Core Viewpoint - Haima Cloud, a leading player in China's cloud gaming real-time rendering service market with a 17.9% market share, has submitted its IPO prospectus to the Hong Kong Stock Exchange, aiming for a mainboard listing [1] Group 1: Company Overview - Haima Cloud is a key technical supporter for popular cloud games such as "Genshin Impact" and "Black Myth: Wukong," and maintains close partnerships with industry giants like China Mobile and Giant Network [1] - The founder, Party Jinfeng, is an experienced entrepreneur who has led the company through a transformation from virtual software and game distribution to cloud gaming GPUaaS services since 2014 [1] - The company has attracted significant investment, raising over 750 million RMB in funding over the past decade [1] Group 2: Financial Challenges - Haima Cloud's total current liabilities have surged from 474 million RMB in 2022 to 2.039 billion RMB in 2024, primarily due to high redemption liabilities [2] - The company has reported negative net cash from operating activities for three consecutive years, indicating significant short-term debt repayment pressure [2] - Trade receivables and notes have increased, with extended turnover days for trade receivables, heightening the risk of cash collection [2] Group 3: Compliance and Regulatory Issues - The company faced regulatory scrutiny in April when the Ministry of Industry and Information Technology reported issues with Haima Cloud's Android SDK, including excessive personal information collection and inadequate SDK information disclosure [3] Group 4: Future Prospects - Despite facing numerous challenges, Haima Cloud retains significant development potential due to its technical strength, business experience, and support from well-known investors [4] - The key challenge for Haima Cloud will be to maintain technological leadership while achieving financial health during its IPO process [4]