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New Stock News | Xinghuan Technology(688031.SH)Hong Kong Stock IPO Prospectus Invalid
Tongtong Finance APP has learned that Xinghuan Information Technology (Shanghai) Co., Ltd. (short: Xinghuan Technology (688031.SH)) submitted its Hong Kong IPO prospectus on August 18, 2025. After six months, on February 18, 2026, the prospectus will expire. Haitong International was its sole sponsor at the time of listing.
The prospectus shows that Xinghuan Technology is an AI infrastructure software provider. By deeply integrating artificial intelligence, big data, and cloud technology, it helps enterprises efficiently build AI infrastructure software and promotes intelligent transformation and business model innovation across various industries. In terms of revenue, the company ranked fifth in China’s AI infrastructure software market in 2024 and is also the largest pure AI infrastructure software provider.
As of March 31, 2025, the company’s products and solutions have been implemented in more than ten industries, including finance, public sector, energy, healthcare, transportation, and manufacturing, serving over 1,600 clients, including approximately 110 Fortune China 500 companies. From 2022 to 2024, recurring revenue from existing clients accounted for over 70% of total revenue on average.