Core Insights - The company has a significant reliance on its top five customers, with their revenue contributions accounting for approximately 41.8%, 36.7%, and 35.3% of total revenue in 2022, 2023, and 2024 respectively [6][7] - The company ranks third among cloud communication service providers in China, holding a market share of 1.8% in 2024 [2][5] - The company's core business is centered around its CPaaS platform, which constitutes over 80% of its revenue [2] Financial Performance - The company reported revenues of approximately 810 million RMB, 916 million RMB, and 918 million RMB for the years 2022, 2023, and 2024 respectively [3][4] - Net profit for the company was approximately 75 million RMB, 77 million RMB, and 51 million RMB for the same years, showing a 2.5% increase from 2022 to 2023, followed by a 33.9% decrease from 2023 to 2024 [3][4] - The gross profit margins remained relatively stable, with gross profits of approximately 195 million RMB in 2022 and 2023, and increasing to about 203 million RMB in 2024 [4] Market Context - The total revenue of the Chinese cloud communication services market is projected to grow from 355 billion RMB in 2020 to 503 billion RMB in 2024, with a compound annual growth rate (CAGR) of 9.1% [5] - The company has registered 7 invention patents and 201 software copyrights related to its main business and services as of December 31, 2024 [5] - The company has served over 2400 enterprise clients in 2022 and 2023, with a slight decrease to 2100 clients in 2024 [6] Legal Matters - The company is currently involved in two related contract disputes concerning transactions with Beijing Yunxi Technology Co., Ltd. and Beijing Yakang Huanyu Technology Co., Ltd. [7] - A back-to-back transaction was established in January 2024, involving a purchase of disputed goods for 104 million RMB and a sale for 109 million RMB, with delivery deadlines that were not met [7]

Group 1 - The company plans to globally offer 30.44 million H-shares, with 3.044 million shares available for sale in Hong Kong and 27.396 million shares for international sale, along with an over-allotment option of approximately 15% [1] - The expected pricing range for the shares is between HKD 13.55 and HKD 15.15 per share, with the subscription period from June 30 to July 4, 2025, and the expected listing date on July 9, 2025 [1] - The company is the third-largest cloud communication service provider in China, holding a market share of 1.8% of the total revenue in the Chinese cloud communication service market for 2024 [2] Group 2 - The company has entered into cornerstone investment agreements, with cornerstone investors agreeing to subscribe for shares amounting to approximately HKD 131 million, assuming a mid-range offer price of HKD 14.35 per share [3] - The estimated net proceeds from the global offering are approximately HKD 391 million, which will be allocated as follows: 45.4% for service and solution development, 15.6% for expanding sales channels, 16.2% for acquisitions in China, 12.8% for repaying outstanding loans, and 10.0% for working capital and other general corporate purposes [3] - The company is one of the few in China capable of providing AI-driven communication services, with its core business being Communication Platform as a Service (CPaaS), which accounted for over 80% of its revenue during the historical period [2]