IPO News | Yonyou Network (600588.SH) is listed for the third time that the Hong Kong Stock Exchange is the largest domestic enterprise software company in China

The Zhitong Finance App learned that according to the Hong Kong Stock Exchange's disclosure on July 15, Yonyou Network Technology Co., Ltd. (600588.SH for short) submitted a listing application to the main board of the Hong Kong Stock Exchange for the third time, with CMB International and CITIC Securities as co-sponsors.

Company profile

According to the prospectus, the company is a leading enterprise software and intelligent service provider, dedicated to R&D, innovation, commercialization and delivery of enterprise digital intelligence software and intelligent services using AI, big data, and cloud computing as core technologies. According to Frost & Sullivan, in terms of revenue in 2025, the company is the largest market participant in the Chinese enterprise software and services market, with a market share of 3.8%. In terms of overseas revenue in 2025, the company is also the largest domestic enterprise software company in China.

The company provides a rich matrix of enterprise software and intelligent service products, including cloud services and software products. The company's cloud services mainly include BIP series products, U9 cloud, products provided by Changjietong, and the company's industry-specific solutions.

The company began exploring the application of cloud technology in the field of digital enterprise services as early as 2015, and began generating revenue from cloud service products in 2016. The company launched YonBIP in 2020 and began building a next-generation cloud product matrix. Since 2021, the company has further developed and enhanced the company's user BIP series products. Simultaneously with the launch of Youyou BIP, the company began integrating AI capabilities into the company's cloud services. In 2023, the company launched the Big Language Model for Enterprise Applications (Big Language Model) YongPT, marking a major expansion of AI capabilities in the cloud service product portfolio. In 2025, the company launched an AI application suite using BIP Enterprise AI, which includes a series of agents to support complex enterprise business and management scenarios.

Yonyou BIP is the core platform for the company's cloud services. The integrated platform aims to provide comprehensive tools, capabilities and resource support for the digital transformation and intelligent operation of enterprises. The company's user BIP product line includes YonBIP for large enterprises and YonSuite for medium-sized enterprises. Using BIP effectively solves problems such as application silos of traditional enterprise software, data fragmentation, and independent AI models that are out of touch with actual enterprise workflows, and accurately matches the advanced needs of enterprises in digital intelligence transformation. The company continues to focus deeply on key industry verticals such as automobiles, government affairs, and finance. The company tailors cloud services to the core needs of various industries to support customers' digital transformation. The company's software products only support local deployment and operation. The company's software products are mainly aimed at large and medium-sized customers to help enterprises digitize internal operations on local servers.

The company focuses on integrating AI into the company's products, and has launched the “Yonyou BIP Enterprise AI” that uses AI capabilities to empower users with BIP, integrating domestic enterprise software with large language models, and embedding AI technology into the business processes and management of the enterprise. By seamlessly integrating operational processes, data, and native AI applications, BIP Enterprise AI provides three key advantages: unified AI platform, AI-driven enterprise business, and AI agents.

Financial data

revenue

In 2023, 2024, 2025, and 2026 for the three months ending March 31, the company's revenue was approximately RMB 9.443 billion, RMB 8.817 billion, RMB 8.862 billion, and RMB 1,383 billion, respectively.

loss

For the three months ended March 31 in 2023, 2024, 2025, and 2026, the company's annual/period losses were approximately RMB 933 million, RMB 2.07 billion, RMB 1,351 million and RMB 744 million respectively.

Industry Overview

Enterprise software and services refer to application software and services provided to enterprise customers to support various business operations and enterprise management of an enterprise. Enterprise software and services usually include enterprise resource planning (including human resources), customer relationship management, supplier relationship management, product lifecycle management, and other AI-driven software and services to help enterprises digitally upgrade business processes and management systems. The global enterprise software and services market has gone through three key stages of development, from localization and cloud services to AI-enabled intelligent services. Each stage shows significant evolution in technical architecture, product form, business model, and core value proposition. Looking ahead, the global enterprise software and services market size (in terms of revenue) is expected to reach US$7225 billion by 2030, with a CAGR of 11.6% between 2025 and 2030.

Global enterprise software and services market trends

IT spending is becoming increasingly important. In the digital intelligence era, software has become the core carrier of digital intelligence technology, and enterprises increasingly rely on software to drive innovation, improve efficiency, and optimize operations. As enterprise IT spending continues to rise, software spending is also expected to increase from 4.6% in 2025 to 5.1% in 2030.

The penetration rate of cloud services continues to increase. As technology maturity increases and usage costs decrease, cloud deployment is becoming the mainstream form of enterprise IT architecture, and the penetration rate continues to rise. More and more enterprises are deploying core applications and business systems in the cloud to improve flexibility, scalability, and operation and maintenance efficiency.

Further integration with artificial intelligence technology. With continuous breakthroughs in artificial intelligence technology, AI is accelerating the deep integration with enterprise software and services, and has become a key driving force for market development. AI has created new demand for intelligent applications, increased the demand for high-quality data governance and data platforms, and promoted the upgrading of traditional software systems that cannot support AI deployment and operation. These trends are accelerating the evolution of enterprise applications to more intelligent and higher value usage scenarios, while continuously expanding the market for enterprise software and services.

China has developed into the world's second-largest enterprise software and services market after the US, and there is still plenty of room for future development. In terms of revenue, the market size of China's enterprise software and services market is expected to increase from RMB 225 billion in 2025 to RMB 391.5 billion in 2030, with a CAGR of 12.0%.

Board Information

After compilation, the company's board of directors will be composed of eight directors, 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. After the term of office expires, they can be re-elected. According to relevant Chinese laws and regulations, independent non-executive directors cannot be re-elected for more than six years.

Shareholding structure

Mr. Wang, Beijing Yonyou Technology, Shanghai Yonyou Technology, and Yonyou Research Institute will continue to be a group of controlling shareholders of the company now and after compilation.

Intermediary team

Co-sponsors: CMB International Capital Limited, CITIC Securities (Hong Kong) Limited;

Legal advisors: Kaiyi Law Firm, Jingtian Gongcheng Law Firm;

Legal advisers to the co-sponsors: Smith & Phil Kemer & Tianyuan Law Firm;

Reporting accountant and independent auditor: Ernst & Young;

Industry consultant: Frost & Sullivan (Beijing) Consulting Co., Ltd. Shanghai Branch;

Compliance Advisor: First Shanghai Finance Co., Ltd.