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Companies

DataCanvas Files Hong Kong IPO After Pivoting From AI Software to Computing Infrastructure

Beijing-based DataCanvas has filed for a Hong Kong listing after completely transforming its business from AI software tools to computing infrastructure provision. The decade-old company saw software revenue collapse from 76.5% to 0.1% of sales between 2023 and mid-2026, while total revenue grew tenfold to RMB 1.1 billion, illustrating how China's AI compute demand is reshaping business models.