XSKY

Headlines · 1

1. Oct 10
   Tencent-backed AI storage vendor XSKY refiles for Hong Kong IPO

   Chinese enterprise AI storage provider XSKY (Beijing Xingchen Tianhe) has updated its prospectus for a second attempt at a Hong Kong main-board listing, after eight funding rounds whose investors include Tencent, Boyu Capital, Qiming Venture Partners and Redpoint China; its post-F+ round valuation was about RMB 4.58 billion. The filing shows the company only turned profitable in 2025, with RMB 7.137 million of profit and just RMB 307,000 in the first half of 2026, while appliance gross margin fell from 25.5% to 18.9%, R&D spending dropped from 65.9% to 22.3% of revenue, and operating cash flow stayed negative. XSKY ranked second in China's distributed AI storage market with a 10.6% share by 2025 installed base, but founders Xu Xin and Wang Haomai face share-redemption obligations if the listing fails.

   钛媒体 · 🔥 0

Experience and discussion from the community

Share my XSKY experienceAsk about XSKY