On February 20, 2026, the first trading day of the Lunar Year of the Horse, the Hong Kong Stock Exchange welcomed a special applicant. Hangzhou GreenCloud Software Co., Ltd. ("GreenCloud") formally submitted its listing application to the HKEX Main Board, with CICC as the sole sponsor. If successful, GreenCloud will become the "First Hong Kong Stock in Travel & Hospitality Digital Intelligence," offering capital markets a rare lens into China's accommodation industry digitalization.

Scholar-Turned-Entrepreneur Backed by Ctrip and Tongcheng Capital

At the helm is Yang Mingkui, a classic scholar-entrepreneur in China's hotel informatization sector. A Zhejiang University CS graduate (B.S. and M.S.), Yang studied under Professor He Zhijun, founder of ZJU's AI Institute. His 1989 master's thesis, "Research and Development of Unihis Hotel Management System," earned ZJU's Outstanding Thesis Award, launching his career in hotel IT. After graduating, he joined the faculty and founded Hangzhou West Lake Software in 1993, later sold to Shiji Information in 2006. In 2013, Yang acquired GreenCloud outright, embarking on his second entrepreneurial journey.

To date, GreenCloud has completed five funding rounds totaling nearly RMB 200 million, backed by investors including Cowin Capital and Shouye Capital. Notably, Ctrip Travel holds ~2.66% through Shanghai Kehui, injecting industrial capital credibility. Tongcheng Travel once invested indirectly via Haikong Tiancheng, but exited in February 2025 with RMB 383 million upon investment maturity, per the prospectus and public reports. According to CIC, by 2024 sales and room coverage, GreenCloud became China's largest PMS vendor in accommodation digitalization, commanding 16.8% and 16.3% market share respectively.

As of the latest practicable date, Yang Mingkui, Gao Liang, and Xinyu Xiaju hold ~27.19%, 26.75%, and 4.87% directly. Yang (personally and via Xinyu Xiaju) and concert party Gao Liang collectively exercise 58.81% voting rights, maintaining tight control.

37,000 Hotels as Reference, Leading in Mid-to-High-End Market

Customer network depth and breadth represent core SaaS valuation metrics. The prospectus shows that as of February 13, 2026, GreenCloud served 37,000+ hotels in China. Its client roster includes over half of China's top 50 hotel groups (e.g., Jin Jiang, Landison, Juntels) and over one-third of the global top 50 per *Hotels* magazine (e.g., Marriott, IHG, Accor, Wyndham).

Beyond traditional hotels, solutions extend to cultural tourism complexes, serving brands like Songtsam Group, Aranya, Club Med Joyview and Club Med Urban Oasis. Per CIC, by 2024 cumulative signed mid-to-high-end hotel count ranked first in China's accommodation digitalization sector.

The company built a cloud-centric product ecosystem called "Green Cloud Chain." "Cloud" denotes cloud deployment; "Chain" refers to seamless API-connected modules. This synergy enables integrated management of cross-channel orders, guest data, interactions, and revenue/settlement processes, providing comprehensive digital infrastructure for accommodation value chain efficiency.

Financial Fluctuations with Sustained Profitability

Revenue hovered around RMB 300 million with modest fluctuations. For 2023, 2024, and nine months 2025: revenue approximated RMB 337 million, 327 million, and 225 million; profit was RMB 73.85 million, 68.97 million, and 34.57 million; gross margins were 64.1%, 68.0%, and 66.6%.

In 2024, net profit fell 6.6% YoY despite flat revenue, with net margin declining from 21.9% to 21.1%. While gross margin improved, R&D and administrative expense growth eroded profits.

Notably, among China's top five accommodation digitalization service providers, GreenCloud is the only one achieving annual profitability over 2020-2024 with the highest cumulative net profit—a rare competitive moat amid the SaaS sector's "revenue-without-profit" norm.

Heavy Supplier Dependence and Past Litigation Disclosed

The prospectus reveals material risks, notably "heavy dependence" on a single supplier. For 2023, 2024, and nine months 2025, purchases from the largest supplier (Supplier A, a foreign software company) comprised 65.1%, 63.9%, and 66.1% of total procurement. Top five suppliers accounted for ~80.2%, 81.5%, and 81.5% respectively.

GreenCloud acknowledges that supply chain disruptions, delays, or quality issues could delay solution delivery and/or increase costs. Compliance costs may rise amid tightening regulations on responsible sourcing, data security, and supply chain ethics.

The prospectus also discloses past litigation involving two executive directors. CEO Yang Mingkui was involved in a 2015 non-compete breach civil case, concluded in 2017 with RMB 5.4 million penalty paid in full. Executive Director Gao Liang faced similar litigation in 2024, finally adjudicated in February 2026 shortly before IPO filing, with the court dismissing all claims—no material operational impact.

"Dual-Track" AI Strategy, Funds Allocated to Intelligent R&D

Facing the next digitalization wave, GreenCloud outlined its technology roadmap. AI capabilities are already integrated across guest interaction and internal operations, including intelligent customer service, recommendation engines, and knowledge base assistants.

Going forward, the company will pursue a "Dual-Track" AI strategy: deepening "+AI" by embedding AI into existing modules for diverse accommodation scenarios, while exploring "AI+" initiatives to develop native AI systems and new products, expanding business scope, creating growth opportunities, and building future-proof competitive advantages.

Regarding use of proceeds, the prospectus cites R&D upgrades for AI hotel operating systems, enhancement of the Smart Stay digital operations platform, sales team expansion, talent development, and brand promotion—including hiring ~15 senior algorithm researchers and ~70 operations support staff to enhance product portfolio and operational efficiency.

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