Core Viewpoint - PPLabs Technology Limited (referred to as "Paiouyun") has submitted an application for an IPO on the Hong Kong Stock Exchange, despite incurring significant losses over the past three years, totaling over 560 million yuan [1][6]. Company Overview - Paiouyun was founded in 2018 by Yao Xin and Wang Wenyu, focusing on distributed cloud computing services to address the mismatch between massive computing demand and underutilized supply [4]. - The company offers edge cloud computing and AI cloud computing services, leveraging a global network of computing resources [4]. Financial Performance - Paiouyun's revenue for the years 2022 to 2024 was 286 million yuan, 358 million yuan, and 558 million yuan, respectively, reflecting a compound annual growth rate (CAGR) of 39.7% [5]. - Despite revenue growth, the company reported losses of 84.97 million yuan, 189 million yuan, and 294 million yuan for the same period, with total losses amounting to approximately 568 million yuan [6]. Market Position - As of December 31, 2024, Paiouyun ranks first among independent edge cloud computing service providers in China, with a computing network covering over 1,200 cities and more than 4,000 computing nodes [5]. - The global edge cloud computing market is projected to reach 185.1 billion yuan in 2024, with the Chinese market expected to grow to nearly 37 billion yuan by 2029 [5]. Investment and Funding - The company has undergone five rounds of financing, with a post-money valuation of approximately 4.69 billion yuan after its B round in April 2025 [10]. - Recently, Paiouyun received investment support from a Hong Kong investment management company, often referred to as the "Hong Kong version of Temasek" [11]. Use of IPO Proceeds - The net proceeds from the IPO will primarily be used to enhance technical capabilities in distributed cloud computing services, expand market share, and support overseas expansion [11].

Core Viewpoint - PPLabs Technology Limited (referred to as "Piao Cloud") is preparing for an IPO on the Hong Kong Stock Exchange, despite having accumulated losses exceeding 560 million yuan over three years, with losses widening annually. The company has recently received investment from a prominent Hong Kong investment firm [1][10]. Group 1: Company Overview - Piao Cloud was founded in 2018 by Yao Xin and Wang Wenyu, focusing on distributed cloud computing services to address the mismatch between massive computing demand and underutilized supply [3]. - The company has developed a global computing resource aggregation model, providing a range of services from basic cloud computing to AI inference services [3]. - As of December 31, 2024, Piao Cloud's computing network covers over 1,200 cities with more than 4,000 computing nodes, ranking first among independent edge cloud computing providers in China [4]. Group 2: Financial Performance - Piao Cloud's revenue for the years 2022 to 2024 was 286 million yuan, 358 million yuan, and 558 million yuan, respectively, reflecting a compound annual growth rate (CAGR) of 39.7% [5]. - Despite revenue growth, the company has not achieved profitability, with annual losses of approximately 84.97 million yuan, 189 million yuan, and 294 million yuan over the same period, totaling around 568 million yuan in losses [5]. - In 2024, revenue from edge node services accounted for 70% of total revenue, while AI cloud computing services contributed only 1.9% [5]. Group 3: Market Potential - The global edge cloud computing service market is projected to reach 185.1 billion yuan in 2024, with expectations to grow to nearly 37 billion yuan in China by 2029 [4]. - The global AI cloud computing service market is anticipated to grow at a CAGR of 68.5%, reaching approximately 427.7 billion yuan by 2029 [4]. Group 4: Leadership and Background - Yao Xin, the co-founder and CEO, has over 20 years of experience in the internet industry, previously founding the video platform PPTV [8]. - Wang Wenyu, the co-founder and CTO, has a background in technology and development, having previously worked at PPTV and co-founding another tech company [9]. - The leadership team includes Yao Xin's spouse, Lu Shanshan, who has extensive experience in brand building and market development [8]. Group 5: Funding and Future Plans - Piao Cloud has undergone five rounds of financing, with a post-money valuation of approximately 4.69 billion yuan after the B round in April 2025 [10]. - The funds raised from the IPO will primarily be used to enhance technological capabilities in distributed cloud computing, expand business reach, and support operational expenses [10].