Frost & Sullivan
Frost & Sullivan, also known as 'Frost & Sullivan', congratulates Starring Technology (Stock Code: 6727.HK) on its successful listing on the main board of the Hong Kong capital market on September 21, 2026. Starring Technology is an AI infrastructure software provider that generates revenue primarily by selling AI and Big Data infrastructure software products and related services to corporate and government clients. Frost & Sullivan provided exclusive industry consulting services for Starring Technology's listing, and we extend our warm congratulations on this successful launch.
On September 21, 2026, Starring Technology was successfully listed, with a global offering of 14.0108 million H shares. The issue price per share was HK$49, and the total proceeds from the global offering amounted to HK$629 million.
During the process of going public in Hong Kong, Frost & Sullivan undertook the following key tasks: helping the issuer accurately and objectively understand its position in the target market, using objective market data to identify, support, and highlight the issuer's competitive advantages, assisting the issuer, investment banks, and other intermediaries in completing important sections of the prospectus (such as overview, competitive advantages and strategy, industry overview, business, etc.), helping the issuer communicate with the Stock Exchange and investors, assisting investors in quickly understanding the market ecosystem and competitive landscape, and supporting the issuer in responding to various questions regarding the industry from the Stock Exchange.
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Investment Highlights
According to Frost & Sullivan's report:
- Based on 2025 revenue, Starring Technology is the fifth largest AI infrastructure software provider in China;
- Starring Technology is the first enterprise in the world to pass the TPC-DS test and official audit for databases;
- Starring Technology's basic software based on a distributed architecture has reached industry-leading levels in large-scale data processing and analysis.
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Overview of the Chinese AI Software Market
AI software refers to software products designed for enterprises. Using artificial intelligence technology, it helps optimize business processes, provide decision support, drive product innovation, and improve operational efficiency through private deployment. This type of software includes AI infrastructure software that supports data processing, model training, and deployment, as well as AI application software customized for various business scenarios. AI software is widely used in multiple industries such as finance, manufacturing, retail, and government, serving as a key technical support for enterprises' digital transformation.
In terms of revenue, the market size of AI software increased from RMB 18.1 billion in 2021 to RMB 42.1 billion in 2025, with a compound annual growth rate of 23.5% from 2021 to 2025. Looking ahead, it is expected that by 2030, the market size of AI software in China (in terms of revenue) will reach RMB 162.2 billion, with a compound annual growth rate of 31.7% from 2026 to 2030.
*Source: Frost & Sullivan Report
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Value Chain of the Chinese AI Software Market
The AI software value chain includes three key stages. The upstream stage is mainly composed of IT suppliers, providing hardware such as servers, networks, and storage. The midstream stage mainly includes AI infrastructure software providers like Starring Technology (providing tools with core functions such as data integration, data cleaning, processing, and storage to support subsequent AI development capabilities) and AI application software providers (providing application software that uses AI technology to solve specific business scenarios). The downstream stage includes enterprises using AI software, which can be further divided into financial, energy, government, telecommunications, and other industry sectors.
*Source: Frost & Sullivan Report
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Overview of the Chinese AI Infrastructure Software Market
AI infrastructure software includes tools that provide core capabilities such as data integration, data cleaning, processing, and storage, supporting further AI development capabilities and helping enterprises build strong AI capabilities through private deployment. It is widely used in multiple industries such as finance, manufacturing, retail, and government, helping enterprises enhance AI capabilities, accelerate digital and intelligent transformation, and improve efficiency and innovation capabilities.
In terms of revenue, the market size of AI infrastructure software increased from RMB 7.5 billion in 2021 to RMB 16.5 billion in 2025, with a compound annual growth rate of 21.8% from 2021 to 2025. Looking ahead, it is expected that by 2030, the market size of AI infrastructure software in China (in terms of revenue) will reach RMB 55.8 billion, with a compound annual growth rate of 28.1% from 2026 to 2030.
*Source: Frost & Sullivan Report
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Main Drivers of the Chinese AI Infrastructure Software Market
The demand for enterprise digital transformation continues to grow. Enterprises hope to leverage the power of artificial intelligence. In this context, AI infrastructure software can help enterprises develop and deploy artificial intelligence more effectively and efficiently. For example, AI development platforms automate repetitive tasks and optimize data recognition, classification, and management processes, enabling more efficient handling of large-scale datasets, accelerating the training and deployment of AI models, and replacing the traditional approach of independently developing AI models. As enterprises rely more on artificial intelligence to simplify operations and gain competitive advantages, the demand for strong AI infrastructure continues to increase, driving the market for such solutions.
Technological progress and innovation. The development of AI infrastructure software benefits from continuous breakthroughs in basic technologies. Advances in cloud computing and edge computing significantly enhance resource scheduling and elastic expansion capabilities, allowing artificial intelligence to be deployed and operated more efficiently in different environments. The development of AI agents can be applied to AI infrastructure software, helping enterprises quickly develop AI applications.
Favorable policies. The Chinese government has issued a series of strategic plans to promote digital transformation and intelligent development (such as the "14th Five-Year National Informatization Plan" and the "14th Five-Year Digital Economy Development Plan"), providing strong policy guidance and support for the construction and application of AI infrastructure. These policies reduce the uncertainty of enterprises' investment in AI infrastructure and provide systematic support in terms of funding, standards, and ecosystem building. As a result, the technological supply, application scenario maturity, and innovation ability in the market have all been significantly improved, creating a favorable environment for enterprises to adopt AI infrastructure software.
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Main Trends of the Chinese AI Infrastructure Software Market
Multi-modal LLMs in applications. As enterprises seek to extract deeper value from data, multi-modal LLMs are becoming the core of AI infrastructure software. These models integrate processing capabilities for various data types such as text, images, and voice, enhancing the software's information understanding and expression capabilities. They can also manage unstructured data under a unified framework, enabling enterprises to better integrate internal data assets and enhance intelligent processing capabilities for complex tasks. In the future, AI infrastructure software will increasingly support multi-modal models through a unified system covering data import, model training, and inference deployment, achieving seamless integration of diverse and heterogeneous data sources.
Popularization of AI agents. AI agents are expected to be widely used in key tasks of the Chinese AI infrastructure software market, such as data standardization, governance, and quality inspection. These tools are driving the management model to shift from "manual rule-driven" to "agent-driven automation." By introducing AI agents with continuous learning capabilities, enterprises can automatically process corpora and align text and voice, improving the efficiency and accuracy of data governance. This reduces reliance on manual data engineering and promotes the AI infrastructure software market to develop into a more intelligent, autonomous, and sustainable data management system, becoming a key support for high-quality data assets of enterprises.
Out-of-the-box AI infrastructure software. The Chinese AI infrastructure software market is increasingly moving towards out-of-the-box solutions, with more providers offering pre-configured, low-threshold, and highly integrated software. These solutions enable enterprises to quickly establish model training, deployment, and operation environments without internal experts or high-performance computing resources. This trend narrows the gap between core artificial intelligence technology and commercialization and supports the plug-and-play of models and data functions, significantly improving operational efficiency.
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Competitive Landscape of the Chinese AI Infrastructure Software Market
Based on 2025 revenue, Starring Technology is the fifth largest AI infrastructure software provider in China, with a market share of 2.7%.
*Source: Frost & Sullivan Report
