IPO News | Starstar Tianhe Resubmit Hong Kong Stock Exchange focuses on enterprise-grade AI storage solutions

The Zhitong Finance App learned that according to the Hong Kong Stock Exchange's disclosure on August 30, Beijing Star Tianhe Technology Co., Ltd. (abbreviation: Star Tianhe) submitted a listing application to the main board of the Hong Kong Stock Exchange, and Huatai International is its sole sponsor. The company submitted a statement to the main board of the Hong Kong Stock Exchange on January 27.

Company profile

According to the prospectus, Starstar Tianhe focuses on providing enterprise-level AI storage solutions to help enterprises efficiently integrate data, decision-making and operations on a large scale. With proprietary technologies such as xSEA and xScale already developed, the company has developed AI storage solutions, including AI data lake storage and AI training storage solutions, to achieve seamless deployment and implementation of AI storage in the business operations of enterprise customers and solve the key storage needs of enterprises in the AI transformation process.

The company's XSEA focuses on enabling fast, resilient, and efficient large-scale data storage, while xScale aims to manage large amounts of data in a flexible and scalable manner. With this proprietary technology, the company has developed AI storage solutions:

Data lake storage solutions. The data lake storage solution aims to aggregate, clean, and preserve large amounts of raw and unstructured data as the starting point for the complete lifecycle of AI data.

Promote storage solutions. The training storage solution is responsible for high-speed data transmission to the GPU to overcome the industry's two major bottlenecks - the I/O wall for large model training and the memory wall for long context inference.

According to the installed capacity in 2025, the total market share of the top five distributed AI storage solution providers in China is 47.9%, while the company accounts for 10.6% of the market. It is the second largest distributed AI storage solution provider and the largest independent distributed AI storage solution provider in China.

Based on the revenue of the overall data storage market in mainland China in 2025, the company ranked 10th to 15th among market participants, with a market share of about 0.1%. In the distributed AI storage market (including independent providers and large non-independent companies), the company ranked 10th to 15th in terms of revenue in 2025, with a market share of about 2.7%.

Revenue from AI storage solutions is mainly generated from AI storage solutions of sales companies, and revenue is determined on an individual basis after reference to the overall value of delivery, market conditions, and specific customer negotiations. The company also provides AI storage services, including end-of-line warranty, maintenance or renewal services provided with AI storage solutions.

In addition, the company provides value-added services such as annual maintenance services and capacity expansion. Revenue from AI storage services mainly refers to service fees charged in accordance with the scope, duration and terms of relevant service arrangements.

Financial data

revenue

In 2023, 2024, 2025, and 2026 for the six months ended June 30, the company achieved revenue of about 167 million yuan (RMB, same below), 172 million yuan, 267 million yuan, and 186 million yuan, respectively.

profit

In 2023, 2024, 2025, and 2026 for the six months ended June 30, the company recorded annual/period losses of approximately -181 million yuan, -84.179 million yuan, 7.137 million yuan, and 307,000 yuan respectively.

gross profit margin

For the six months ended June 30 in 2023, 2024, 2025, and 2026, the company's corresponding gross margins were 55.4%, 63.7%, 63.8%, and 51.8%, respectively.

Industry Overview

The AI workflow usually includes data collection and cleaning, model training, and inference and application. With the rapid growth in data volume, efficient and secure storage systems have become a core component of AI infrastructure.

There are over 500 AI storage vendors in China. According to Insight Consulting, the installed capacity of AI storage deployed locally in China will reach 22.4 EB in 2025, and is expected to expand to 99.0 EB in 2030, with a CAGR of 34.6%. Meanwhile, the local AI storage market will reach RMB 23.7 billion in 2025 and is expected to grow to RMB 103.4 billion in 2030, with a CAGR of 34.3%.

AI training and promotion storage is designed to meet the high concurrent and low latency access requirements for thermal data during model training and inference, and is a key part of fully unleashing AI computational performance. Storage architectures in this category generally use high-bandwidth interconnects, distributed file systems, and fine-grained data sharding mechanisms to achieve high throughput, low latency, and high access consistency under intensive workloads.

According to Insight Consulting, the installed capacity of distributed AI storage in China will reach 17.5 EB in 2025 and is expected to expand to 89.1 EB in 2030, with a CAGR of 38.5%. In 2025, according to installed capacity, AI data lake storage accounts for about 78.5% of the market, while AI training and promotion storage accounts for 21.5%. The above share is expected to change to around 72% and 28% respectively in 2030.

Meanwhile, according to the same source, China's locally deployed distributed AI storage market will reach RMB 17.1 billion by revenue in 2025, and is expected to grow to RMB 90.8 billion by 2030.

The competitive landscape of distributed AI storage market in China

Solution providers in China's distributed AI storage market can be broadly divided into independent suppliers and non-independent suppliers. Based on the revenue of the overall data storage market in mainland China in 2025, the Group ranked 10th to 15th among market participants, with a market share of about 0.1%.

In the AI local storage market, the group ranked between 15th and 20th in terms of revenue in 2025, with a market share of about 1.1%.

In the distributed AI storage market, the group ranked 10th to 15th in terms of revenue in 2025, with a market share of about 2.7%.

Board Information

The company's board of directors consists of 8 directors, including 4 executive directors, 1 non-executive director, and 3 independent non-executive directors. The term of directors is 3 years, and they can be re-elected.

Shareholding structure

As of August 21, 2026, according to the concerted actors agreement, Mr. Xu, Mr. Wang and Tianshu (as a group of shareholders) are jointly entitled to adopt (i) 52,705,817 shares held by Mr. Xu; (ii) 22,455,647 shares held by Mr. Wang; and (iii) 12,611,553 shares held by Starstar Tianshu to control the voting rights associated with approximately 24.78% of the total number of shares issued by the company.

Mr. Xu is the general partner of Starstar Hub and has the right and authority to manage and manage the affairs of Starstar Sky Hub.

Intermediary team

Sole sponsor: Huatai Financial Holdings (Hong Kong) Limited

Company Legal Advisors: Hong Kong Law and US Law: Gao Weishen & Co.; Related Chinese Law: King & Wood Mallesons; Related International Sanctions Law: Jun He Law Offices LLC; Related Chinese Sanctions Law: Jun He Law Offices LLC; Related Chinese Sanctions Law: Jun He Law Offices

Sole Sponsor Legal Adviser: Regarding Hong Kong Law and US Law: Smith & Phil; Related to Chinese Law: Haiwen Law Firm

Auditor and reporting accountant: Deloitte Guan Huang Chen Fang

Industry Advisor: Insight Industry Consulting Co., Ltd.

Compliance Advisor: Haode Finance Co., Ltd.