On October 16th, 2024, Beijing time, Qiniu Limited ("Qiniu Cloud", SEHK:2567), a leading provider of smart audiovisual services in China and a portfolio company of Qiming Venture Partners, successfully debuted on the main board of Hong Kong Stock Exchange.
Qiming Venture Partners, an early investor in Qiniu Cloud, participated in the company's Series B, C and D funding rounds. Prior to the IPO, Qiming held a 6.83% stake in the company.
Qiniu Cloud was founded in 2011. The company's major products and services include MPaaS products and APaaS solutions. MPaaS products encompass a range of audiovisual solutions, including proprietary content delivery network which accelerates content delivery, object storage platform which stores content, interactive live streaming products and intelligent media data analytics platform, primarily aimed to serve customers with strong development capabilities and high flexibility requirements. APaaS solutions are scenario-based audiovisual solutions based on the company's MPaaS capabilities and leveraging its low-code platform, primarily aimed to enable customers to gain quick access to different functionalities with simple steps of deployment to achieve their business aim.
According to iResearch, Qiniu Cloud is the third largest audiovisual PaaS provider in China in terms of revenue in 2023, with a market share of 5.8%, and the company is also the second largest audiovisual APaaS provider in China in terms of revenue generated from APaaS in 2023 with a market share of 14.1%.
With over a decade of experience in the audiovisual industry, Qiniu Cloud has a broad base of customers across various industries including, among others, pan-entertainment, social networking, healthcare, e-commerce, education, media, financial services, automotive, telecommunications and intelligent manufacturing. As of March 31st, 2024, Qiniu Cloud had over 1,500,000 registered users, among which 643,857 were active users. Operators of 15 of the top 20 audiovisual apps in China in 2023 in terms of the number of downloads are Qiniu Cloud's customers.
In recent years, Qiniu Cloud has continuously strengthened its R&D investment, built Generative AI capabilities, and deployed its audiovisual + AI strategy. These ongoing efforts have strengthened the company's competitiveness in audiovisual processing and artificial intelligence, while also improving its ability to serve customers and meet market demands.
Shiwei Xu, Founder and CEO of Qiniu Cloud, said, "Since our inception, Qiniu Cloud has aspired to be more than an IaaS provider. Our focus on PaaS audiovisual services stems from our belief that audiovisual content will become the cornerstone of online interactions, offering tremendous growth potential. Our market approach has consistently emphasized vertical integration, delivering scenario-based services to effectively meet our strategic goals. Over the past decade, we've leveraged the rapid growth of mobile internet to reach our current position. Looking ahead, we see the AI revolution as a catalyst for further expansion. Our audiovisual + AI strategy is designed to reinforce our industry leadership and fuel ongoing innovation."
Duane Kuang, Founding Managing Partner of Qiming Venture Partners, stated, "Qiming Venture Partners first engaged with the founding team of Qiniu Cloud back in 2012. We saw the enormous potential in cloud computing and were impressed by the founders' world-class technical expertise, which drove our decision to invest. Qiniu Cloud's journey mirrors the evolution of cloud computing in China—from offering cloud storage to small and medium-sized mobile internet companies, to providing CDN and cloud storage services to larger enterprises, and now focusing on audiovisual cloud solutions. Throughout this time, the team has stayed committed to innovation and meeting the needs of a diverse customer base at different stages. As Qiniu Cloud reaches this important IPO milestone, we remain confident in the future of cloud computing in China and look forward to seeing the company continue to lead with advanced technologies and market-driven products."
