Yonyou Network's cloud transformation has failed to return to profitability after more than five years, and its new AI narrative cannot mask its cash crunch as it makes a third attempt to list on the Hong Kong Stock Exchange to raise capital.

After market close on July 15, Yonyou Network announced that it has resubmitted its listing application to the Hong Kong Stock Exchange, updating relevant information and financial data, with China Merchants Bank International and CITIC Securities continuing to act as joint sponsors. Public filings show this is the company’s third attempt at a Hong Kong IPO, following previous submissions in June and December 2025, both of which automatically lapsed after failing to complete hearings within six months. Once hailed as the 'cloud Moutai,' Yonyou Network saw its A-share market capitalization peak at RMB 180 billion in 2020. However, that high point proved fleeting, as the company’s share price has since declined persistently, falling nearly 80% over five years.

Sina SecuritiesJul 21 17:39

IPO Preview | Yonyou Network Files for Third Time: Cloud Services Account for Over 80% of Revenue—Can AI Contracts Worth RMB 1.67 Billion Support Its H-Share Valuation?

Revenue has hovered around RMB 8.8 billion for three years.

Zhitong FinanceJul 17 16:55

Yongyou Network: Yongyou Network\'s 2026 Semi-Annual Performance Forecast

SZSIJul 15 00:00 · Announcements

Yonyou Network: Plans to transfer its held fund units worth RMB 22.5096 million to Gao Chenghuasong at a transfer price of RMB 0.

Gelonghui, July 1 — Yonyou Network announced its plan to transfer RMB 22.5096 million of unpaid fund interests it holds in Gaocheng Xingzhi (Beijing) Equity Investment Partnership (Limited Partnership) to Sanya Gaocheng Huasong Investment Partnership (Limited Partnership) at a transfer price of RMB 0. Upon completion of the aforementioned transfer of property interests, the company will hold RMB 42.4904 million of fund interests in Gaocheng.

Gelonghui FinanceJul 1 17:13

Express News | The industrial internet concept showed strong performance, with Dongtu Technology rising over 10%.

BreakingsJul 1 09:33

IPO News | Yonyou Network (600588.SH) Hong Kong IPO Prospectus Has Lapsed

Yonyou Network Technology Co., Ltd. (abbreviated as Yonyou Network, 600588.SH) submitted its Hong Kong IPO prospectus on December 29, 2025, which expired on June 29, 2026, after six months. China Merchants Bank International and CITIC Securities acted as its joint sponsors.

Zhitong FinanceJun 29 06:42