Yonyou Network Technology Co.,Ltd. (600588.SH) has submitted a listing application to the Main Board of the Hong Kong Stock Exchange for the third time, according to a disclosure made by the exchange on July 15.
Yonyou Network Technology Co.,Ltd. (ASX: 600588) is a leading provider of enterprise software and intelligent services, focusing on the research, development, commercialization, and delivery of enterprise digitalization software and intelligent services powered by core technologies such as AI, big data, and cloud computing. According to data from Frost & Sullivan, the company is the largest player in China's enterprise software and services market by 2025 revenue, with a market share of 3.8%. It is also the largest domestic enterprise software company in China by 2025 overseas revenue.
Primary Business Activities
The company offers a comprehensive portfolio of enterprise software and intelligent service products, including cloud services and software products. Its cloud services primarily consist of the Yonyou BIP product series, U9 cloud, products from Changjietong, and industry-specific solutions. Yonyou began exploring the application of cloud technology in digital enterprise services as early as 2015 and started generating revenue from cloud service products in 2016. The company launched YonBIP in 2020, initiating the development of a new-generation cloud product matrix. Since 2021, it has further developed and enhanced its Yonyou BIP series.
Concurrently with the launch of Yonyou BIP, the company began integrating AI capabilities into its cloud services. In 2023, it introduced the enterprise application large language model YonGPT, marking a significant expansion of AI capabilities within its cloud service portfolio. In 2025, the company launched the AI application suite Yonyou BIP Enterprise AI, comprising a series of intelligent agents designed to support complex enterprise business and management scenarios.
Yonyou BIP serves as the core platform for the company's cloud services. This integrated platform aims to provide comprehensive tools, capabilities, and resource support for enterprise digital transformation and intelligent operations. The Yonyou BIP product series includes YonBIP for large enterprises and YonSuite for medium-sized enterprises. Yonyou BIP effectively addresses challenges of traditional enterprise software, such as application silos, data fragmentation, and isolated AI models disconnected from actual enterprise workflows, precisely meeting the progressive needs of enterprise digital-intelligent transformation.
The company maintains a deep focus on key industry verticals such as automotive, government affairs, and finance. It tailors cloud services to the core requirements of various industries, supporting customers' digital transformation. The company's software products are designed only for on-premise deployment and operation. These products primarily target medium and large-sized clients, helping enterprises digitize internal operations on local servers.
The company is focused on integrating AI into its products, having launched "Yonyou BIP Enterprise AI," which empowers the Yonyou BIP platform with AI capabilities. This integrates domestic enterprise software with large language models, embedding AI technology into enterprise business processes and management. By seamlessly integrating operational processes, data, and AI-native applications, Yonyou BIP Enterprise AI offers three key advantages: a unified AI foundation, AI-driven enterprise business, and AI intelligent agents.
Financial Performance
For the years 2023, 2024, 2025, and the three months ended March 31, 2026, the company's revenue was approximately RMB 9.443 billion, RMB 8.817 billion, RMB 8.862 billion, and RMB 1.383 billion, respectively.
For the years 2023, 2024, 2025, and the three months ended March 31, 2026, the company's annual/period loss was approximately RMB 933 million, RMB 2.07 billion, RMB 1.351 billion, and RMB 744 million, respectively.
Industry Overview
Enterprise software and services refer to application software and services provided to enterprise clients to support various business operations and enterprise management. This typically includes enterprise resource planning (including human resources), customer relationship management, supplier relationship management, product lifecycle management, and other AI-driven software and services, aimed at helping enterprises digitally and intelligently upgrade their business processes and management systems.
The global enterprise software and services market has evolved through three key development stages: on-premise, cloud services, and AI-enabled intelligent services. Each stage demonstrates significant evolution in technical architecture, product form, business models, and core value propositions. Looking ahead, the global market size for enterprise software and services (by revenue) is projected to reach $722.5 billion by 2030, with a compound annual growth rate of 11.6% from 2025 to 2030.
Market Development Trends
The importance of IT spending is increasing. In the digital-intelligent era, software has become the core carrier of digital-intelligent technology, and enterprises are increasingly reliant on software to drive innovation, improve efficiency, and optimize operations. As enterprise IT spending rises, the proportion of software spending within total IT expenditure is also expected to grow from 4.6% in 2025 to 5.1% in 2030.
Cloud service penetration is continuously improving. With increasing technological maturity and declining usage costs, cloud deployment is becoming the mainstream form of enterprise IT architecture, with penetration rates steadily rising. More enterprises are deploying core applications and business systems in the cloud to enhance flexibility, scalability, and operational efficiency.
Further integration with artificial intelligence technology. With continuous breakthroughs in AI technology, AI is accelerating its deep integration with enterprise software and services, becoming a key driver of market development. AI creates new demand for intelligent applications, increases enterprise demand for high-quality data governance and data platforms, and drives the upgrade of traditional software systems that cannot support AI deployment and operation. These trends are accelerating the evolution of enterprise applications towards more intelligent and higher-value use cases while continuously expanding the enterprise software and services market.
China has developed into the world's second-largest enterprise software and services market after the United States and still holds significant room for future growth. By revenue, the market size of China's enterprise software and services market is projected to increase from RMB 222.5 billion in 2025 to RMB 391.5 billion in 2030, representing a compound annual growth rate of 12.0%.
Board Composition and Shareholding Structure
Following compilation, the company's board of directors will consist of eight members, including four executive directors, one non-executive director, and three independent non-executive directors. According to the articles of association, directors are elected and appointed by shareholders for a term of three years and may serve consecutive terms upon re-election. Under relevant Chinese laws and regulations, the consecutive tenure of independent non-executive directors shall not exceed six years.
Mr. Wang, Beijing Yonyou Technology, Shanghai Yonyou Technology, and Yonyou Research Institute are currently and will continue to be a group of controlling shareholders of the company following compilation.
Advisory Team
Joint Sponsors: CMB International Capital Limited and CITIC Securities (Hong Kong) Limited; Legal Advisors: Kirkland & Ellis International LLP and Jingtian & Gongcheng; Legal Advisors to the Joint Sponsors: Herbert Smith Freehills Kewei Law Firm and Tian Yuan Law Offices; Reporting Accountant and Independent Auditor: Ernst & Young; Industry Consultant: Frost & Sullivan (Beijing) Consulting Co., Ltd. Shanghai Branch; Compliance Advisor: First Shanghai Capital Limited.