Beijing-based Xingtianhe Technology Co., Ltd. (referred to as Xingtianhe) has submitted a listing application to the main board of the Hong Kong Stock Exchange, with Huatai International acting as its sole sponsor. This marks the company's second filing, following an initial application on January 27th.

Xingtianhe specializes in delivering enterprise-grade AI storage solutions, designed to help organizations efficiently integrate data, decision-making, and operations at scale. Through its proprietary technologies, including XSEA and XScale, the company has developed AI storage solutions encompassing AI data lake storage and AI training/inference storage. These offerings enable seamless deployment and implementation of AI storage within enterprise operations, addressing critical storage needs throughout AI transformation processes.

The XSEA platform focuses on delivering fast, resilient, and efficient large-scale data storage, while XScale is engineered to manage vast amounts of data in a flexible and scalable manner. Leveraging these proprietary technologies, the company has built two core solution categories: data lake storage, which aggregates, cleanses, and retains large volumes of raw and unstructured data as the foundation of the AI data lifecycle, and training/inference storage, which facilitates high-speed data transfer to GPUs, overcoming two major industry bottlenecks: the I/O wall in large model training and the memory wall in long-context inference.

Based on 2025 installed capacity, the top five distributed AI storage solution providers in China collectively hold 47.9% of the market, with Xingtianhe commanding a 10.6% share, ranking as the second-largest distributed AI storage solution provider in the country and the largest independent provider in this segment. In the broader Chinese data storage market by 2025 revenue, the company ranks between 10th and 15th, holding approximately 0.1% market share. Within the distributed AI storage market—including both independent providers and non-independent large corporations—the company ranks between 10th and 15th by 2025 revenue, with a market share of roughly 2.7%.

Revenue from AI storage solutions is primarily generated through the sale of the company's offerings, with pricing determined on a case-by-case basis taking into account the overall value delivered, prevailing market conditions, and specific client negotiations. Additionally, Xingtianhe provides AI storage services, including end-of-warranty support, maintenance, and renewal services bundled with its solutions, as well as value-added services such as annual maintenance and capacity expansion. Revenue from these services is recognized based on the scope, duration, and terms stipulated in the respective service agreements.

Financially, the company generated revenues of approximately RMB 167 million, RMB 172 million, RMB 267 million, and RMB 186 million for fiscal years 2023, 2024, 2025, and the six-month period ended June 30, 2026, respectively. During the same periods, the company recorded net losses of approximately RMB 181 million and RMB 84.2 million for fiscal years 2023 and 2024, respectively, before achieving net profits of approximately RMB 7.1 million and RMB 307,000 for 2025 and the first half of 2026. Gross margins for the corresponding periods stood at 55.4%, 63.7%, 63.8%, and 51.8%.

The AI workflow typically encompasses data collection and cleansing, model training, and inference and application stages. As data volumes surge, efficient and secure storage systems have become integral components of AI infrastructure. China is home to over 500 AI storage providers. According to CIC data, China's on-premises AI storage installed capacity reached 22.4 exabytes in 2025 and is projected to expand to 99.0 exabytes by 2030, representing a compound annual growth rate of 34.6%. Concurrently, the on-premises AI storage market by value reached RMB 23.7 billion in 2025 and is expected to grow to RMB 103.4 billion by 2030, with a CAGR of 34.3%.

AI training/inference storage addresses the high-concurrency, low-latency access demands for hot data during model training and inference phases, serving as a critical component for fully unleashing AI computing performance. This category of storage architecture typically employs high-bandwidth interconnects, distributed file systems, and fine-grained data sharding mechanisms to achieve high throughput, low latency, and high access consistency under intensive workloads. According to CIC, China's distributed AI storage installed capacity reached 17.5 exabytes in 2025 and is expected to expand to 89.1 exabytes by 2030, marking a CAGR of 38.5%. In 2025, AI data lake storage accounted for approximately 78.5% of the market by installed capacity, while AI training/inference storage represented 21.5%. These proportions are projected to shift to approximately 72% and 28% by 2030, respectively. Furthermore, according to the same source, China's on-premises distributed AI storage market by revenue reached RMB 17.1 billion in 2025 and is projected to grow to RMB 90.8 billion by 2030.

Solution providers in China's distributed AI storage market can be broadly categorized into independent and non-independent suppliers. In 2025, Xingtianhe ranked between 10th and 15th in the overall Chinese data storage market by revenue, holding approximately 0.1% market share. In the AI on-premises storage market by 2025 revenue, the company ranked between 15th and 20th, with a market share of about 1.1%. Within the distributed AI storage segment, it ranked between 10th and 15th by 2025 revenue, capturing approximately 2.7% market share.

The board of directors comprises eight members, including four executive directors, one non-executive director, and three independent non-executive directors. Directors serve three-year terms and are eligible for re-election.

As of August 21, 2026, pursuant to a concert party agreement, Mr. Xu, Mr. Wang, and Xingtian Shushu (as a group of shareholders) jointly hold the right to control voting rights attached to approximately 24.78% of the company's total issued shares, through: (i) 52,705,817 shares held by Mr. Xu; (ii) 22,455,647 shares held by Mr. Wang; and (iii) 12,611,553 shares held by Xingtian Shushu. Mr. Xu serves as the general partner of Xingtian Shushu and possesses the rights and authority to manage and oversee its affairs.

The intermediary team includes Huatai Financial Holdings (Hong Kong) Limited as sole sponsor, Clifford Chance as legal counsel to the company on Hong Kong and US law, King & Wood Mallesons on PRC law, Jun He Law Offices LLC on international sanctions law, and JunZeJun Law Offices on PRC sanctions law. Herbert Smith Freehills serves as legal counsel to the sole sponsor on Hong Kong and US law, with Haiwen & Partners on PRC law. Deloitte Touche Tohmatsu acts as auditor and reporting accountant, CIC serves as industry advisor, and Altus Capital Limited provides compliance advisory services.