022, 156 million RMB in 2023, and 185 million RMB in 2024, representing 42.5%, 46.4%, and 35.7% of total revenue, respectively [3] - The company anticipates market growth in real-time cloud rendering services, with projections indicating a market size of 11.6 billion RMB by 2029 and a CAGR of 35.4% from 2024 to 2029 [3] Group 4: Funding and Use of Proceeds - Since its inception, HaiMa Cloud has completed 10 rounds of financing, raising a total of 1.105 billion RMB [4] - The funds raised from the IPO will primarily be used for infrastructure investment, R&D activities related to core platform software, and the development of new products [4]