New Stock News | Pioneering Future Delivers Documents to Hong Kong Stock Exchange as Independent Distributed Cloud Computing Service Provider

According to the disclosure made by the Hong Kong Stock Exchange on June 10th, PP Future Group (referred to as PP Future) has submitted an application to the Hong Kong Stock Exchange for a listing on the main board, with Guotai Junan International, and Shenwan Hongyuan Group Hong Kong, as its joint sponsors. Company Introduction According to the prospectus, PP Future is an independent distributed cloud computing service provider. As of December 31, 2025, based on the number of computing nodes, the company operates the largest computing network in China. By revenue in 2025, it is the largest independent edge cloud computing service provider in China. In terms of daily average token consumption in 2025, the company also ranks first among independent AI cloud computing service providers in China. Edge cloud computing services are the company's primary business. With the rapid development of AI large model technology, there has been an increase in demand for graphic processing unit (GPU) computing power and AI inference. Leveraging its global computing network and comprehensive AI native capabilities, the company converts heterogeneous, cross-region GPU resources into low-cost, low-latency, and highly scalable computing services, serving global AI native applications, developers, and enterprises. The core value of the company lies not only in providing access to computing resources but also in providing reliable, efficient, and optimized model services, allowing customers to seamlessly integrate them into their products and workflows without having to build or manage underlying infrastructure. The company has built a cloud computing platform with three seamless integration layers. The foundation is its global computing network, or Infrastructure as a Service (IaaS) layer, which unifies globally dispersed and heterogeneous computing resources into an efficient, scalable, and standardized computing base. On top of this, the Model as a Service (MaaS) layer provides access to ready-to-use models and enhances them through proprietary inference optimization technology, significantly improving their performance beyond out-of-the-box capabilities. At the same time, the company is also expanding the platform into "intelligent agent infrastructure," creating a foundational layer that will provide power for autonomous and persistent execution of tasks by AI intelligent agents. With the widespread adoption of AI intelligent agents, it is expected that the primary users of cloud computing infrastructure will shift from human users to AI intelligent agents, resulting in new demand for computing resources. As of December 31, 2025, the company's computing network covers over 1,340 counties and cities worldwide, including over 4,600 computing nodes. As of April 30, 2026, the company's AI cloud computing services have over 574,000 registered developers worldwide. In 2023, 2024, and 2025, revenue from the largest customer accounted for 44.1%, 35.2%, and 30.0% of total revenue, respectively, while revenue from the top five customers accounted for 92.5%, 89.5%, and 79.0% of total revenue in the same years. Financial Information Revenue In the fiscal years of 2023, 2024, and 2025, the company's revenue was approximately RMB 358 million, RMB 558 million, and RMB 770 million, respectively. Gross Profit In the fiscal years of 2023, 2024, and 2025, the company's gross profit was approximately RMB 63.517 million, RMB 68.847 million, and RMB 72.039 million, respectively. Net Loss In the fiscal years of 2023, 2024, and 2025, the company recorded net losses of approximately RMB 189 million, RMB 294 million, and RMB 223 million, respectively. Industry Overview Distributed cloud computing processes data closer to the source, providing lower latency, better bandwidth utilization, and stronger resilience. Edge cloud computing services and AI cloud computing services represent two typical scenarios of distributed cloud computing. Edge Cloud Computing Services Edge cloud computing services bring computing resources and data storage closer to data sources and user endpoints, delivering low-latency, high-bandwidth, and cost-effective edge computing infrastructure solutions and computing services to customers. According to data from Zhushi Consulting, the global market size of edge cloud computing services increased from RMB 61.4 billion in 2021 to RMB 209.8 billion in 2025, with a compound annual growth rate of 35.9% from 2021 to 2025, expected to reach RMB 564.2 billion by 2030, with a compound annual growth rate of 21.9% from 2025 to 2030. In this global landscape, the market size of China's edge cloud computing services increased from RMB 5 billion in 2021 to RMB 15.3 billion in 2025, with a compound annual growth rate of 32.1% from 2021 to 2025, expected to reach RMB 41.9 billion by 2030, with a compound annual growth rate of 22.2% from 2025 to 2030. Based on revenue in 2025, the company is the seventh largest edge cloud computing service provider in China and the largest independent operator, with a market share of 4.2%. Additionally, it is the only major platform-operated company among China's leading edge cloud computing service providers. By the number of nodes, the company operates the largest computing network in China. AI Cloud Computing Services AI cloud computing services provide resources and capabilities needed for AI inference and intelligent agent workloads in distributed cloud services. According to Zhushi Consulting data, the global market size of AI cloud computing services increased from RMB 12.7 billion in 2023 to RMB 188.2 billion in 2025, with a compound annual growth rate of 284.3% from 2023 to 2025, expected to reach RMB 4,666.8 billion by 2030, with a compound annual growth rate of 90.1% from 2025 to 2030. In AI cloud computing services, independent providers refer to third-party service providers who integrate various models and compute resources in the market and provide value-added capabilities to users, rather than primarily providing self-developed models or proprietary compute resources. The company is one of the earliest independent providers of AI cloud computing services in China. In terms of average daily token consumption in 2025 and the first quarter of 2026, the company ranks first among independent AI cloud computing service providers in China. The table below shows the ranking of independent AI cloud computing service providers in China: Board Information The board of directors will consist of 7 members, including 3 executive directors, 1 non-executive director, and 3 independent non-executive directors. Equity Structure PP Future is owned 99.00% by Ant Colony and 1.00% by Patty William. Water Seven is owned 99.00% by Ant Colony and 1.00% by Patty William. Ant Colony is wholly owned by the Yao family trust, with Mr. Yao and Ms. Lv as beneficiaries. Millennium has 14 shareholders, with the largest single shareholder owning approximately 23.75% of the issued share capital. One of the shareholders, Li Yang, is the CEO, director, and CFO of Hivemind US, a connected person to the company. Apart from the above, Millennium and all other shareholders are independent third parties. Intermediary Team Joint Sponsors: Guotai Junan International Finance Limited, Shenwan Hongyuan Group Finance (Hong Kong) Limited Company Legal Advisor: Jia Yuan Law Firm for Hong Kong laws; Jia Yuan Law Firm for Chinese laws; Maples and Calder as legal adviser for laws of Cayman Islands and BVI; Lobo & Partners LLP for US data privacy and security laws; Everstead Law LLC for Singapore data privacy and security laws Sponsor Legal Advisor: INTELLECTUAL DAVID VICKY & ROB for Hong Kong laws; Huiwen for Chinese laws Auditors and Reporting Accountants: Ernst & Young Industry Consultant: Zhushi Enterprise Management Consulting (Shanghai) Co., Ltd. Compliance Advisor: Shenwan Hongyuan Group Finance (Hong Kong) Limited