XSKY files for HKEX listing; China's largest independent distributed AI storage solutions provider by 2025 installations

NewTimeSpace News: On 30 August 2026, Beijing XSKY Technology Co., Ltd. filed a listing application with HKEX. By 2025 installations, the Company is China's largest independent provider of distributed AI storage solutions, focusing on enterprise-grade AI storage solutions that enable enterprises to efficiently integrate data, make decisions and operate at scale.

According to the announcement, by 2025 installations, the top five distributed AI storage solutions providers in China held a combined market share of 47.9%, with the Company accounting for 10.6% of the market, making it China's second-largest distributed AI storage solutions provider and the largest independent one; by 2025 revenue in China's overall data storage market, the Company ranked between 10th and 15th among market participants, with a market share of approximately 0.1%; by 2025 revenue in the distributed AI storage market (including both independent providers and non-independent large companies), it ranked between 10th and 15th, with a market share of approximately 2.7%.

The Company has developed proprietary technologies including XSEA, which focuses on fast, resilient and efficient large-scale data storage, and XScale, which manages large volumes of data in a flexible and scalable manner. Based on these technologies, the Company has developed two types of AI storage solutions — data lake storage solutions (for long-term data preservation, organization and governance) and training and inference storage solutions (providing fast data delivery for AI model training and inference) — delivered either as software-only deployments or as appliances integrating its proprietary software with specified hardware; revenue is primarily generated from the sale of AI storage solutions and AI storage services (including end-of-warranty, maintenance or renewal services and value-added services such as capacity expansion).

In terms of sales, the Company has built a sales and marketing team with relevant industry experience and also sells its AI storage solutions through third-party distributors. In terms of financials, the Company was loss-making during the track record period until it turned profitable in 2025, recording a profit of RMB 7.1 million for the year; it recorded a loss of RMB 10.5 million for the six months ended 30 June 2025, compared with a profit of RMB 0.3 million for the six months ended 30 June 2026, mainly due to increased revenue from AI storage solutions as rapid AI adoption across downstream industries drove demand for advanced storage products, partially offset by higher cost of sales, primarily due to the shift in project delivery mix toward appliance solutions and continued increases in hardware component prices during the period.

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