UCloud went public six years ago, raising over 2.6 billion yuan. Despite continuous losses exceeding 2 billion yuan, it still plans to raise an additional 1.5 billion yuan through a private placement.

Recently, Key Technology Innovation Board’s “first cloud computing company” Youkeduo has unveiled a directed share issuance plan of 1.5 billion yuan, aiming to invest all proceeds into the “Ulanqab Intelligent Computing Center and Intelligent Computing Cluster Construction and Operations Project.” This is the third time the company has made a large “reach” toward the capital market after raising 1.944 billion yuan through its 2020 IPO fundraising and 700 million yuan through a directed placement in 2022.

Behind the glamorous narratives of “AI,” “computing power,” and “sending data to the west and computing to the west,” there is a fact that is worrying for investors: since going public in 2020, Youkeduo has been loss-making for six consecutive years, with cumulative losses exceeding 2 billion yuan. This time, will the capital market continue “injecting funds” into a company that has never been profitable and has never paid dividends?

Six-year cumulative losses of 2.05 billion yuan, yet another 1.5 billion yuan to raise

According to public data, Youkeduo’s IPO and the 2022 directed placement together have already raised a total of 2.644 billion yuan. However, the company’s operating performance has continued to “underperform”: from 2020 to 2025, net profit attributable to shareholders was -343 million yuan, -633 million yuan, -413 million yuan, -343 million yuan, -241 million yuan, and -77 million yuan respectively; over six years, cumulative losses totaled as high as 2.05 billion yuan. Although the 2025 losses narrowed significantly by 68%, this is still the company’s sixth consecutive year of “blank returns.”

Raising another 1.5 billion yuan this time means that Youkeduo’s total financing since listing will exceed 4.1 billion yuan, far beyond its cumulative losses. This kind of “the more it loses, the more it needs” model has led the market to question the necessity of its financing.

The reason the company gives is “seizing opportunities in the AI industry’s development and deepening its intelligent computing layout,” emphasizing that “the data centers invested in earlier have entered a stable return period.” However, investors can’t help but ask: if some projects have already begun to deliver “stable returns,” why can’t the company achieve profitability? And why initiate another large-scale financing before it has turned profitable?

Near-zero return for minority shareholders

Judging from the financial data, Youkeduo indeed “isn’t short of money.” As of the end of the third quarter of 2025, its asset-liability ratio was only 32.99%. At the same time, the company still has more than 670 million yuan in broad money on its books.

But another set of data reveals the essence of the company being “short of cash”: in the first three quarters of 2025, the company’s net cash flow from operating activities was less than 100 million yuan, while the total investment of the fund-raising projects in this round is as high as 1.816 billion yuan. With only meager operating cash flow and limited funds on the books, how can such a large-scale capital expenditure be supported?

In practice, banks usually tighten lending to companies with consecutive losses. Even if they are willing to provide loans, the high interest rates will further erode profits that are already fragile. Choosing equity financing can transfer the risk to investors in the secondary market.”

In this ongoing capital operation, returns for small and medium investors are nearly nonexistent.

Due to continuous losses, the company has had negative distributable profits for a long time (at -2.074 billion yuan as of the end of the third quarter of 2025), which fundamentally does not meet the dividend conditions stipulated in the Company Law. Therefore, Youkeduo has never paid cash dividends in 2020 and after (Note: there was a dividend in 2019, implemented in 2020, but after the company listed, it has not paid dividends for the 2020 fiscal year and beyond). Even if the company has issued the “Three-Year Plan for Shareholder Returns in the Future,” emphasizing that “the target of the cash dividend policy is stable and growing dividends,” for a company still struggling in the quagmire of losses, the feasibility remains to be verified.

Note: This article was written with the help of AI tools to collect and organize market data and industry information.

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