New Stock News | Unisplendour Corporation (000938.SZ) submits listing application to Hong Kong Stock Exchange, becoming the third largest supplier in China's digital infrastructure market.

According to the disclosure by the Hong Kong Stock Exchange on December 3, Unisplendour Corporation Limited ("Unisplendour Corporation") has submitted an application to the Hong Kong Stock Exchange Main Board, with China Securities Co., Ltd. International, BNP Paribas, and CMB International as its joint sponsors. The prospectus reveals that Unisplendour Corporation (000938.SZ) is a digital solutions provider, offering solutions including ICT infrastructure products (covering computing, storage, connectivity, security) as well as cloud services and system integration, mainly used for scenarios such as AI training and reasoning, and big data processing. During the historical period, over 90% of the company's revenue came from mainland China, while less than 10% came from overseas. According to Frost & Sullivan data, by revenue, the company is the third-largest supplier in the Chinese digital infrastructure market with a market share of 8.6% in 2024. The Chinese digital infrastructure market is a sub-segment of the Chinese digital solutions market. By revenue, the company ranks in the top ten in the Chinese digital solutions market in 2024. The solutions provided by the company help customers in various industries accelerate their digital and intelligent transformation. The core businesses include: Digital solutions: Design, development, and supply of ICT infrastructure products, including computing, storage, connectivity, and security products, which can be provided as standalone products, or as customized turnkey solutions to meet specific customer requirements; providing cloud services and system integration services as a complement to the infrastructure product suite, meeting specific customer needs. ICT product distribution: In addition to in-house developed products, the company also distributes ICT products from domestic and foreign brands to Chinese customers. As of June 30, 2025, the company's sales and services reach over 100 countries and regions worldwide. It has established 32 overseas subsidiaries in Asia, Europe, Africa, and Latin America. The company's extensive sales network continues to expand, enabling the company to provide quality products and services to customers worldwide. The company sells products and solutions through direct sales and distributors to effectively meet the needs of customers in different industries. The revenue contributions from the main sales channels divided by business segments during the historical periods are shown in the following figure: The company's customers are mainly located in China. The company's direct sales customer base covers a wide range of industries, including internet, communications, government, finance, healthcare, education, transportation, manufacturing, utilities, energy, and construction. The company also utilizes distributors to expand geographical coverage and increase market penetration. As of June 30, 2025, the company has built a large distribution network consisting of over 7,300 distributors. Financial data Revenue For the fiscal years 2022, 2023, 2024, and the six months ended June 30, 2025, the company recorded revenues of 73.752 billion yuan, 77.538 billion yuan, 79.024 billion yuan, and 47.425 billion yuan respectively. Profit For the fiscal years 2022, 2023, 2024, and the six months ended June 30, 2025, the company recorded profits of 3.742 billion yuan, 3.685 billion yuan, 1.982 billion yuan, and 1.285 billion yuan respectively. Gross profit margin For the fiscal years 2022, 2023, 2024, and the six months ended June 30, 2025, the company's gross profit margins were 19.8%, 18.5%, 16%, and 14.4% respectively. Industry Overview Global and Chinese Digital Solutions Market Overview The digital solutions market refers to a range of digital products and services that provide digital and AI capabilities to enterprise customers to enhance efficiency, innovation, and value creation. The global digital solutions market has maintained stable growth over the past five years, increasing from 1.5 trillion USD in 2020 to 2.6 trillion USD in 2024, with a compound annual growth rate of 14.1% from 2020 to 2024. With the further development of the global digital economy, especially the continuous innovation and application of emerging technologies, the global digital solutions market is expected to reach 4.8 trillion USD by 2029, with a compound annual growth rate of 12.7% from 2024 to 2029. The Chinese digital solutions market has maintained steady growth. The market size of the Chinese digital solutions market increased from 1.0 trillion yuan in 2020 to 1.9 trillion yuan in 2024, with a compound annual growth rate of 18.1%. It is projected that by 2029, the Chinese digital solutions market will reach 4.4 trillion yuan, with a compound annual growth rate of 18.9% from 2024 to 2029. Global and Chinese Digital Infrastructure Market Overview The global digital infrastructure market increased from 250.8 billion USD in 2020 to 439.6 billion USD in 2024, with a compound annual growth rate of 15.1% from 2020 to 2024. It is estimated that by 2029, the global digital infrastructure market will reach 764.2 billion USD, with a compound annual growth rate of 11.7% from 2024 to 2029. The market size of the Chinese digital infrastructure market increased from 339.7 billion yuan in 2020 to 614.4 billion yuan in 2024, with a compound annual growth rate higher than the global average, reaching 16.0% from 2020 to 2024. It is projected that by 2029, the market size of the Chinese digital infrastructure market will reach 1.3863 trillion yuan, with a compound annual growth rate of 17.7% from 2024 to 2029. The computing infrastructure market is a sub-segment of the digital infrastructure market, with less than a hundred companies in this market in China. Benefiting from the increasing demand for computing power in emerging technologies such as artificial intelligence, large-scale model training, and edge computing, companies and cloud service providers are increasing their investments in related areas. The market size of the Chinese computing infrastructure market increased from 144.7 billion yuan in 2020 to 385.8 billion yuan in 2024, with a compound annual growth rate of 27.8% from 2020 to 2024, and is expected to reach 1.0409 trillion yuan by 2029, with a compound annual growth rate of 22.0% from 2024 to 2029. The storage infrastructure market is a sub-segment of the digital infrastructure market, with less than a hundred companies in this market in China. The market size of the Chinese storage infrastructure market increased from 33.9 billion yuan in 2020 to 48.4 billion yuan in 2024, with a compound annual growth rate of 9.3% from 2020 to 2024. It is projected that the market size of the storage infrastructure market will reach 65.9 billion yuan by 2029, with a compound annual growth rate of 6.4% from 2024 to 2029. The network infrastructure market is a sub-segment of the digital infrastructure market, with less than a hundred companies in this market in China. With the development of 5G, industrial Internet, and interconnection of data centers, there is a growing demand for network architecture upgrades, and the growth momentum is expected to gradually rebound. The market size of the Chinese network infrastructure market increased from 139.3 billion yuan in 2020 to 151.6 billion yuan in 2024, and is expected to reach 241.2 billion yuan in 2029. The network infrastructure market includes products such as network switches, routers, WLAN, etc. The switch market increased from 31.5 billion yuan in 2020 to 44.7 billion yuan in 2024, with a compound annual growth rate of 9.1% from 2020 to 2024, and is estimated to reach 66.9 billion yuan by 2029, with a compound annual growth rate of 8.4% from 2024 to 2029. Board of Directors Information The board of directors will consist of nine directors, including 2 executive directors, 3 non-executive directors, and 4 independent non-executive directors. Directors serve a term of three years and may be re-elected at the end of their term. Equity Structure As of November 24, 2025, Tibet Unicom Communications holds 28.8% of the company's shares. Tibet Unicom Communications is a wholly-owned subsidiary of Beijing Unicom Communications, which is indirectly wholly owned by New Unicom Group, a wholly-owned subsidiary of Beijing Zhiguangxin. Therefore, under the Securities and Futures Ordinance, Beijing Unicom Communications, New Unicom Group, and Beijing Zhiguangxin are considered to have equity ownership in the A shares held by Tibet Unicom Communications. Intermediary Team Joint Sponsors: China Securities Co., Ltd. (International) Financing Co., Ltd., BNP Paribas Securities (Asia) Ltd., CMB International Financing Co., Ltd. Company Legal Counsel: With regard to Hong Kong law and U.S. law: Nixon Peabody LLP; with regard to Chinese law: Beijing Jingtian & Gongcheng Law Firm; with regard to international sanctions law and U.S. export control law: Hogan Lovells. Legal Counsel of Joint Sponsors: With regard to Hong Kong law and U.S. law: DeHeng Law Offices (Hong Kong) Limited Liability Partnership; with regard to Chinese law: Beijing Haiwen Law Firm. Auditors and Reporting Accountants: Ernst & Young LLP. Industry Consultants: Frost & Sullivan (Beijing) Consulting Co., Ltd. Shanghai Branch. Compliance Consultants: SOMERLEY CAP Limited.