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.
It shows that even as AI storage demand grows, infrastructure vendors still face capital-market scrutiny over thin profits and weak cash flow.
（本文作者为 创业最前线，钛媒体经授权发布）
文 | 创业最前线，作者 | 希波，编辑 | 王亚静
AI产业快速发展，带动数据存储基础设施快速增长。
近日，北京星辰天合科技股份有限公司（以下简称“星辰天合”）更新了招股说明书，再度向港交所发起冲击。
星辰天合专注于提供企业级AI存储解决方案，2025年刚刚扭亏，2026年上半年仅录得30.7万元利润。
不仅如此，公司还面临一体机毛利率大幅下跌、经营现金流持续承压、研发费用率走低等问题。此外，若公司上市失败，创始人将面临股份回购风险。
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