Yao Xin, Co-founder, Chairman, and CEO of PPIO
AsianFin — PPIO, a distributed cloud computing service provider co-founded by Yao Xin, founder of online video giant PPTV, officially went public on the Hong Kong Stock Exchange on June 20. The IPO was jointly sponsored by ICBC International and Shenwan Hongyuan.
Founded in 2018, PPIO operates through its Cayman Islands-incorporated listed entity, PPLabs Technology Limited. The company initially focused on edge cloud computing services but has rapidly expanded into AI cloud services, capitalizing on surging demand driven by large AI models.
展开剩余65%Yao Xin, PPIO’s chairman and CEO, is a seasoned entrepreneur known for launching PPTV in 2005, predating YouTube’s debut and securing over $700 million in funding before selling to Suning in 2014.
After a period in venture capital and corporate governance, Yao returned to entrepreneurship with PPIO, backed by angel investors including Baichuan Intelligence’s Wang Xiaochuan and former Microsoft Azure China President Shen Yuanqing, along with institutional investors such as CCV and Panlin Fund. In May 2025, the company completed an $21 million Series B round led by Harvest Oriental and LCV Pathfinder.
PPIO’s core business segments include edge cloud services and AI cloud computing, serving major telecom operators China Mobile, China Unicom, and China Telecom, alongside cloud giants like Alibaba Cloud.
The company’s computing network covers over 1,200 counties globally with more than 4,000 nodes, supporting over 120,000 registered developers. Its average daily AI token consumption surged from 27.1 billion in December 2024 to 141.9 billion in May 2025, positioning PPIO as one of China’s leading independent AI cloud providers.
Despite rapid revenue growth from RMB 286 million in 2022 to RMB 558 million in 2024, a CAGR of 39.7%, PPIO remains unprofitable, with cumulative losses around RMB 568 million primarily due to share-based payments, convertible preferred shares fair value losses, and heavy R&D investment.
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