New Stock First Day | Qiniu Intelligent debuts on the market with an opening price 41.82% lower in the morning session

Qiniu Intelligent made its debut on the stock market. The announcement shows that the price per share is HKD 2.75, with a total issuance of 160 million shares, and 1000 shares per board lot. The net proceeds are approximately HKD 3.672 billion. As of the time of writing, it has dropped by 41.82% to HKD 1.6, with a trading volume of HKD 25.7732 million. It is reported that Qiniu Intelligent is one of the earliest platforms in China to provide audio and video cloud services, aiming to become a leading global one-stop intelligent audio and video service provider. The company mainly provides audio and video PaaS services (MPaaS) and application platform as a service (APaaS). It is one of the few companies in China that has developed comprehensive and high-performance MPaaS products and has the technical capabilities to integrate and cover all aspects of audio and video business. According to iResearch, based on the 2023 revenue calculation, the company is the third largest audio and video PaaS service provider in China, with a market share of 5.8%; based on the 2023 APaaS revenue, the company is also the second largest audio and video APaaS service provider in China, with a market share of 14.1%