Welcome to our dedicated page for Xunlei SEC filings (Ticker: XNET), a comprehensive resource for investors and traders seeking official regulatory documents including 10-K annual reports, 10-Q quarterly earnings, 8-K material events, and insider trading forms.
Xunlei Limited's SEC filings document a foreign private issuer that provides distributed cloud services in China and reports under Form 20-F while furnishing Form 6-K current reports. The disclosures cover operating and financial results for subscription services, cloud computing, live-streaming and other internet value-added services, including related revenue-sharing and payment-handling cost categories.
The filing record also includes material-event disclosures for portfolio actions, including the completed disposition of a majority equity interest in Shenzhen Onething through the company's variable interest entity, Shenzhen Xunlei Networking Technologies Co., Ltd. Other filing subjects include capital-structure disclosure, governance matters and exhibits to company press releases.
Xunlei Limited reported strong top-line growth but a large GAAP loss for first-quarter 2026. Total revenues from continuing operations reached US$98.6 million, up 54.1% year over year, driven by subscription revenue of US$45.0 million (up 26.2%) and live-streaming and other services revenue of US$53.6 million (up 89.3%).
Gross profit rose to US$57.7 million, with a margin of 58.5%, while operating income improved to US$4.3 million from an operating loss a year earlier. However, fair value changes of long-term investments, mainly in Arashi Vision Inc., led to other losses of US$195.1 million and a GAAP net loss from continuing operations of US$192.4 million.
On a non-GAAP basis, which excludes share-based compensation and fair value changes of long-term investments, Xunlei generated US$4.1 million in net income from continuing operations, with non-GAAP diluted earnings per ADS of US$0.07. Including discontinued operations from the disposal of Shenzhen Onething, total net loss was US$174.7 million. The company ended March 31, 2026 with cash, cash equivalents and short-term investments of US$303.6 million, up from US$283.5 million as of December 31, 2025.
Xunlei Limited files its Form 20-F annual report for the year ended December 31, 2025, detailing a Cayman holding-company structure that relies on PRC subsidiaries and variable interest entities (VIEs) for operations in China. Revenues from VIEs contributed 72.7% of total revenues in 2025, reflecting the importance of this structure. The company highlights major business lines including its Xunlei Accelerator subscription service, overseas audio live-streaming platforms and Hupu, a leading sports media and community platform acquired in May 2025 for RMB500 million.
For 2025, consolidated third-party total revenues were US$462,410 thousand, with live-streaming services contributing about 25.0%. Cash and cash equivalents plus short-term investments totaled over US$300,000 thousand, and total assets reached US$1,631,923 thousand. Xunlei discloses significant PRC regulatory risks around its VIE arrangements, data and cybersecurity, required licenses for online games and content, and the potential impact of the Holding Foreign Companies Accountable Act on its Nasdaq listing. The report also notes pending copyright litigation with aggregate claimed damages of approximately RMB87.2 million and explains cross‑border capital controls, tax leakage on PRC profits and substantial amounts of net assets in China that are restricted from dividend distribution.
Xunlei Ltd director and President Zhang Yubo filed an initial ownership report showing a direct holding of 3,301,292 American depositary shares. Each American depositary share represents five Class A common shares, indicating a substantial pre-existing stake but no new buy or sell transaction.
Xunlei Ltd director Wu Wenjie has filed an initial ownership report showing a direct holding of 18,974 American Depositary Shares (ADS). This Form 3 does not record a new trade; it simply discloses Wu’s existing equity position. Each ADS represents five Class A common shares.
Xunlei Ltd director Shi Peng reported initial holdings in a Form 3. The filing shows direct ownership of restricted share units representing 300,000 underlying American Depository Shares and direct ownership of 180,000 American Depository Shares. The RSUs were granted on August 6, 2025 and are scheduled to vest in three equal instalments of 100,000 ADSs on August 6, 2026, August 6, 2027, and August 6, 2028. Each RSU or ADS represents five Class A common shares of Xunlei Ltd.
Xunlei Ltd director and Chief Executive Officer Li Jinbo filed an initial Form 3 reporting his beneficial ownership in the company. He reports direct ownership of 1,338,608 American Depositary Shares (ADS) and indirect ownership of 6,239,648 ADS plus 101,820,239 common shares through his control of Itui International Inc. A footnote explains that each ADS represents five class A common shares.
Xunlei Ltd director Li Xiaosong filed an initial ownership report showing equity interests in the company. The filing lists restricted share units tied to 260,000 underlying ADS and an additional RSU award tied to 33,333 underlying ADS, plus direct ownership of 66,667 ADS. Footnotes explain that one RSU grant dated August 6, 2025 will vest in tranches in 2026, 2027 and 2028, while another grant dated January 1, 2024 will vest 33,333 ADS on January 1, 2027. Each RSU or ADS represents five Class A common shares of Xunlei.
Xunlei Ltd director Duan Hui has filed an initial statement of beneficial ownership on Form 3. This filing establishes Hui’s status as a director and provides a baseline disclosure of any reportable holdings and positions in Xunlei’s securities as required for company insiders. The filing does not report any insider transactions.
Xunlei Ltd Chief Financial Officer Zhou Naijiang has filed an initial ownership report showing holdings of 119,622 American Depositary Shares (ADS), held directly. This filing is a disclosure of his equity position and does not report any new share purchases, sales, or option exercises.
Xunlei Limited has completed the previously announced disposition of a majority equity interest in its subsidiary Shenzhen Onething Technology. Xunlei’s variable interest entity, Shenzhen Xunlei Networking Technologies, transferred a 20% equity interest in Shenzhen Onething to Wuhan Kingsoft Cloud Information Technology for cash consideration of RMB50 million and a 30% equity interest to Shenzhen Xinghan Zhilian Technology for cash consideration of RMB75 million, both amounts inclusive of tax.
After the transaction, Shenzhen Xunlei retains a 20% equity stake in Shenzhen Onething, allowing Xunlei to remain a minority shareholder. The company states that this transaction is expected to optimize its resource allocation and business portfolio while still enabling participation in Shenzhen Onething’s potential future growth.