Star Ring Technology rushes toward Hong Kong stocks: annual revenue of 450 million, a loss of 250 million, Tencent reduces holdings, cashing out 170 million

Lei Di Network Lei Jianping March 28

Huanhuan Information Technology (Shanghai) Co., Ltd. (hereinafter referred to as “Huanhuan Tech”) has recently filed its prospectus and is preparing to list on the Hong Kong Stock Exchange.

Huanhuan Tech was listed on the STAR Market in October 2022. At that time, its offering price was 47.34 yuan per share, it issued 30.21 million shares, and raised total proceeds of 1.43 billion yuan.

As of market close on Friday, Huanhuan Tech’s share price was 143.22 yuan and its market capitalization was 17.3 billion yuan. Once it is listed on the Hong Kong Stock Exchange, Huanhuan Tech will form an “A+H” share structure.

Annual revenue 447 million yuan, loss 245 million yuan

Huanhuan Tech’s business model centers on products, with commercialization of its independently developed proprietary software platform as the core. Revenue mainly comes from software license sales, as well as technical services and software upgrades that support long-term deployment and operations.

Huanhuan Tech’s business is mainly divided into three business lines: AI and big data infrastructure software business; solution business; and other business.

Huanhuan Tech provides a suite of products, including Transwarp Data Hub (Huanhuan Big Data Infrastructure Platform) (TDH), Transwarp Data Cloud (Huanhuan Data Cloud Platform) (TDC), Transwarp ArgoDB (Huanhuan Distributed Database) (ArgoDB), Transwarp KunDB (Huanhuan Distributed Transactional Database) (KunDB), Transwarp Data Studio (Huanhuan Big Data Development Tools) (TDS), Sophon (Huanhuan Intelligent Analytics Tool), and Transwarp Knowledge Hub (Huanhuan Knowledge Platform) (TKH).

The prospectus shows that Huanhuan Tech’s revenue in 2023, 2024, and 2025 was 491 million yuan, 371 million yuan, and 447 million yuan, respectively; gross profit was 257 million yuan, 179 million yuan, and 236 million yuan, respectively; and losses during the period were 289 million yuan, 344 million yuan, and 245 million yuan, respectively.

In 2025, Huanhuan Tech’s revenue from the AI and big data infrastructure software business was 362 million yuan, accounting for 81%; among them, revenue from comprehensive software and services was 212 million yuan, accounting for 47.3%.

In 2025, Huanhuan Tech’s revenue from the solutions business was 69.56 million yuan, accounting for 15.6%.

As of December 31, 2025, Huanhuan Tech’s cash and cash equivalents totaled 354 million yuan.

Tencent reduces its holdings and cashes out 170 million yuan

Huanhuan Tech was listed on the STAR Market in October 2022, becoming the first domestic big data infrastructure software company. Huanhuan Tech’s offering price was 47.34 yuan, it issued 30.2106 million shares, and raised total proceeds of 1.43 billion yuan.

Since its establishment, Huanhuan Tech has received multiple rounds of financing. Investors include Linzhi Lichuang, an entity under Tencent; Zhanxing Investment Center; the industrial fund (SS); Qiming Venture Capital; Hang Seng Electronics; Guoke Ruihua; Shenzhen Venture Capital (CS); Three Gorges Jinshi; TCL; and many other shareholders.

As of December 31, 2025, Huanhuan Tech’s founder and CEO Sun Yuanhao held 9.22% of the shares; Tencent, through Linzhi Lichuang Information Technology Co., Ltd., held 6.29%; Shanghai Zhanxing Investment Center (Limited Partnership) held 6.22%; the industrial fund held 5.58%; and Fan Lei held 5.01%;

As of December 31, 2025, Huanhuan Tech’s equity structure

Shanghai Yunyou Investment Partnership Office held 1.77%; Hubei Province Changjiang Zhiyue Equity Investment Fund Management Co., Ltd. – Hubei Province Changjiang Zhiyue Equity Investment Fund Partnership Enterprise (Limited Partnership) held 1.67%; and CICC Qizhi (Shanghai) Equity Investment Center (Limited Partnership) held 1.5%;

Huaxia Bank Co., Ltd. – GF Growth Qihang Hybrid Securities Investment Fund held 1.39%; and Shanghai Pudong Development Bank Co., Ltd. – GF Small Cap Growth Hybrid Securities Investment Fund (LOF) held 1.34%.

In 2025, multiple institutions, including Tencent, reduced their holdings of Huanhuan Tech’s shares.

Among them, in May 2025, Huanhuan Tech announced that as of May 6, 2025, Linzhi Lichuang, a subsidiary of Tencent, reduced its holdings of the company’s shares by 1,208,420 shares via centralized bidding, representing 1% of the total share capital; it reduced its holdings by 50,900 shares via block trading, representing 0.04% of the total share capital.

The total amount of Linzhi Lichuang’s reduction was 71.16 million yuan. Before this reduction, Tencent’s shareholding was 8.77%; after this reduction, Tencent still holds 7.71%.

From September 30, 2025 to December 29, 2025, Tencent’s Linzhi Lichuang continued to reduce its holdings of Huanhuan Tech by 1.42% of Huanhuan Tech’s equity, cashing out more than 100 million yuan.

Throughout 2025, Tencent reduced its holdings of Huanhuan Tech and cashed out 170 million yuan.

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