On June 10, 2026, PPLabs Technology Limited (the VIE’s de facto controlling company of PPIO Cloud Computing (Shanghai) Co., Ltd.), referred to as "PPIO" or "PPLabs," submitted a prospectus to the Hong Kong Stock Exchange, proposing a listing on the Hong Kong Main Board. This marks its second application following the lapse of its initial submission on June 20, 2025.
Core Business
Founded in 2018, PPIO is a leading independent distributed cloud computing service provider in China. Leveraging its global computing resource orchestration network and integrated AI-native capabilities, PPIO transforms heterogeneous and cross-regional GPU resources into cost-effective, low-latency, and highly scalable computing services for global AI-native applications, developers, and enterprises.
According to data from CIC Consulting,
As of the end of 2025, measured by the number of computing nodes, PPIO operated China’s largest computing network;
In 2025, by revenue, PPIO ranked first among independent AI cloud computing service providers in China;
In April 2026, PPIO’s average daily token consumption reached 1,028 billion, making it China’s largest independent AI cloud computing service provider.
As of December 31, 2025, PPIO’s computing network covered more than 1,340 counties and cities globally, comprising over 4,600 computing nodes. As of April 30, 2026, PPIO’s AI cloud computing services had over 574,000 registered developers worldwide.
PPIO has built a cloud computing platform spanning three seamlessly integrated layers. At its foundation lies PPIO’s global computing network (the Infrastructure-as-a-Service (IaaS) layer), which unifies globally distributed and heterogeneous computing resources into an efficient, scalable, and standardized computing infrastructure. Built atop this is the Model-as-a-Service (MaaS) layer, which provides access to ready-to-use models enhanced by proprietary inference optimization technologies that significantly boost performance beyond out-of-the-box capabilities. As AI advances into the era of intelligent agents, the company is further extending its platform to an agent infrastructure layer, laying the groundwork for AI agents capable of autonomously executing high-frequency tasks. PPIO’s product offerings include:
Edge Cloud Computing Services
Integrating dispersed and heterogeneous computing resources from third-party providers to meet customer demands for edge computing and data transmission. Rather than routing data to centralized cloud data centers, PPIO’s edge cloud computing services bring computing power to the 'edge' of the internet—i.e., closer to where data is generated and consumed—for processing:
Edge Node Services leverage the company's extensively distributed network of edge computing nodes to shift computing power from central nodes to edge nodes closer to end users, supporting use cases such as edge storage, audio and video processing, video transcoding, and content delivery.
Edge Content Delivery Network (Edge CDN): The company’s Edge CDN is built upon its extensive network of edge nodes and leverages its expertise in intelligent scheduling, distributed caching, and network transmission technologies. Key application scenarios include file downloads, patch updates, video-on-demand, and live streaming.
AI Cloud Computing Services
Leveraging distributed GPU computing resources integrated into the company’s computing infrastructure, PaiCloud launched AI Cloud Computing Services in 2023 to help global customers overcome cost and technical barriers associated with adopting new technologies. The company offers a suite of products ranging from foundational to advanced capabilities:
GPU Cloud Services provide customers with powerful computing resources without the need to purchase physical GPUs or manage GPU servers. The architecture is highly elastic, enabling automatic scaling based on demand and operating on a pay-as-you-go model where customers are billed only for actual usage. Additionally, PaiCloud offers a robust AI-native runtime environment specifically designed for generative AI and machine learning workloads. Key features of PaiCloud GPU Cloud Services include an optimized inference engine, preconfigured templates for rapid deployment, demand-driven auto-scaling, and integrated observability.
Model APIs offer customers pre-built, ready-to-use models—primarily large language models (LLMs) and multimodal models—designed for clients who lack the capability to develop, train, or manage highly complex AI models themselves.
Agent Infrastructure refers to AI systems capable of autonomously completing tasks through reasoning, planning, and action execution without continuous human supervision. Agent Infrastructure is a suite of cloud-based infrastructure services designed to provide AI agents with a self-operating cloud computing environment, reflecting the emerging trend that AI agents will become primary users of cloud services.
Shareholding Structure
According to the prospectus, immediately prior to the listing, Mr. Yao Xin and Ms. Lü Shanshan, as a married couple, collectively held approximately 45.11% of PaiCloud’s shares through several entities.
Mr. Wang Wenyu holds 10.17%, with other investors including Millennium, IMO Ventures, CCV Fund, Huaye Tiancheng, Panlin, and Feidian.
Directors and Senior Management
PaiCloud’s board of directors comprises seven members, including:
3 executive directors:
Mr. Yao Xin (Chairman and Chief Executive Officer);
Mr. Wang Wenyu (Chief Technology Officer);
Mr. Li Zhe (General Manager, China Market);
1 Non-Executive Director:
Ms. Lü Shanshan (formerly held sales and trade marketing roles at Procter & Gamble) (spouse of Mr. Yao Xin);
3 Independent Non-Executive Directors:
Ms. He Cuiping (Founder and Chief Executive Officer of Yuanyi Advisory);
Mr. Kong Jie (Partner at Shanghai Mengxing Network Investment);
Dr. Yao Xi (Lecturer at The Hong Kong Polytechnic University, formerly held positions at JPMorgan Private Bank and Haier Group).
In addition to the Executive Director, senior management includes
Ms. Su Jia (Chief Financial Officer);
Ms. Wang Ting (Director of Human Resources);
Ms. Chu Wan (Finance Director and Joint Company Secretary).
Company performance
Financial data show that in the past three years—2023, 2024, and 2025—Paiou Cloud's revenue amounted to RMB 358 million, RMB 558 million, and RMB 770 million, respectively, with corresponding net losses of RMB 189 million, RMB 294 million, and RMB 223 million, and corresponding adjusted net losses of RMB 37 million, RMB 62 million, and RMB 105 million, respectively.
Intermediary team
The intermediary team for Paiou Cloud’s IPO primarily includes:
ICBC International and Shenwan Hongyuan (Hong Kong) as joint sponsors;
Ernst & Young as its auditor;
Jiayuan is its legal counsel in China;
Jiayuan (Hong Kong) is its legal counsel in Hong Kong;
Haiwen as its PRC legal counsel;
Linklaters as its securities broker’s Hong Kong legal counsel;
Shenwan Hongyuan (Hong Kong) as its compliance adviser.
CIC灼识咨询 is its industry advisor.