Core Viewpoint - HaiMa Cloud has submitted an application for a Hong Kong IPO, positioning itself as the largest GPUaaS provider for real-time cloud rendering in China's cloud gaming industry, with a projected revenue CAGR of 33.8% from 2022 to 2024, despite ongoing losses [1][10]. Group 1: Company Overview - HaiMa Cloud is recognized as the largest GPUaaS provider for real-time cloud rendering in China, holding a market share of 17.9% in 2024 [3]. - The company has established long-term partnerships with major players in the industry, including China Mobile and several leading game developers, serving over 28,000 games as of December 31, 2024 [5]. Group 2: Financial Performance - Revenue is expected to grow from RMB 290.29 million in 2022 to RMB 519.53 million in 2024, reflecting a CAGR of 33.8% [10]. - Despite revenue growth, the company has not achieved profitability, with losses projected at RMB 186 million in 2024, down from RMB 246 million in 2022 [10]. - The gross profit margin is projected to decline from 26.6% in 2023 to 24.9% in 2024, influenced by high R&D and administrative expenses [11]. Group 3: Customer Concentration - The company exhibits high customer concentration, with revenue from its top five clients accounting for 72.7% of total revenue in 2024 [2][7]. - Migu Culture, a digital entertainment company, is the largest client, contributing 42.5%, 46.4%, and 35.7% of total revenue in 2022, 2023, and 2024, respectively [9]. Group 4: Investment and Use of Proceeds - The funds raised from the IPO will be allocated towards infrastructure investment, R&D for core platform software, and the development of emerging products, including enhancements in gaming AI capabilities [13].

Core Insights - VCI Global Limited has announced the acquisition of Secure Encryption Storage Limited, enhancing its position in the encryption infrastructure sector with 129 patents and deployments across over 100 institutions in Asia [1][2] Company Overview - Secure Encryption Storage Limited has a proven track record in sensitive environments, including government agencies and financial institutions, with hardware designed to withstand quantum decryption threats and achieving EAL4 certification [2] - VCI Global gains exclusive distribution rights for SES's product suite in Southeast Asia, targeting sectors such as telecommunications and finance with military-grade encrypted storage systems and secure mobile communication devices [3] Technology and Product Integration - SES's encryption technology will be integrated into QuantGold's sovereign AI infrastructure, enabling encrypted data processing in high-value sectors like finance and healthcare, ensuring privacy and regulatory compliance [4] - QuantGold's platform is designed for secure data monetization, leveraging over 120 encryption patents and military-grade hardware security [7][8] Market Trends - The global cybersecurity market is projected to exceed US$425 billion by 2030, while the AI data monetization sector is expected to surpass US$400 billion by 2035, positioning VCIG and QuantGold to capitalize on these megatrends [5] Strategic Vision - The company aims to build a trusted foundation for sovereign AI, focusing on eliminating cybersecurity threats through advanced encryption technologies [6]

出品｜公司研究室IPO组 文｜淮上月 日前，安徽海马云科技股份有限公司（下称"海马云"）向港交所递交招股说明书，拟主板挂牌上市，联席保荐人为中金公 司和招银国际。 海马云成立于2013年，与咪咕文化、中国移动、头部游戏平台等建立了长期合作关系。根据灼识咨询报告，按2024年的收 入计算，公司在中国云游戏场景实时云渲染服务提供商中排名第一，市场份额为17.9%。 近三年复合年增长率33.8%，同期累计亏损6.47亿元 招股书显示，截至2024年年底，海马云平台承载超过2.8万款游戏，包括近年来多款大作，如一款由中国开发并于2024年 发布的现象级动作角色扮演的3A游戏，以及一款由中国开发并于2020年发布且具有提升手机游戏体验里程碑式成就的开 创性开放世界游戏。 报告期内，海马云的营收快速增长。招股书显示，2022年、2023年、2024年公司营收分别为2.9亿元人民币（下同）、3.37 亿元、5.2亿元，三年复合年增长率达33.8%。 具体来看，海马云的营收主要由云游戏GPUaaS与云原生内容服务构成。其中，2022年至2024年，公司云游戏GPUaaS的收 入分别为2.48亿元、2.2亿元、4.58亿元，占 ...

日前，安徽海马云科技股份有限公司（下称"海马云"）向港交所递交招股说明书，拟主板挂牌上 市。 公开资料显示，海马云成立于2013年，是国内首家自主设计研发服务器、搭建GPU集群用于实时云 渲染的企业，面向游戏、泛娱乐、数字文旅、数字教育等行业的客户提供实时云渲染服务和相关解决方 案。据介绍，海马云的基础与核心是基于GPU图形计算的软硬件深度一体化架构。截至目前，公司与中 国移动、知名手机硬件制造商、头部游戏平台及开发商等建立了长期稳定的合作关系。 招股书显示，截至2024年年底，海马云的平台承载超过2.8万款游戏，包括近年来多款在不同设备 上推出的大作，如一款由中国开发并于2024年发布的现象级动作角色扮演3A游戏，以及一款由中国开 发并于2020年发布且具有提升手机游戏体验里程碑式成就的开创性开放世界游戏。 对于这种大客户依赖，海马云在招股书中指出，中国云游戏场景的实时云渲染服务的市场规模预期 于2029年达到116亿元，2024年至2029年的复合年增长率为35.4%，随着市场增长，海马云有望深化现 有客户关系，拓展新客户。 营收方面，海马云2022年、2023年、2024年营收分别为2.9亿元人民币（下 ...

自2019年起战略性开始GPUaaS的大规模商业化部署。 本文为IPO早知道原创 作者｜ Stone Jin 微信公众号｜ipozaozhidao 据 IPO早知道消息， 安徽 海马云 科技股份有限公司 （以下简称 " 海马云 "）于2025年6月27日 正式向港交所递交招股说明书，拟主板挂牌上市，中金公司和招银国际担任联席保荐人。 成立于 2013年的 海马云 作为 中国第一家自主设计和开发自己的服务器并为实时云渲染构建 GPU 集群的公司 ， 自 2019年 起 战略性开始 GPUaaS的大规模商业化部署， 现已成为 中国最大的云 游戏实时云渲染服务 GPUaaS提供商 ， 为游戏、泛娱乐、数字文旅、数字教育等行业的客户提供 实时云渲染服务和相关解决方案 。 截至 2024年12月31日，海马云为中国云游戏行业前十大市场参与者中的九名提供云游戏实时云渲 染服务，并与包括中国移动、多家知名手机硬件制造商、头部的游戏平台和头部游戏开发商在内的知 名市场参与者建立了长期合作伙伴 关系 。截至 2024年12月31日，海马云的平台承载超过28,000 款游戏 。 根据灼识 咨询 的资料，按 2024年收入计算，海 ...

Core Insights - Murex successfully hosted three client events in the Asia-Pacific region, focusing on local market needs and the application of the MX.3 platform in risk management, system integration, and digital transformation [1] Group 1: Seoul Event - The event in Seoul highlighted the latest product developments, particularly how UaaS optimizes operational processes and enhances system efficiency [2] - Murex emphasized the critical role of innovative P&L control features in alleviating operational challenges and the practical application of APIs in clients' digital transformation [2] - The event fostered deeper discussions on collaboration and showcased Murex's commitment to understanding the local market [2] Group 2: Tokyo Event - The Tokyo event celebrated Murex's 30-year journey in the Japanese market, marking a significant milestone as the first office established in the Asia-Pacific region [4] - Murex's CEO highlighted Tokyo's strategic importance in the company's regional deployment and global strategy [4] - The event included interactive sessions and a closing speech expressing gratitude to Japanese clients for their long-term trust and support [4] Group 3: Mumbai Event - The Mumbai event attracted over 240 representatives from Indian financial institutions, emphasizing Murex's commitment to product, service, and talent investment [6] - Murex's focus on addressing evolving market demands was reiterated, showcasing the company's dedication to the Indian market [6] - The event aimed to strengthen local partnerships and explore new paths for digital transformation [6] Group 4: Future Outlook - Murex plans to continue deepening its presence in the Asia-Pacific region, providing resilient, scalable, and forward-looking capital market solutions [8] - The company aims to collaborate with clients to build a more resilient future financial system [8]