New Stock News | Xinghuan Technology (688031.SH) passes Hong Kong Stock Exchange hearing, becoming the largest independent service provider in China's AI infrastructure software market.

According to the Hong Kong Stock Exchange's disclosure on August 27, Starry Technologies (Shanghai) Co., Ltd. (abbreviated as Starry Technologies, 688031.SH) has passed the main board listing hearing, with HAITONG INT'L as its exclusive sponsor. According to Frost & Sullivan's data, the company is the fifth largest AI infrastructure software supplier in China by revenue, with a market share of 2.7% expected by 2025, and is also the largest independent service provider in the market. The prospectus shows that Starry Technologies is a leading AI infrastructure software provider in China. The company generates revenue primarily by selling AI and big data infrastructure software products and related services to enterprise and government clients. By deeply integrating artificial intelligence, big data, and cloud technology, the company helps businesses efficiently build AI infrastructure software, driving intelligent transformation and business model innovation across various industries. According to Frost & Sullivan's data: the company is the first in the world to be a database enterprise that has passed the TPC-DS test and official audit, indicating that its foundational software based on distributed architecture has reached an industry-leading level in large-scale data computation and analysis. The company is also the first Chinese enterprise selected in Gartner's Magic Quadrant for Data Warehousing and Data Management Solutions, marking the international recognition of its leading position by authoritative organizations. Starry Technologies is one of the first companies in China focused on R&D of AI and big data infrastructure software, having established significant first-mover advantages and strong technical capabilities. The company offers enterprise-level AI infrastructure software and services covering the entire data lifecycle, including data integration, storage, governance, modeling, analysis, mining, and distribution. Through years of independent research and development, the company has built a next-generation AI infrastructure software matrix, including big data and cloud infrastructure platforms (TDH and TDC), distributed databases (ArgoDB and KunDB), data development and governance tools (TDS), artificial intelligence platforms for large language models and machine learning operations (LLMOps and MLOps), and knowledge platforms (TKH). These products together form an end-to-end solution from data to knowledge, and from models to applications, helping enterprises in various industries accelerate intelligent transformation and reshape competitive advantages. As of March 31, 2026, Starry Technologies' products and solutions have been implemented in over a dozen industries, including finance, government, energy, healthcare, transportation, and manufacturing, serving more than 1,800 clients, among which are 105 companies from the Fortune China 500. From 2023 to the first quarter of 2026, the repurchase revenue from existing clients accounted for over 70% of the company's total revenue on average, reflecting the loyalty and stickiness of its client base. With the enormous growth potential of the global AI infrastructure software market, the company plans to actively expand into overseas markets. Most of the companys software products have been standardized and can be deployed across various industries and regions, enabling the company to meet the diverse needs of global clients. The company has established subsidiaries in Hong Kong, Singapore, and Canada as strategic hubs for its international business. With its technological advantages and increasingly recognized brand, the company has successfully brought products like TDH, TKH, and Sophon to market. In terms of finance, for the years 2023, 2024, and 2025, as well as the three months ending March 31, 2026, the company achieved revenues of approximately 491 million yuan (RMB, the same below), 371 million yuan, 447 million yuan, and 81.24 million yuan, respectively; during the same period, recorded losses of approximately 289 million yuan, 344 million yuan, 245 million yuan, and 55.99 million yuan.