New stock news | Green Cloud Software submits application to Hong Kong Stock Exchange as the leading digital service provider for China's hospitality industry.

According to the disclosure of the Hong Kong Stock Exchange on February 20, Hangzhou GreenCloud Software Co., Ltd. (referred to as GreenCloud Software) has submitted a listing application to the main board of the Hong Kong Stock Exchange, with CICC as its exclusive sponsor. Company Introduction The prospectus shows that GreenCloud Software is a leading digital service provider in the accommodation industry in China. During the reporting period, the company mainly provided digital solutions for the accommodation industry, digital marketing services, and other digital value-added services. The core module of the digitization industry in the accommodation sector is the PMS (Hotel Property Management System). According to Zhi Shi Consulting, based on sales and the number of rooms covered, GreenCloud Software was the largest PMS supplier in the Chinese accommodation industry in 2024, with market shares of 16.8% and 16.3% respectively. In addition, among the top five digital service providers in the Chinese accommodation industry, the company was the only one to achieve annual profits consistently in the past five years (2020-2024) and had the highest cumulative net profit during the same period. As of February 13, 2026, GreenCloud Software had provided PMS to over 37,000 hotels in China. The company's clients include more than half of the hotels in the top 50 hotel management groups ranked by the China Hotel Association in 2024, as well as more than one-third of the hotels in the top 50 global hotel groups listed by "Hotels" magazine (including Marriott, Intercontinental, Accor, Wyndham, etc.). In addition to hotels, the company's solutions and services have also been widely applied in the cultural tourism field, such as Songzan Group, Anaya, Mediterranean Neighbors, and Mediterranean Odyssey. According to Zhi Shi Consulting, based on the number of high-end hotels signed up, the company ranked first in the Chinese accommodation digitization industry in 2024. The company has established a cloud-based product ecosystem with PMS at its core, which is called the GreenCloud Chain. The "cloud" symbolizes the cloud deployment mode of the software modules, while the "chain" refers to seamless connections between modules through APIs. These systems work together to enable hotels to manage cross-channel orders, guest data and interactions, revenue, and settlement processes seamlessly. By connecting front-end and back-end operations and applications for employees and guests, the company's solutions provide customers with a comprehensive digital infrastructure to enhance the operational efficiency and guest experience of the entire accommodation value chain. Financial Data Revenue In the nine months ended September 30, 2023, 2024, and 2025, the company's revenue was approximately RMB 337 million, RMB 327 million, and RMB 225 million respectively. Profit In the nine months ended September 30, 2023, 2024, and 2025, the company's net profits for the fiscal year were RMB 73.85 million, RMB 68.968 million, and RMB 34.571 million respectively. Gross Margin In the nine months ended September 30, 2023, 2024, and 2025, the company's gross margins were 64.1%, 68.0%, and 66.6% respectively. Industry Overview The market size of the Chinese accommodation industry increased from RMB 793.1 billion in 2019 to RMB 975.1 billion in 2024, with a compound annual growth rate of 4.2%, and is expected to reach RMB 1,347.5 billion in 2029, with a compound annual growth rate of 6.7% from 2024 to 2029. Hotels are the main component of the accommodation industry, and the market size of the Chinese hotel industry in 2024 was RMB 875.8 billion, accounting for 89.8% of the total market size of the Chinese accommodation industry. The compound annual growth rate from 2019 to 2024 was 4.0%, and it is expected to reach RMB 1,195.9 billion in 2029, with a compound annual growth rate of 6.4% from 2024 to 2029. The market size of the accommodation industry in cultural tourism complexes has grown rapidly from RMB 22.4 billion in 2019 to RMB 31.1 billion in 2024, with a compound annual growth rate of 6.8%. With the guidance and demand of the industry, the market size of the accommodation sector in cultural tourism complexes will accelerate development and is expected to reach RMB 50.7 billion in 2029, with a compound annual growth rate of 10.2% from 2024 to 2029. The market size of the digital accommodation industry in China increased from approximately RMB 293.17 million in 2019 to approximately RMB 498.83 million in 2024, with a compound annual growth rate of 11.2%, and is expected to reach approximately RMB 901.85 million in 2029, with a compound annual growth rate of 12.6% from 2024 to 2029. The largest market in the digital accommodation industry is the hotel sector, with a market size of approximately RMB 431.85 million in 2024, a compound annual growth rate of 10.8% from 2019 to 2024, and is expected to grow at a compound annual growth rate of 11.9% to reach approximately RMB 757.78 million in 2029. The accommodation industry in cultural tourism complexes is the fastest-growing segment, with the market size increasing from approximately RMB 25.67 million in 2019 to approximately RMB 55.06 million in 2024, a compound annual growth rate of 16.5%. It is expected to reach approximately RMB 124.82 million in 2029, with a compound annual growth rate of 17.8% from 2024 to 2029. PMS is the main system for digitizing the accommodation industry in China. The market size of the Chinese accommodation industry PMS increased from approximately RMB 128.95 million in 2019 to approximately RMB 209.50 million in 2024, with a compound annual growth rate of 10.2%, and is expected to reach approximately RMB 351.50 million in 2029, with a compound annual growth rate of 10.9% from 2024 to 2029. Board of Directors The board of directors consists of nine directors, including six executive directors and three independent non-executive directors. All directors serve for a term of three years, renewable and reappointable for successive terms. Share Structure As of February 13, 2026, Mr. Yang, Mr. Gao, and Ms. Xin Yu Xiaju directly hold approximately 27.19%, 26.75%, and 4.87% of the company's equity respectively. Mr. Yang and Mr. Gao are acting in concert, and Ms. Xin Yu Xiaju is controlled by Mr. Yang as her general partner. Therefore, as of February 13, 2026, Mr. Yang (individually and through Ms. Xin Yu Xiaju) and Mr. Gao jointly have voting rights over the total issued share capital of the company at 58.81%. Advisory Team Exclusive Sponsor: China International Finance Hong Kong Securities Limited Company Legal Advisor: Hong Kong Law: Tian Yuan Law Firm (Limited Liability Partnership); Chinese Law: Guohao Law Firm (Hangzhou); Chinese Data Compliance Law: Guohao Law Firm (Beijing) Legal Advisor for the Exclusive Sponsor: Hong Kong Law: King & Wood Mallesons (Joint Law Firm); Chinese Law: King & Wood Mallesons Auditor and Reporting Accountant: Ernst & Young Certified Public Accountants Industry Consultant: Zhi Shi Enterprise Management Consulting (Shanghai) Co., Ltd. Compliance Advisor: SOMERLEY CAP Limited.