Unique Research · Insight / IPO · August 15, 2022 · Full rewrite — not a stub
On Jul 8, 2022, Guangzhou smart-CRM vendor Xuanwu Cloud (玄武云, 02392.HK) (founded 2010) listed on HKEX Main Board (CMB International sole sponsor) — second HK filing after NEEQ exit. Offer 34.39M shares (~6.1%); HK$6.24/share; public tranche 42× oversubscribed; close HK$6.28, mkt cap ~HK$3.52B. Raise use: 15% PaaS AI/data infra, 40% SaaS expand, rest marketing/M&A/ops.
China’s largest smart-CRM vendor by ’21 revenue share (13.8%); PaaS (cPaaS + AI/data) + SaaS for FMCG, finance, TMT, government. ’21 rev ¥992M, NI ¥15M, retention 66.6%, GM 23.5%. Fee mix: usage, platform sub, implementation, services. Charts in CN images — attach on ingest.
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