Hangzhou GreenCloud: HKEX filing lapses after 6 months, formerly the largest PMS provider in China's hospitality digitalisation industry

NewTimeSpace News: On 20 August 2026, the listing application of Hangzhou GreenCloud Software Co., Ltd. filed with the Hong Kong Stock Exchange on 20 February 2026 has lapsed as it exceeded the six-month validity period, with CICC having acted as the sole sponsor at the time of filing. The Company is a leading digitalisation service provider in China's hospitality industry, primarily providing hospitality digitalisation solutions, digital marketing services and other digital value-added services, with the core module being PMS (Property Management System).

According to CIC, by sales and rooms covered, the Company was the largest PMS provider in China's hospitality digitalisation industry in 2024, with market shares of 16.8% and 16.3% respectively; by cumulative number of contracted mid-to-high-end hotels, the Company ranked first in China's hospitality digitalisation industry in 2024. Among the top five hospitality digitalisation service providers in China, the Company was the only one to have achieved sustained profitability every year over the past five years (2020-2024) while also recording the highest cumulative net profit over the same period.

In terms of financials, the Company's average gross margin was 66.1% and average net margin 21.5% over 2023-2024, with an average net cash adjustment ratio of 124.8%, a customer retention rate of 96.0% and a cross-selling rate of 89.8%; recurring revenue for2024 reached RMB 173.6 million, up11.1% year on year. As of the Latest Practicable Date, the Company has provided PMS to more than 37,000 hotels in China, with customers including renowned hotel groups such as Jin Jiang, Landison, Joya, Marriott, IHG, Accor and Wyndham, as well as cultural tourism clients such as Songtsam Group and Aranya.

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