Intel stock spikes after report of possible US government stake
SHENZHEN, China - Xunlei Limited (NASDAQ:XNET), a technology company with a market capitalization of $400 million and impressive year-to-date returns of over 220%, announced Wednesday that its investee company, Arashi Vision Inc., also known as Insta360, has completed its initial public offering on the Shanghai Stock Exchange STAR Market under the stock ticker 688775.
According to the company’s press release statement, Xunlei currently holds approximately 7.8% equity interest in Arashi Vision following the IPO completion.
Arashi Vision, which operates under the Insta360 brand name, is now publicly traded on China’s science and technology innovation board, a market designed for technology companies and startups.
Xunlei, founded in 2003, is a technology company that provides distributed cloud services in China, including cloud acceleration, shared cloud computing and digital entertainment solutions.
The announcement comes as part of Xunlei’s regular disclosure of significant developments related to its investment portfolio. No financial details regarding the valuation of Arashi Vision or the impact on Xunlei’s financial position were provided in the announcement.
In other recent news, Xunlei Ltd. reported a 9.6% year-over-year increase in fourth-quarter 2024 revenue, reaching $84.3 million. Despite this growth, the company faced a net loss of $9.9 million, a reversal from the net income of $3.7 million in the same quarter the previous year. The company also announced the acquisition of Huopu, a sports content platform, to enhance its sports content offerings, with expectations for the acquisition to immediately contribute to earnings. Additionally, Xunlei is focusing on expanding its subscription services and international presence, particularly in Southeast Asia and MENA, to counter domestic market challenges. The company has projected first-quarter 2025 revenue to be between $85 million and $89 million. Analyst firms have not provided any recent upgrades or downgrades for Xunlei. The company’s strategic initiatives for 2025 include exploring corporate restructuring and leveraging technical expertise to integrate emerging technologies.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.