xunzhong is a company that makes cloud services, like helping people talk to each other on the internet. they are trying to grow bigger by selling shares in the company to people who want to invest money. they want to use the money to buy other companies and grow in southeast asia. but, right now, they are having trouble because there are many other companies doing the same thing and they are not making as much money as before. Read from source...

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Xunzhong, a Beijing-based cloud communications services provider, has filed for a Hong Kong listing, outlining its plans to expand in Southeast Asia through acquisitions. The company intends to use its IPO proceeds to acquire minority equity shareholding in businesses in similar areas to its communications platform as a service and contact centers in Southeast Asia. The move follows Alibaba Cloud, Huawei Cloud and Baidu AI Cloud's expansion in the region, which has an estimated cloud market of $30bn.