Unisplendour Corporation has officially submitted its application for a main board listing on the Hong Kong Stock Exchange. The Chinese digital infrastructure leader is reportedly seeking to raise up to $1 billion through the IPO, with China Securities International, BNP Paribas, and CMB International acting as joint sponsors.
As a major provider of ICT infrastructure, software, and cloud services, Unisplendour holds a third-place market share (8.6%) in China's digital infrastructure sector for 2024. Its specific strengths include ranking second in China's network infrastructure market (12.8% share) and second in the computing infrastructure market (8.2% share). While over 90% of its revenue comes from China, the company has expanded overseas with operations in over 100 countries and regions and 32 overseas subsidiaries.
Financially, the company has shown steady revenue growth but margin pressure. Revenue reached 73.752 billion yuan in 2022, 77.538 billion yuan in 2023, and 79.024 billion yuan in 2024. Revenue for the first half of 2025 increased 25% year-over-year to 47.425 billion yuan. However, its gross margin has trended downward, from 19.8% in 2022 to 14.4% in H1 2025, with H1 2025 net profit at 1.285 billion yuan.
Proceeds from the IPO will focus on future expansion, specifically funding high-performance computing and AI-related R&D, pursuing strategic, complementary investments and acquisitions under its "Computing x Connection" strategy, accelerating global market penetration, and supplementing working capital.
ICgoodFind: The potential IPO would strengthen Unisplendour's capital base to compete more aggressively in the fast-growing AI infrastructure and high-performance computing markets.
