DataCanvas files for Hong Kong IPO as software revenue collapses from 76.5% to 0.1%

Chinese company DataCanvas (九章云极) filed for a Hong Kong listing on September 29, 2026. Revenue from AI foundational software fell from 76.5% in 2023 to 0.1% in the first half of 2026, while total revenue grew from RMB106.2 million in 2023 to RMB1.10 billion in 2025 (221.5% CAGR) on infrastructure and cloud services.

• Software services: RMB81.3 million in 2023 vs under RMB500,000 in H1 2026
• Infrastructure solutions accounted for 91.2% of 2025 revenue
• Cloud services: RMB196,000 in 2024, RMB77.6 million in 2025, RMB153.8 million in H1 2026
• Cloud enterprise customers grew from 2 in 2024 to 84 in H1 2026