Qiniu expects a net loss of about 444 million yuan to 464 million yuan for 2024, wider of about 37% to 43% than the loss of about 324.1 million yuan a year ago, according to a Monday filing with the Hong Kong bourse.

The company attributed the expected change to a higher fair value loss on convertible redeemable preferred shares, rising from 156.1 million yuan in 2023 to 293.6 million yuan in 2024.

The platform-as-a-service provider plans to publish its annual results by the end of March.

The company's shares were down over 3% in the recent trading.