According to a filing with the Hong Kong Stock Exchange on June 10, PaiXiang Future Group (referred to as PaiXiang Future) has submitted an application for a listing on the Main Board. Industrial and Commercial Bank of China International and Shenwan Hongyuan (HK) are acting as the joint sponsors.

Company Overview

As detailed in its prospectus, PaiXiang Future is an independent distributed cloud computing service provider. According to data from CIC, as of December 31, 2025, the company operated the largest computing power network in China by number of computing nodes. By 2025 revenue, it was also the largest independent edge cloud computing service provider in China. Based on average daily token consumption in 2025, the company ranked first among independent AI cloud computing service providers in China.

Edge cloud computing services were the company's initial business. The rapid development of large AI models has led to a surge in demand for GPU computing power and AI inference. Leveraging its global computing power scheduling network and comprehensive AI-native capabilities, the company transforms heterogeneous, cross-regional GPU resources into low-cost, low-latency, and highly scalable computing services for global AI-native applications, developers, and enterprises.

The company's core value lies not merely in providing access to computing resources, but in delivering reliable, efficient, and optimized model services. This allows clients to seamlessly integrate these services into their products and workflows without the need to build or manage the underlying infrastructure.

The company has built a cloud computing platform spanning three seamlessly integrated layers. The foundation is its global computing power 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, enhanced by proprietary inference optimization technologies that significantly improve their performance beyond out-of-the-box capabilities.

Concurrently, the company is extending its platform to "Agent Infrastructure," creating a foundational layer that will power autonomous and persistent task execution by AI agents. As agent AI becomes widespread, the primary users of cloud computing infrastructure are expected to shift from human users to AI agents, generating new demands for computing resources.

As of December 31, 2025, the company's computing power network spanned over 1,340 counties and cities globally, comprising more than 4,600 computing nodes. As of April 30, 2026, its AI cloud computing services had over 574,000 registered developers worldwide.

In 2023, 2024, and 2025, revenue from its largest customer accounted for 44.1%, 35.2%, and 30.0% of total revenue for the respective periods. Revenue from the top five customers accounted for 92.5%, 89.5%, and 79.0% of annual revenue in those years.

Financial Information

Revenue: For the years ended 2023, 2024, and 2025, the company generated revenue of approximately RMB 358 million, RMB 558 million, and RMB 770 million, respectively.

Gross Profit: For the same periods, the company's gross profit was approximately RMB 63.517 million, RMB 68.847 million, and RMB 72.039 million, respectively.

Annual Loss: For the years 2023, 2024, and 2025, the company recorded annual losses of approximately RMB 189 million, RMB 294 million, and RMB 223 million, respectively.

Industry Overview

Distributed cloud computing offers lower latency, better bandwidth utilization, and greater resilience by processing data closer to its source. Edge cloud computing services and AI cloud computing services represent two key scenarios within distributed cloud computing.

Edge Cloud Computing Services: These 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 services to customers. According to CIC data, the global edge cloud computing services market grew from RMB 61.4 billion in 2021 to RMB 209.8 billion in 2025, representing a compound annual growth rate (CAGR) of 35.9%. It is projected to reach RMB 564.2 billion by 2030, with a CAGR of 21.9% from 2025 to 2030.

Within this global context, the China edge cloud computing services market grew from RMB 5.0 billion in 2021 to RMB 15.3 billion in 2025, a CAGR of 32.1%. It is expected to reach RMB 41.9 billion by 2030, with a CAGR of 22.2% from 2025 to 2030.

By relevant revenue in 2025, the company was the seventh-largest edge cloud computing service provider and the largest independent operator in China, with a market share of 4.2%. Furthermore, it is the only leading edge cloud computing service provider in China that primarily operates on a platform model. By number of nodes, the company operates the largest computing power network in China.

AI Cloud Computing Services: These services provide the resources and capabilities required for AI inference and agent workloads within distributed cloud services. According to CIC data, the global AI cloud computing services market grew from RMB 12.7 billion in 2023 to RMB 188.2 billion in 2025, a CAGR of 284.3%. It is projected to reach RMB 4,666.8 billion by 2030, with a CAGR of 90.1% from 2025 to 2030.

Within the AI cloud computing services sector, independent providers are third-party service providers that integrate various models and computing resources available on the market and offer value-added capabilities to users, rather than primarily providing self-developed models or proprietary computing resources.

The company was one of the earliest independent providers in China to launch AI cloud computing services. Based on average daily token consumption in 2025 and the first quarter of 2026, it ranked first among independent AI cloud computing service providers in China. The table below presents the ranking of independent AI cloud computing service providers in China.

Board Information

The board of directors will consist of seven directors, including three executive directors, one non-executive director, and three independent non-executive directors.

Shareholding 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. Lü as beneficiaries.

Millennium is owned by 14 shareholders, with the single largest shareholder holding approximately 23.75% of Millennium's total issued share capital. One of its shareholders, Li Yang, is the CEO, director, and CFO of Hivemind US and is therefore a connected person of the company. Apart from the disclosure above, Millennium and all its other shareholders are independent third parties.

Professional Team

Joint Sponsors: ICBC International Capital Limited, Shenwan Hongyuan Capital (Hong Kong) Limited

Company Legal Advisors: For Hong Kong law: Jia Yuan Law Offices; for PRC law: Beijing Jia Yuan Law Offices; for Cayman Islands and BVI law: Maples and Calder (Hong Kong) LLP; for US data privacy & security law: Loeb & Loeb LLP; for Singapore data privacy & security law: everstead law llc.

Sponsor Legal Advisors: For Hong Kong law: Linklaters; for PRC law: Haiwen & Partners.

Auditor and Reporting Accountant: Ernst & Young

Industry Consultant: China Insights Consultancy (Shanghai) Co., Ltd.

Compliance Advisor: Shenwan Hongyuan Capital (Hong Kong) Limited