Core Insights - Starry Sky Technology, an AI storage solution provider, has officially submitted its listing application to the Hong Kong Stock Exchange on January 27, 2024, marking a strategic shift from its previous plans to list on the A-share Science and Technology Innovation Board [1][6]. Company Overview - Founded in 2015, Starry Sky Technology specializes in providing AI storage solutions that support various applications, including AI training, machine learning, high-performance computing, and large-scale data analysis [1]. - The company is recognized as the largest independent provider of distributed AI storage solutions in China, holding a market share of 10.4% as of 2024 [3][4]. Financial Performance - The company reported revenues of RMB 1.67 billion, RMB 1.72 billion, and RMB 1.95 billion for the years 2023, 2024, and the first nine months of 2025, respectively. It achieved a net profit of RMB 0.08 million in the first nine months of 2025 after previously incurring losses [7][9]. - Research and development (R&D) expenditures exceeded RMB 250 million over the past three years, with R&D costs accounting for 65.9%, 51.0%, and 29.5% of total revenue in 2023, 2024, and the first nine months of 2025, respectively [7][9]. Product Offerings - Starry Sky Technology's solutions include AI data lake storage and AI training storage solutions, which are delivered through integrated systems and pure software, compatible with various industry-standard protocols [13]. - The company has developed the first distributed storage platform in the industry that supports all protocols and the first platform supporting heterogeneous chips within a single system [4][15]. Market Position and Growth - The distributed AI storage market in China is projected to grow significantly, with local deployment expected to reach 13.4EB by 2024 and expand to 67.2EB by 2030, reflecting a compound annual growth rate of 30.9% [34]. - Starry Sky Technology has established a comprehensive ecosystem that facilitates seamless deployment and implementation of AI storage solutions across various business operations [34]. Client Base - The company has served over 1,500 enterprises across sectors such as smart manufacturing, financial institutions, telecommunications, and technology companies [12]. - In 2023, 2024, and the first nine months of 2025, revenue from the top five clients accounted for 52.9%, 51.4%, and 39.3% of total revenue, respectively [18][22]. Shareholding Structure - Major shareholders include Tencent and Kunlun Wanwei, holding 5.64% and 1.15% of the company, respectively [31][27].

Group 1 - OpenAI has signed a multi-year agreement with Cerebras Systems for AI computing power, with a scale exceeding $10 billion, aiming for 750 MW capacity to be deployed by 2028 [2] - OpenAI's former research vice president is returning as the CTO of Thinking Machines, following the dismissal of the previous CTO due to unethical behavior [2] - The Ministry of Agriculture and Rural Affairs has approved the establishment of a key laboratory for intelligent harvesting robots in Nanjing, aiming to become a leading base for research and talent development in agricultural robotics [2] Group 2 - XSKY has launched the AIMesh AI data solution, which significantly reduces hardware costs for AI inference, improving sequential read bandwidth by 30% and write bandwidth by over 50% compared to industry standards [2]

Group 1 - The People's Bank of China indicates there is still room for interest rate cuts this year, with the current average reserve requirement ratio at 6.3% [6] - Xiaomi launches a 7-year low-interest car purchase policy for its new electric SUV, with monthly payments starting at 2,593 yuan [10] - The Philippines announces visa-free entry for Chinese citizens starting January 16, 2026, allowing a stay of up to 14 days [10] Group 2 - Xunlei restarts litigation against former CEO Chen Lei, claiming he secretly siphoned off company assets, seeking 200 million yuan in damages [10] - Golden Dragon Fish plans to transfer 50% stakes in its Shanghai and Kunshan subsidiaries to Mars China for a total consideration of 60 million USD [11] - SF Express and Jitu Express announce a strategic mutual shareholding agreement, with a total investment amounting to 8.3 billion HKD [8] Group 3 - Wang's Restaurant announces the closure of 102 stores, representing 30% of its total outlets, while ensuring all employees will receive their wages and customers can refund their prepaid cards [1] - The luxury brand Hermès responds to the controversy over an 18,000 yuan yo-yo, stating it is a new product with thoughtful design [4] - The Louvre Museum increases ticket prices for non-European Economic Area visitors by approximately 45% to fund infrastructure upgrades [13] Group 4 - KKR completes fundraising of 2.5 billion USD for a private credit fund focused on high-quality credit assets in the Asia-Pacific region [21] - TSMC forecasts Q1 2026 revenue between 34.6 billion to 35.8 billion USD, indicating a 4.4% quarter-over-quarter increase [17] - Li Ning reports a low single-digit decline in retail sales for the fourth quarter, with a total of 6,091 sales points in China [18]

Group 1 - The UK communications regulator will continue its formal investigation into the fake image incident involving the X platform and its AI chatbot Grok, despite welcoming recent policy adjustments by xAI [1] - Ericsson plans to lay off nearly 1,600 employees in Sweden to improve cost conditions while maintaining critical investments for its technological leadership and strategic execution [2] - Major Chinese securities firms, including CITIC Securities and Huatai Securities, have begun hiring junior and mid-level bankers to quickly rebuild their investment banking capabilities while controlling costs [3] Group 2 - Xi Bei, a restaurant chain, confirmed the closure of 102 stores, which represents 30% of its total outlets [4] - KKR and RWE have formed a strategic partnership to jointly develop offshore wind projects in the UK, with a total installed capacity expected to reach approximately 3 GW and total investment exceeding $15 billion [5] - XSKY announced a strategic shift from IT to Data Intelligence, launching its AIMesh product suite at a recent event [6] Group 3 - "Xieying Technology" completed nearly 100 million yuan in Series B financing, which will be used for upgrading its intelligent reconfigurable operating system and expanding its market presence in strategic emerging sectors [7] - The lemon tea brand "Linli LINLEE" secured tens of millions in Series A financing, with a valuation nearing 1 billion yuan, aimed at brand building and supply chain upgrades [8] - The Huazhang Gold ETF has reached a circulation scale of 100.76 billion yuan, becoming the first gold ETF in China to surpass the 100 billion yuan mark [9] Group 4 - The South Korean Ministry of Industry will closely monitor the U.S. tariff dynamics on AI semiconductor chips to minimize impacts on the domestic industry [10] - U.S. asset management giant PIMCO is selling dollar assets to diversify risks in response to rapid policy changes from the U.S. government [11] - The cumulative sales of passenger cars equipped with urban NOA functions in China reached 3.129 million units, with a penetration rate of 15.1%, an increase of 5.6 percentage points from the previous year [12] Group 5 - The State Grid Corporation of China is expected to invest 4 trillion yuan in fixed assets during the 14th Five-Year Plan period, representing a 40% increase from the previous plan to promote high-quality development of the new power system supply chain [13]

Core Insights - The transition from the IT era to the DI (Data Intelligence) era is marked by the need for data centers to evolve from mere storage facilities to AI-driven factories, emphasizing the importance of data being "computed" rather than just stored [1] - XSKY has launched its comprehensive AI data solution, AIMesh, which highlights the significance of proprietary data as a unique competitive advantage in the AI era, advocating for a "data evergreen" strategy to protect this core asset [1] Group 1: AIMesh Strategy - XSKY aims to build a stable data foundation to counteract the rapid depreciation of computing power and technological uncertainties, committing to absolute neutrality and hardware-software decoupling [2] - AIMesh provides unified and standardized data services regardless of the GPU or model algorithm used, granting enterprises maximum freedom in future computing power battles [2] Group 2: Technical Innovations - AIMesh addresses three major barriers to AI efficiency: the IO wall, gravity wall, and memory wall, through innovative architecture [3] - The MeshFS technology overcomes the IO wall by enhancing data supply speed, achieving a sequential write bandwidth that exceeds competitors by 50% [3] - MeshSpace tackles the gravity wall by expanding storage capabilities to "single bucket EB" level, allowing seamless data flow in hybrid cloud environments [3] - MeshFusion addresses the memory wall by utilizing local NVMe SSDs to create L3-level persistent memory, achieving near-infinite context windows at a cost of only 1% [3] Group 3: Industry Collaboration - The launch of AIMesh is supported by industry giants like Intel, which recognizes its alignment with current industry pain points and is collaborating on advanced research [4] - Companies like Minimax are validating the stability of XSKY's architecture in practical applications, particularly appreciating MeshSpace's ability to resolve hybrid cloud data silos [4] - XSKY is positioning itself to help enterprises build a "data evergreen" AI infrastructure, ensuring their competitiveness in the intelligent era [4]

Core Insights - NVIDIA CEO Jensen Huang highlighted that "storage is a completely underserved market in the AI field" and emphasized the need for massive working memory, which has sparked significant discussion in the global tech community [1] - XSKY has launched its full-stack AI data solution, AIMesh, which represents a shift from being a traditional storage vendor to becoming a builder of AI data infrastructure [1] Group 1: AI Data Solution - AIMesh addresses the core pain points of the current AI industry with a "decoupled, open, and persistent" architecture [1] - XSKY's philosophy is that while computing power has a short lifecycle, the value of data lasts much longer, with proprietary data often lasting 10-20 years [2] - The company introduced the concept of "data evergreen" to ensure that data remains valuable and accessible despite changes in computing power [2] Group 2: Technical Innovations - AIMesh focuses on overcoming three major technical bottlenecks to support the large-scale, low-latency, high-throughput working memory required for AI [5] - MeshFusion breaks through the "memory wall" by simulating L3-level persistent memory using local SSDs, expanding the context window at a cost of just 1% [7] - MeshSpace eliminates the "data wall" by supporting EB-level global namespaces, allowing data to flow freely across public clouds, private clouds, and edge nodes without migration [7] - MeshFS optimizes file system performance, increasing write bandwidth by 50% compared to mainstream solutions, significantly reducing GPU idle time [7] Group 3: Company Evolution - XSKY has evolved from a software-defined storage provider, creating "digital libraries," to an operator of "data factories" in the AI era [8] - The launch of AIMesh marks a critical leap for XSKY from being an IT infrastructure supplier to a core component provider in the Data Intelligence era [8] - The company aims to safeguard the long-term, secure, and efficient value of data, positioning itself as the "second brain" for AI [8]