According to disclosures from the Hong Kong Stock Exchange on September 29, Beijing Jiuzhang Cloud Technology Co., Ltd. (referred to as Jiuzhang Cloud) has submitted a listing application to the Main Board of the Hong Kong Stock Exchange, with China Galaxy International serving as its sole sponsor.
According to the prospectus, Jiuzhang Cloud is a leading AI computing service provider in China, specifically built to support compute-intensive AI workloads including large-scale model training and inference. The company builds, operates, and monetizes AI computing power. It provides one-stop intelligent computing infrastructure solutions for AI Data Center (AIDC) projects and offers on-demand cloud computing services driven by its proprietary computing operating system.
Citing data from CIC, by 2025 revenue, Jiuzhang Cloud ranks ninth among AI computing service providers in China and is the only AI Computing New Cloud among the top ten, making it the largest AI Computing New Cloud in China. As an AI-native infrastructure provider, Jiuzhang Cloud differentiates itself from hyperscale AI computing service providers by building its architecture from the ground up around high-density computing deployment, heterogeneous resource orchestration, and the operational stability required for model-centric computing demands.
Driven by generative AI, which encompasses large-scale model training and high-concurrency inference, the entire computing industry is undergoing a fundamental transformation. General-purpose cloud architectures were previously designed for transactional and scaled web workloads, and these composite workloads have created a distinctly different set of infrastructure requirements that traditional CPU-centric cloud environments cannot satisfy. Therefore, according to CIC, compute-optimized AI-native infrastructure is essential for sustaining continuous AI progress.
Jiuzhang Cloud established its capabilities through AI Foundation Software (AIFS) services, and subsequently in early 2023 strategically focused its resources on AI computing infrastructure and cloud services, extending the company's model engineering expertise in data processing, training orchestration, and deployment to the infrastructure layer as enterprise adoption began to accelerate. Through heterogeneous scheduling, serverless orchestration, and usage-based billing, Jiuzhang Cloud lowers the barrier to entry for AI computing.
The company's proprietary "One Degree Computing Power" standard measures computing power using a standardized computing unit (DCU) and aligns charges with actual computing consumption rather than reserved physical capacity. According to CIC, this is the first such quantifiable billing unit in China's AI computing industry. Jiuzhang Cloud has also begun extending this concept to model inference, packaging computing clusters and selected third-party foundation models into standardized inference outputs, which customers access through the company's application programming interface (API) and pay for based on token consumption.
Jiuzhang Cloud's business has achieved rapid expansion at both the operational and financial levels. To ensure operational consistency, the company exercises comprehensive control over computing resources throughout their entire operational lifecycle, covering facility architecture planning, system deployment, and daily dynamic scheduling driven by the company's proprietary computing operating system. As of the Latest Practicable Date, under its "central scheduling plus regional nodes" framework, Jiuzhang Cloud's controllable computing power has exceeded 29,000 PFLOPS across seven provinces in China, which, according to CIC, positions Jiuzhang Cloud among China's leading AI Computing New Clouds by contracted lifecycle-controlled capacity. As of the Latest Practicable Date, Jiuzhang Cloud has served more than 150 enterprise customers through AI computing infrastructure solutions and AI computing cloud services.
On the financial side, Jiuzhang Cloud's revenue grew from RMB 106 million in 2023 to RMB 396 million in 2024 and RMB 1.098 billion in 2025, and increased from RMB 306 million for the six months ended June 30, 2025 to RMB 588 million for the six months ended June 30, 2026, representing nearly a tenfold increase over two years, benefiting from accelerating enterprise demand for intelligent infrastructure and deepening commercialization across both business lines.