Group 1 - The core point of the article is that Anhui Haima Cloud Technology Co., Ltd. (referred to as Haima Cloud) submitted its Hong Kong IPO prospectus on June 27, which became invalid after six months on December 27, with CICC and China Merchants Jinling International serving as joint sponsors [1] Group 2 - Haima Cloud is the largest GPU as a Service (GPUaaS) provider for real-time cloud rendering services in China's cloud gaming sector, holding a market share of 17.9% based on projected revenues for 2024 [2] - The company offers real-time cloud rendering services and related solutions to clients in various industries, including gaming, entertainment, digital tourism, and digital education [2] - The services and solutions are supported by self-developed and deeply integrated platform software and infrastructure hardware, centered around GPU graphic computing [2] - This architecture allows end-users to access high-performance GPU computing-based digital content and applications on different devices anytime and anywhere, regardless of the limitations of user devices [2]

Group 1 - The core point of the article is that Anhui Haima Cloud Technology Co., Ltd. (referred to as Haima Cloud) has seen its Hong Kong IPO application expire after six months, with CICC and CMB International serving as joint sponsors [1] - Haima Cloud is identified as the largest GPUaaS provider for real-time cloud rendering services in China's cloud gaming sector, holding a market share of 17.9% based on projected revenues for 2024 [1] - The company offers real-time cloud rendering services and related solutions to various industries, including gaming, entertainment, digital tourism, and digital education [1] Group 2 - Haima Cloud's services and solutions are supported by self-developed and deeply integrated platform software and infrastructure hardware [1] - The architecture of Haima Cloud allows end-users to access high-performance GPU computing-based digital content and applications on different devices without being limited by user devices [1]

Core Viewpoint - HaiMa Cloud Technology Co., Ltd. has submitted its listing application to the Hong Kong Stock Exchange, with CICC and China Merchants International as joint sponsors [1]. Company Overview - HaiMa Cloud is the largest GPU as a Service (GPUaaS) provider for real-time cloud rendering services in China's cloud gaming sector, holding a market share of 17.9% based on projected 2024 revenues [3]. - The company offers real-time cloud rendering services and related solutions to various industries, including gaming, digital entertainment, digital tourism, and digital education, supported by self-developed integrated platform software and infrastructure hardware [3][4]. Business Strategy - The company implements a "1+1+N" strategy, which includes a core technology base (GPU-based computing infrastructure and platform software), a core application scenario (cloud gaming), and a variety of expanding application scenarios [3]. Client Base and Services - HaiMa Cloud serves a diverse client base, including digital content operators, gaming platforms, game developers, and mobile hardware manufacturers, allowing them to integrate proprietary SDKs and APIs into their products [4]. - The company's platform supports over 28,000 games, including major titles released on various devices [5]. Financial Performance - The company reported revenues of approximately RMB 290 million, RMB 337 million, and RMB 520 million for the fiscal years 2022, 2023, and 2024, respectively [5][6]. - The total comprehensive loss for the same periods was approximately RMB 246 million, RMB 218 million, and RMB 186 million [5][6]. - Gross profit margins improved from 21.2% in 2022 to 24.9% in 2024, indicating a positive trend in profitability [6].