"The First Stock in Hospitality Digital Intelligence" Green Cloud Software Files for Listing on the Hong Kong Stock Exchange, Demonstrating Resilience with Five Consecutive Years of Profitability
On February 20th, Hangzhou Green Cloud Software Co., Ltd. ("Green Cloud Software"), a leading digital service provider for China's accommodation industry, officially submitted its A1 prospectus to the Hong Kong Stock Exchange, initiating its listing process. The accommodation industry typically includes various formats such as hotels, cultural and tourism complexes, and homestays. As the largest PMS (Property Management System) supplier in China's accommodation industry digitalization sector by 2024 sales and number of rooms covered, Green Cloud Software has demonstrated the strength of Chinese hotel technology companies to the global capital market with its robust profitability and full-chain digital ecosystem.
More Than Just PMS, It's the "Underlying Operating System" for the Accommodation Industry
In the hotel and cultural tourism industry, PMS is the "underlying operating system (OS)" that runs through the core operational aspects of all formats, including hotels, cultural and tourism complexes, high-end homestays, and serviced apartments. Green Cloud Software is not a traditional single-software vendor but has built the "Green Cloud Chain" product ecosystem centered on PMS, covering the entire lifecycle of accommodation services across all formats, encompassing pre-stay customer reservations, in-stay front and back office operations, and post-stay customer management.
According to the prospectus, Green Cloud Software ranks first in the industry whether measured by PMS-related sales or the number of rooms covered, with market shares reaching 16.8% and 16.3% respectively. As of the latest practicable date, Green Cloud's PMS has covered over 37,000 hotels, reflecting more than a decade of deep cultivation and accumulation by the company.
Leveraging deep industry experience, cutting-edge technical capabilities, and profound insights into customer needs, Green Cloud Software has won the long-term trust of numerous leading domestic and international clients. Its client list is star-studded, not only covering leading domestic hotel groups such as Jinjiang Group, Landison, and Junting but also successfully penetrating global hotel giants like Marriott, InterContinental, Accor, and Wyndham. In the cultural tourism sector, Green Cloud Software's product solutions have been successfully applied to benchmark projects such as Songzan, Aranya, Club Med Joyview, and Club Med Sunwing. A stable and high-quality customer base, coupled with a customer retention rate exceeding 96%, together form the company's solid business moat and industry-leading position.
Profitable for Five Consecutive Years, Leading in Profit Scale
According to the prospectus, among China's top five digital service providers for the accommodation industry, Green Cloud Software is the only company that has achieved profitability every year over the past five years (2020 to 2024) and has the highest cumulative net profit during the same period. For the years ended 2023, 2024, and the nine months ended September 30, 2025, the company's consolidated gross profit margins reached 64.1%, 68.0%, and 66.6% respectively, demonstrating the unique technological added value of its products, its deeply cultivated business model, and excellent operational efficiency.
In terms of business structure, Green Cloud Software's core business is digital solutions for the accommodation industry, contributing 80.1% and 80.8% of revenue in 2023 and 2024 respectively, indicating a solid business foundation. Meanwhile, digital marketing services precisely address pain points for hotels in customer acquisition and operations, as well as inventory resource challenges for B-end platforms. Its revenue share increased from 10.6% in 2023 to 12.9% in 2024 and is expected to become an important growth engine in the future. Furthermore, according to CIC, in 2025, the GMV generated through the digital direct sales platform managed by Green Cloud Software exceeded RMB 4 billion, ranking second among digital marketing service providers in China's accommodation industry digitalization sector. For the nine months ended September 30, 2025, hotel clients achieved approximately 21 million room-night bookings through the OTA and TMC platform connections provided by Green Cloud Software, ranking first domestically.
Embracing AI, Implementing the "+AI" and "AI+" Strategy in Tandem
Green Cloud Software has fully embraced AI, implementing a "dual-track" AI development strategy to advance intelligent transformation, consolidate its existing market position, and build long-term competitive advantages. On one hand, the company will deepen "+AI," continuing to integrate AI functionalities into existing software modules and platforms. The new generation of PMS, with AI as its core engine, will provide digital intelligent support for the entire accommodation cycle, including hotel customer acquisition marketing, reservation management, in-house services, and post-stay operations, to better adapt to various accommodation scenarios. Through continuous optimization of algorithms and data feedback, operational efficiency, user experience, and decision-making capabilities can be enhanced, reducing costs and increasing efficiency while strengthening customer stickiness and product barriers. On the other hand, the company will continue to explore "AI+", planning to invest in forward-looking "AI+" projects to develop native AI systems and new products, including intelligent revenue optimization systems, AI-driven content creation and distribution platforms, and next-generation hotel smart centers. Such a strategy will help the company further expand its business scope, create new growth opportunities, and build future-oriented competitive advantages.
This planned Hong Kong listing is not only a significant milestone in the company's development journey but also provides investors with a rare opportunity to share in the digitalization dividends of China's cultural and tourism industry. From an "invisible champion" to becoming the "first stock in digital intelligence for the hotel and tourism sector," we look forward to Green Cloud Software leveraging its technological heritage and business acumen to write a new "cloud" story on the global capital market.
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