---
title: "Smart CRM Vendor Xuanwu Cloud Lists on HKEX Main Board (02392.HK)"
author: "Unique Research"
sourcePublication: "Unique Research (FFCAP English library)"
originalPublishedAt: "2022-08-15T23:00:31+08:00"
canonical: "https://ffcap.cn/en/research/20220815a0auyh00"
source: "https://ffcap.cn/en/research/20220815a0auyh00"
language: "en"
cnSourceUrl: "https://view.inews.qq.com/a/20220815A0AUYH00"
---

# Smart CRM Vendor Xuanwu Cloud Lists on HKEX Main Board (02392.HK)

_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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Editorial English edition published on UniqueCapital: https://ffcap.cn/en/research/20220815a0auyh00
On-site reading page: https://ffcap.cn/en/research/20220815a0auyh00