Yonyou Network Files Third Hong Kong IPO on July 15; Cloud Services Hit 81.4% of Revenue

According to its IPO prospectus, Yonyou Network (600588.SH) filed for Hong Kong main board listing on July 15, marking its third application as China's largest enterprise software provider. The company faces mounting losses totaling over 4 billion yuan across the past three years, despite holding a 3.8% market share—the industry's largest.

Cloud service revenue climbed to 81.4% of total revenue in Q1 2026, up from 74.6% in 2023, reflecting the company's shift toward subscription-based services. However, AI-related contracts reached 1.67 billion yuan with over 400 customers by end of 2025, though commercialization remains early-stage. Research and development expenses surged to 32.3% of revenue in 2025, driving continued losses amid near-flat overall revenue growth.