DataCanvas, an AI infrastructure company headquartered in Beijing, has formally applied for a listing on the main board of the Hong Kong Stock Exchange, with China Galaxy International Securities acting as the sole sponsor. Details regarding the issue size, offering price, and the proposed amount of funds to be raised have not yet been announced. However, it is known that the capital raised will be earmarked mainly for bolstering R&D capabilities, expanding computing resources for AIDC projects, broadening sales channels, enhancing brand building, and replenishing working capital. Established in 2013, DataCanvas initially concentrated on data science platforms before successfully pivoting to become an AI computing infrastructure provider. The company now offers comprehensive, one-stop intelligent computing center infrastructure solutions and on-demand cloud computing services. It is actively pushing forward with its Token Factory strategy, with the aim of making it a core business engine. According to statistics, based on revenue in 2025, DataCanvas ranks ninth among China's intelligent computing service providers. It stands out as the sole new-generation intelligent computing cloud enterprise in the top ten, solidifying its position as China's largest provider of such services. Its revenue figures for 2023 to 2025 were RMB 106 million, RMB 396 million, and RMB 1.098 billion, respectively, showcasing a compound annual growth rate (CAGR) of 221.5%. From 2023 to 2025, revenue skyrocketed by 933%, and in the first half of 2026, it reached RMB 588 million, marking a 92% year-on-year increase. During the reporting period, the company's net loss has progressively narrowed, with an adjusted net loss of just RMB 14.88 million recorded in the first half of 2026. Over three and a half years, cumulative R&D investment has amounted to approximately RMB 400 million. DataCanvas's business operations are primarily divided into two segments: intelligent computing infrastructure solutions and intelligent computing cloud services. In the first half of 2026, revenue from intelligent computing cloud services constituted 26.1% of the total, with an overall gross margin of 31%, surpassing that of several comparable companies in the same industry. As of June 30, 2026, the company's total controllable computing capacity has exceeded 29,000 PFLOPS, serving over 150 enterprise clients. R&D personnel make up 51.5% of the workforce, and the company boasts multiple self-developed technologies and related certifications. Both customer and supplier concentration exceed 80%, with the company adopting an asset-light model to expand its computing capacity. Since its inception, DataCanvas has completed 14 rounds of financing, attracting investors such as multiple Beijing state-owned assets and renowned investment institutions. The two co-founders each hold a 6.86% stake and are acting in concert. Nevertheless, the company still confronts challenges on the path to profitability.