New stock news | Yonyou Network Technology (600588.SH) submits listing application to the Hong Kong Stock Exchange for the third time, becoming the largest domestic enterprise software company in China.

According to the disclosure by the Hong Kong Stock Exchange on July 15th, Yonyou Network Technology Co., Ltd. (referred to as Yonyou Network Technology, 600588.SH) submitted its third application for listing on the main board of the Hong Kong Stock Exchange, with CMB International and CITIC SEC serving as joint sponsors. Company Overview The prospectus shows that the company is a leading enterprise software and intelligent service provider, dedicated to the research, development, commercialization, and delivery of enterprise digitized software and intelligent services based on core technologies such as AI, big data, and cloud computing. According to data from Frost & Sullivan, based on revenue estimates for 2025, the company is the largest market participant in China's enterprise software and services market, with a market share of 3.8%. Furthermore, based on overseas revenue estimates for 2025, the company is also the largest domestic enterprise software company in China. The company offers a comprehensive range of enterprise software and intelligent service products, including cloud services and software products. The company's cloud services mainly include the YonBIP series products, U9 cloud, products provided by CHANJET, and the company's industry-specific solutions. The company began exploring the application of cloud technology in the field of digital enterprise services as early as 2015, and started generating revenue from its cloud service products in 2016. In 2020, the company launched YonBIP and began building a new generation of cloud product matrices. Starting from 2021, the company further developed and enhanced its YonBIP series products. Alongside the launch of YonBIP, the company began integrating AI capabilities into its cloud services. In 2023, the company introduced the enterprise application large language model YonGPT, marking a significant expansion of AI capabilities in its cloud service product portfolio. In 2025, the company launched the AI application suite YonBIP Enterprise AI, which includes a series of intelligent bodies to support complex enterprise business and management scenarios. YonBIP is the core platform of the company's cloud services, designed to provide comprehensive tools, capabilities, and resources to support enterprise digital transformation and intelligent operations. The company's YonBIP product series includes YonBIP for large enterprises and YonSuite for medium-sized enterprises. YonBIP effectively solves the challenges of traditional enterprise software applications such as application silos, data fragmentation, and independent AI models that are disconnected from actual business workflows, accurately matching the advanced needs of enterprise digitization transformation. The company continues to focus deeply on key vertical industries such as automotive, government, and finance. The company customizes cloud services to meet the core needs of various industries and support their digital transformation. The company's software products support only local deployment and operation, mainly targeting large and medium-sized customers, helping enterprises achieve digital operations on local servers. The company focuses on integrating AI into its products and has launched YonBIP Enterprise AI, empowering YonBIP with AI capabilities, integrating domestic enterprise software and large language models, embedding AI technology into business processes and management systems. By seamlessly integrating operational processes, data, and AI native applications, YonBIP Enterprise AI offers three key advantages: unified AI foundation, AI-driven enterprise business, and AI intelligent bodies. Financial Information Revenue In the fiscal years 2023, 2024, 2025, and the three months ended on March 31, 2026, the company's revenues were approximately RMB 9.443 billion, RMB 8.817 billion, RMB 8.862 billion, and RMB 1.383 billion respectively. Losses In the fiscal years 2023, 2024, 2025, and the three months ended on March 31, 2026, the company reported losses of approximately RMB 9.33 billion, RMB 20.7 billion, RMB 13.51 billion, and RMB 7.44 billion respectively. Industry Overview Enterprise software and services refer to application software and services provided to enterprise customers to support various business operations and management. Enterprise software and services usually include enterprise resource planning (including human resources), customer relationship management, supplier relationship management, product lifecycle management, and other AI-driven software and services, designed to help enterprises digitize and upgrade their business processes and management systems. The global enterprise software and services market has gone through three key development stages from localization, cloud services to AI-enabled smart services, each stage showing significant evolution in technology architecture, product form, business model, and core value proposition. Looking ahead, the global enterprise software and services market is expected to reach $722.5 billion in revenue by 2030, with a compound annual growth rate of 11.6% from 2025 to 2030. Global Enterprise Software and Services Market Trends The importance of IT spending is increasing. In the digital age, software has become the core carrier of digital technology, and enterprises are increasingly relying on software to drive innovation, improve efficiency, and optimize operations. With the continuous increase in enterprise IT spending, the proportion of software spending in overall IT spending is also expected to increase from 4.6% in 2025 to 5.1% in 2030. The penetration rate of cloud services continues to rise. With the maturity of technology and the decrease in usage costs, cloud deployment is becoming the mainstream form of enterprise IT architecture, with a continuously increasing penetration rate. More and more enterprises are deploying core applications and business systems in the cloud to improve flexibility, scalability, and operational efficiency. Further integration with artificial intelligence technology. With the continuous breakthroughs in artificial intelligence technology, AI is accelerating its deep integration with enterprise software and services, becoming a key driver of market development. AI is creating new demands for intelligent applications, increasing the need for high-quality data governance and data platforms, and driving upgrades of traditional software systems that cannot support AI deployment and operations. These trends are accelerating the evolution of enterprise applications towards more intelligent and higher value usage scenarios while continuously expanding the enterprise software and services market. China has developed into the world's second-largest enterprise software and services market after the United States and still has significant room for growth in the future. In terms of revenue, the market size of China's enterprise software and services market is expected to increase from RMB 222.5 billion in 2025 to RMB 391.5 billion in 2030, with a compound annual growth rate of 12.0%. Board of Directors Information After compilation, the company's board of directors will consist of eight directors, including four executive directors, one non-executive director, and three independent non-executive directors. According to the articles of association, directors are elected and appointed by shareholders for a term of three years, with the possibility of reelection upon expiration. According to relevant Chinese laws and regulations, the tenure of independent non-executive directors should not exceed six years. Shareholding Structure Mr. Wang, Beijing Yonyou Technology, Shanghai Yonyou Technology, and Yonyou Research Institute are a group of controlling shareholders of the company, both currently and after compilation. Intermediary Team Joint Sponsors: CMB International Financing Co., Ltd., CITIC SEC (Hong Kong) Co., Ltd.; Legal Advisors: K&L Gates LLP, JunHe LLP; Legal Advisors of Joint Sponsors: Sidley Austin LLP, Tian Yuan Law Firm; Reporting Accountants and Independent Auditors: Ernst & Young; Industry Consultants: Frost & Sullivan Consulting (Beijing) Co., Ltd. Shanghai Branch; Compliance Advisors: FIRST SHANGHAI Financing Co., Ltd.