New stock news | Xinghuan Technology (688031.SH) once again submits documents to Hong Kong Exchange, becoming China's fifth largest AI infrastructure software provider.

According to the disclosure on March 25 by the Hong Kong Stock Exchange, Xinghuan Information Technology (Shanghai) Co., Ltd. (referred to as Xinghuan Technology (688031.SH)) has submitted its IPO application to the main board of the Hong Kong Stock Exchange, with HAITONG INT'L as the exclusive sponsor. The company had previously submitted an application to the Hong Kong Stock Exchange on August 18, 2025. Company Overview The prospectus shows that Xinghuan Technology is one of the first companies in China to focus on AI and big data infrastructure software development. The company provides enterprise-level AI infrastructure software and services covering the entire data lifecycle, including data integration, storage, governance, modeling, analysis, mining, and circulation. Through years of independent research and development, the company has built a new generation AI infrastructure software matrix, including big data and cloud infrastructure platforms (TDH and TDC), distributed databases (ArgoDB and KunDB), data development and governance tools (TDS), artificial intelligence platforms for large language models and machine learning operations (LLMOps and MLOps), and a knowledge platform (TKH). These products collectively provide end-to-end solutions from data to knowledge, from models to applications, helping enterprises in various industries accelerate their intelligent transformation and reshape their competitive advantages. Financial Information Revenue: In 2023, 2024, and 2025, the company achieved revenues of approximately RMB 491 million, RMB 371 million, and RMB 447 million, respectively. Profit: In 2023, 2024, and 2025, the company reported losses of approximately RMB 289 million, RMB 344 million, and RMB 245 million, respectively. Industry Overview AI software refers to software products designed for enterprises that leverage artificial intelligence technology to optimize business processes, support decision-making, innovate products, and improve operational efficiency through private deployment. These software products include AI infrastructure software that supports data processing, model training, and deployment, as well as customized AI application software for various business scenarios. AI software is widely used in industries such as finance, manufacturing, retail, and government and is a key technological support for enterprise digital transformation. The revenue of the Chinese AI software market is expected to reach RMB 137.2 billion in 2029, with a compound annual growth rate of 33.1% from 2025 to 2029. AI infrastructure software provides core capabilities such as data integration, cleaning, processing, and storage, supporting further AI development capabilities and helping enterprises build robust artificial intelligence capabilities through private deployment. It is widely used in industries such as finance, manufacturing, retail, and government, helping companies enhance their AI capabilities, accelerate digital and intelligent transformation, and improve efficiency and innovation. The Chinese AI infrastructure software market is expected to reach RMB 464 billion in 2029, with a compound annual growth rate of 28.5% from 2025 to 2029. Board of Directors and Equity Structure The board of directors consists of ten directors, including six executive directors and four independent non-executive directors. The term of office for directors is three years, and they may be re-elected upon completion of their term. The equity structure includes an agreement among Sun Yuanhao, Lv Cheng, Fan Lei, She Hui, and Shanghai Zanxing to recognize and confirm their concerted action relationship. As of the last practicable date, Sun Yuanhao holds approximately 0.38% of the partnership equity as a general partner of Shanghai Zanxing. Jiaxing Xingrong, Jiaxing Xinghan, Jiaxing Xingzhi, Jiaxing Xinghuan, Jiaxing Xingye, and Shanghai Yexing are each part of an employee incentive plan. The remaining 6.63% of the partnership equity of Shanghai Zanxing is held by Jiaxing Xingyuan. As of the last practicable date, Fan Lei's holding of 351,958 shares was frozen by Chinese judicial authorities for reasons unrelated to the group, accounting for approximately 0.29% of the total issued share capital of the company. Legal advisors in China believe that the freezing of the shares will not have any significant adverse impact on the company's equity structure and ongoing operations, and will not pose any significant legal obstacles regarding compilation under relevant Chinese laws and regulations. Intermediary Team Exclusive Sponsor: HAITONG INT'L Capital Limited Company Legal Advisor: Hong Kong Law: King & Wood Mallesons; Chinese Law: King & Wood Mallesons; International Sanctions Law: Jun He Law Offices LLC; Chinese Sanctions Law: King & Wood Mallesons Legal Advisor for Exclusive Sponsor: Hong Kong Law: Deacons; Chinese Law: Shanghai Jincheng Law Firm Independent Auditor and Reporting Accountant: Deloitte Touche Tohmatsu Limited Industry Advisor: Frost & Sullivan Consulting (Beijing) Co., Ltd. Shanghai Branch