Core Viewpoint - Green Cloud Software has submitted an application for an IPO on the Hong Kong Stock Exchange, aiming for a main board listing, with CICC as the sole sponsor [1] Group 1: Company Overview - As of February 13, 2026, Green Cloud Software has provided front desk software to 37,000 hotels in China [2] - Historical revenue figures are as follows: 2022 revenue was 256 million RMB, 2023 revenue was 337 million RMB, and 2024 revenue was 327 million RMB [3] - Historical net profit figures are: 2022 net profit was 38.86 million RMB, 2023 net profit was 73.85 million RMB, and 2024 net profit was 68.97 million RMB [3] - For the first nine months of 2025, the company reported revenue of 225 million RMB, gross profit of 150 million RMB, and net profit of 34.57 million RMB, with a profit margin of 15.36% [4] Group 2: Revenue Structure - In the first nine months of 2025, revenue from digital solutions for the accommodation industry was 180 million RMB, accounting for 80.1% of total revenue; revenue from digital marketing services was 28.99 million RMB, accounting for 12.9% [4] Group 3: Shareholding Structure - The executive directors of Green Cloud Software include Yang Mingkui (27.19% shareholding), Gao Liang (26.75%), and others, with a total control of 58.81% [4] - Other significant shareholders include Shouye Capital (11.31%), Chenghong Investment (3.61%), and Ctrip through Shanghai Kehui (2.66%) [5] Group 4: Market Competition - The adoption of front desk software in Chinese hotels was significantly influenced by the use of Fidelio software at the Hong Kong Peninsula Hotel, marking a milestone in hotel software development in China [6] - Green Cloud Software integrates various systems, including central reservation, customer relationship management, and digital operation platforms, to provide a comprehensive solution [6] - In 2025, the total transaction volume generated through Green Cloud Software's digital direct sales platform exceeded 4 billion RMB, ranking second among digital marketing service providers in the accommodation industry in China [6]