DataCanvas files for listing on HKEX: China's Largest AI Neocloud

NewTimeSpace News: On 29 September 2026, DataCanvas Co., Ltd. filed an application for a Main Board listing on the Stock Exchange, with China Galaxy International as sole sponsor. The Company is a leading AI computing service provider in China, purpose-built to support compute-intensive AI workloads spanning large-scale model training and inference, building, operating and monetizing AI computing capacity.

According to the prospectus, the Company provides turnkey AI computing infrastructure solutions for AI data center (AIDC) projects and delivers on-demand cloud computing services powered by its proprietary computing operating system. According to CIC, in terms of revenue in 2025, it ranked ninth among AI computing service providers in China and was the only neo AI computing service provider, or neocloud, among the top ten, making it the largest neocloud in China.

The prospectus stated that the Company's proprietary "One Degree of Compute" standard measures computing power in standardized data computing units (DCUs) and aligns charges with actual compute consumption rather than reserved physical capacity, which CIC said is the first quantifiable billing unit of its kind in China's AI computing industry. As of the Latest Practicable Date, its controllable computing capacity exceeded 29,000 PFLOPS across seven provinces in China, and it had served over 150 enterprise customers.

Its revenue grew from RMB106.2 million in 2023 to RMB395.5 million in 2024 and RMB1,098.2 million in 2025, and from RMB306.4 million for the six months ended June 30, 2025 to RMB588.4 million for the same period in 2026, a near tenfold increase over two years.

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