DataCanvas files for Hong Kong IPO with fast-growing revenue and persistent losses

DataCanvas, a Beijing-based AI computing infrastructure company, filed its listing application with the Hong Kong Stock Exchange on September 29, with China Galaxy International as sole sponsor. The offering size and target proceeds have not been disclosed.

The prospectus figures are the substance of this filing. Revenue grew from 106 million yuan in 2023 to 1.098 billion yuan in 2025, up 177.7% year on year in 2025; first-half 2026 revenue was 588 million yuan, up 92.0%. Adjusted net loss (a non-IFRS measure) narrowed from 206 million yuan in 2024 to 91.3 million yuan in 2025, and 14.88 million yuan in the first half of 2026.

The risks are equally concrete: the top five customers accounted for 88.0% of 2025 revenue and the top five suppliers 84.8% of purchases; net liabilities stood at 2.644 billion yuan as of June 30, 2026, with operating cash flow still negative. Revenue is shifting from computing infrastructure integration (91.2% of 2025 revenue) toward computing cloud services (26.1% in the first half of 2026), and whether the latter's gross margin keeps improving will set the pace of profitability.

These figures come from Zhidx's September 30 report on the prospectus; the primary document is the listing application on the HKEX disclosure platform, and individual figures are best checked against that original.