Core Insights - Baishan Cloud Holdings Limited is planning to go public in Hong Kong after a previous failed attempt in 2023, marking its second IPO application since its establishment in 2015 [2][3] - The company specializes in providing comprehensive edge cloud services, including network services, security, and intelligent computing, aimed at enhancing digital experiences for enterprise clients [2][4] Business Overview - Baishan Cloud was founded in 2015 and offers a full suite of edge cloud services, focusing on high-speed, secure, and cost-effective digital experiences for enterprises and their end-users [2][4] - The company has developed a global integrated edge cloud platform utilizing proprietary technologies, including heterogeneous resource management and edge AI inference [4] Market Position - According to a report by Zr Insights, Baishan Cloud is the second-largest independent edge cloud service provider in China by total revenue as of 2024, with a market share of 2.0% [3] - The company has strategically expanded its operations to over 60 rapidly growing markets across Southeast Asia, the Middle East, Central Asia, North Africa, and Latin America [3] Financial Performance - The company's revenue for the years 2022, 2023, 2024, and the first half of 2025 was reported as RMB 2.132 billion, RMB 2.391 billion, RMB 2.218 billion, and RMB 964 million respectively, with corresponding net losses of RMB 193 million, RMB 93 million, RMB 146 million, and RMB 65 million [12][14] Shareholder Structure - The pre-IPO shareholder structure shows that Mr. Huo Tao holds a combined voting power of approximately 47.45% through various entities [8][9] Management Team - The board of directors consists of nine members, including four executive directors led by Mr. Huo Tao as the CEO, and three independent non-executive directors [11]

Core Insights - BaishanCloud is the second largest independent edge cloud service provider in China based on projected total revenue for 2024 and is among the top ten edge cloud service providers in the country [1] Financial Performance - Revenue figures for BaishanCloud are as follows: RMB 2.1325 billion in 2022, RMB 2.3905 billion in 2023, RMB 2.2179 billion in 2024, and RMB 0.9639 billion for the six months ending June 30, 2025 [1] - The compound annual growth rate (CAGR) of overseas business revenue from 2022 to 2024 is approximately 29.2% [1] International Expansion - BaishanCloud has established a presence in over 60 rapidly growing markets, including Southeast Asia, the Middle East, Central Asia, North Africa, and Latin America [1] - The company has deployed over 1,500 edge nodes across more than 290 cities globally as of June 30, 2025 [1] Product Development - In response to the surge in AI demand, BaishanCloud has developed a smart computing product line [2] - Revenue from security and smart computing services has increased significantly, accounting for 7.4%, 17.3%, 23.3%, and 31.9% of total revenue in the respective years [2] - High-value security and smart computing services are expected to continue being a significant part of the company's revenue in the future [2]