Core Viewpoint - Starry Information Technology (Shanghai) Co., Ltd. has submitted an application for listing on the Hong Kong Stock Exchange, with Haitong International as its sole sponsor [1]. Company Overview - Starry Technology is an AI infrastructure software provider that integrates AI, big data, and cloud technology to help enterprises efficiently build AI infrastructure software, driving intelligent transformation and business model innovation across various industries [4]. - By revenue, the company ranks fifth in China's AI infrastructure software market in 2024 and is the largest pure AI infrastructure software provider [4]. - The company has developed a new generation of AI infrastructure software matrix, including big data and cloud platforms (TDH and TDC), distributed databases (ArgoDB and KunDB), data development and governance tools (TDS), AI platforms for large language models and machine learning operations (LLMOps and MLOps), and knowledge platforms (TKH) [4]. Market Presence - As of March 31, 2025, the company's products and solutions have been implemented in over ten industries, serving more than 1,600 clients, including approximately 110 Fortune China 500 companies [4]. - From 2022 to 2024, the average repurchase revenue from existing clients accounted for over 70% of total revenue [4]. Technology and Business Model - The core technologies of the company cover seven foundational areas, including container-based data cloud technology, distributed computing technology, multi-model data unified processing technology, distributed database technology, AI and machine learning operations technology, knowledge engineering and knowledge graph technology, and big data development technology [4]. - The business model centers around the commercialization of proprietary software platforms, with revenue primarily derived from software license sales and technical services for long-term deployment and operation [5]. Financial Performance - The company reported revenues of approximately RMB 372.6 million, RMB 490.5 million, RMB 370.8 million, and RMB 64.2 million for the fiscal years 2022, 2023, 2024, and the three months ending March 31, 2025, respectively [8]. - The company incurred losses of approximately RMB 272.3 million, RMB 289.2 million, RMB 344.3 million, and RMB 83.7 million for the same periods [8]. Risk Factors - The company faces risks due to high customer concentration, with the top five customers contributing 40.9% of revenue and the largest single customer accounting for 17.6% [7]. - The international business revenue is expected to be less than 5% in 2024, indicating that the global expansion is still in its early stages and faces challenges such as technology adaptation and compliance review [7].

智通财经APP获悉，据港交所8月18日披露，星环信息科技(上海)股份有限公司(688031.SH)(简称：星环科技)向港 交所主板递交上市申请，海通国际为其独家保荐人。 招股书显示，星环科技是一家AI基础设施软件提供商，通过深度融合人工智能、大数据与云技术，助力企业高效 构建AI基础设施软件，推动各行业智能化转型与商业模式创新。按收入计，2024年公司在中国AI基础设施软件市 场排名第五，亦为最大的纯AI基础设施软件提供商。 公司构建了新一代AI基础设施软件矩阵，包括大数据与云基础平台(TDH和 TDC)、分布式数据库(ArgoDB和 KunDB)、数据开发与治理工具(TDS)、面向大型语言模型与机器学习运维的人工智能平台(LLMOps和MLOps)以及 知识平台(TKH)。这些产品共同构成从数据到知识、从模型到应用的端到端解决方案。 星环科技核心技术涵盖七大基础领域，包括基于容器的数据云技术、分布式计算技术、多模型数据统一处理技 术、分布式数据库技术、人工智能与机器学习运维技术、知识工程与知识图谱技术及大数据开发技术。 | | | 截至12月31日止年度 | | 截至3月31日止三個月 | | | --- ...