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	Name▼ / Code▼	Industry	Offer Price	Lot Size	Entry Fee	Closing Date	Grey Market Date▼	Listing Date▲
	REFIRE 02570.HK	Electrical Components & Equipment	145-165	20	3,333	2024/12/03	2024/12/05	2024/12/06
	Dmall 02586.HK	Application Software	30.21	100	N/A	2024/12/03	2024/12/05	2024/12/06

Summary

We provide audiovisual cloud service in China and our revenue accounted for 1.5% of the entire audiovisual cloud service market in 2023. We are the third largest audiovisual PaaS provider in China in terms of revenue in 2023, with a market share of 5.8%, and the second largest audiovisual APaaS provider in China in terms of revenue generated from APaaS in 2023 with a market share of 14.1%, according to iResearch. The cloud service market in China reached RMB513.7 billion in 2023. The cloud service market in China can be divided into audiovisual and non-audiovisual cloud services market by type of content or data managed. Audiovisual cloud services refers to the producing, storing, processing, distributing, analyzing, auditing, retrieving, and recommending unstructured audiovisual content in multi-media formats. Such audiovisual content includes audio recordings, short videos, live streaming videos, music and images. Non-audiovisual cloud services refer to other cloud services such as governmental cloud, retail and catering cloud and industrial cloud. Such content includes structured data, such as financial data, client contact lists, and other data with standardized tabular formats, as well as certain unstructured data unrelated to audiovisual content, such as texts, emails, documents, developed applications and programs, etc. Audiovisual cloud service market reached RMB91.5 billion and accounted for 17.8% of the total cloud service market in China in 2023, whereas PaaS market and APaaS market amounted to RMB22.9 billion and RMB2.0 billion and accounted for 25.0% and 2.2% of the entire audiovisual cloud service market in 2023, respectively. PaaS is a computing service model by which cloud service providers offer a suite of hardware and software resources to their users via a platform, enabling the users to focus on writing codes, configuring the service metrics and monitoring of applications without the need to divert time and resources to the development and maintenance of the infrastructure underlying the platform, including maintenance of hardware, updates of operating system, data backup and recovery, internet security, disaster recovery, etc. Our MPaaS platform is a PaaS platform which has a primary focus on providing cloud services in connection with audiovisual content (primarily consisting of images, audio and video contents), encompassing object storage, content distribution, data processing and real-time interactive live streaming and covering the full cycle of audiovisual data collection, storage, processing, distribution and consumption. APaaS is a computing service model by which cloud service providers offer a one-stop platform for users to develop, run and manage applications. Leveraging our MPaaS technologies, we further developed a proprietary low-code platform which achieves vertical integration from the underlying technology to high-level scenario-based functions. In short, by accessing our low code platform, our customers can choose the specific solution they want to develop, followed by simple and intuitive steps to configure the audiovisual functions embedded in the application, after which a packaged and ready-to-use solution will be available for immediate deployment, thus reducing the difficulty in the use and access to audiovisual products. Our APaaS solutions currently cover five major application scenarios, including (i) social entertainment, (ii) video marketing, (iii) visual networking, (iv) smart new media and (v) metaverse, which allow for quick deployment and easy expansion, which in turn significantly improves our customers’ agility for scenario-based innovation and addresses the challenges posed by personalization of audiovisual content, multiple scenarios, and timeliness requirements. OUR PRODUCTS AND SERVICES Our major products and services include (1) MPaaS products encompassing a range of audiovisual solutions, including proprietary content delivery network which accelerates content delivery (“QCDN”), object storage platform which stores content (“Kodo”), interactive live streaming products which enable real-time streaming of audiovisual content and intelligent media data analytics platform which offer a wide array of data processing and analytic capabilities (“Dora”); and (2) APaaS solutions which are scenario-based audiovisual solutions based on our MPaaS capabilities and leveraging our low-code platform, primarily aimed to enable customers to gain quick access to different functionalities with simple steps of deployment to achieve their business aim. Our diversified customers: Our customers encompass a wide array of enterprises (such as application developing companies and SaaS companies) as well as individual developers. We have a strong customer coverage in terms of operating scales, from industry leaders to large-sized corporations, SMEs and individuals. Our products cater to different customer needs, from business enterprises with scenario-based demands and limited technical capabilities (which typically require our APaaS solutions) to sophisticated application developers with limited access to infrastructure resources (which typically require our MPaaS products). Our MPaaS products: We mainly provide MPaaS products to our customers by way of discrete APIs and SDKs. Leveraging our MPaaS products, our customers are only required to write codes to connect to our platform through which they can deploy specific audiovisual capabilities via discrete APIs/SDKs. The complexity of the codes would depend on the extent of audiovisual capabilities required. After customizing these parameters, our customers can have these audiovisual capabilities embedded in their applications and they will only need to manage their applications without the need to maintain the underlying infrastructure. Our APaaS solutions: We mainly provide APaaS solutions to our customers in the form of scenario-based solutions. We combine our MPaaS capabilities with the scenario-based knowhow relevant to our customers and, in conjunction with our low code platform, package the APIs/SDKs (corresponding to the underlying audiovisual capabilities) into easy-to-access and high-customized APaaS solutions which our customers can deploy directly. Our APaaS solutions share the same suite of audiovisual capabilities (including but not limited to collection, storage, processing, distribution, analytics) as our MPaaS products. Our APaaS solutions allow our customers to customize and develop their applications through an intuitive step-by-step approach, which further reduce the technical barriers. Source: Qiniu (02567) Prospectus (IPO Date : 2024/09/30)
Listing Market	MAIN
Industry	Systems Software
Background	Others
Major Business Area	China

Corporate Information

Substantial Shareholders	Xu Shiwei (16.52%) [09988] Alibaba Group Holding Limited (16.27%) Yunfeng Fund II AIV, L.P. (11.44%) MPC Management II L.P. (7.34%) China Structural Reform Fund Corporation Limited (6.74%) Qiming Corporate GP III, Ltd. (6.29%) Lyu Guihua (5.41%)
Directors	Xu Shiwei (Chairman and Chief Executive Officer and Chief Technology Officer and Executive Director) Chen Yiling (Chief Operation Officer and Executive Director) Lyu Guihua (Non-Executive Director) Shi Qing (Independent Non-Executive Director) Wei Shaojun (Independent Non-Executive Director) Zhou Zheng (Independent Non-Executive Director)
Company Secretary	Tam Sze Wai Sara Zhang Yuanhao
Principal Bankers	Bank Of China Bank China Merchants Bank Shanghai Pudong Development Bank Co., Ltd. Bank of Jiangsu
Solicitors	Opal Lawyers LLC King & Wood Mallesons Jia Yuan Law Firm Maples and Calder (Hong Kong) LLP
Auditors	Ernst & Young
Registered Office	5/F, Manulife Place, 348 Kwun Tong Road, Kowloon, Hong Kong
Share Registrars	Tricor Investor Services Ltd. [Tel: (852) 2980-1333]
Share Registrars Tel No	(852) 2980-1333
Internet Address	http://www.qiniu.ltd
Email Address	[email protected]
Tel No	(86 021) 2070-3999
Fax No

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