Core Insights - Yunzhisheng Intelligent Technology Co., Ltd. has officially passed the Hong Kong Stock Exchange hearing, marking a significant step towards capital market entry and showcasing its strong capabilities and potential in the AI field [1] - Established in 2012, Yunzhisheng is a pioneer in the commercialization of AGI technology in China, continuously launching innovative products and solutions driven by robust R&D and market insights [1] - The company introduced its proprietary large language model, Shanhai Model, with 60 billion parameters in 2023, which serves as the core algorithm model for its central technology platform, Yunzhida Nao [1] Performance and Capabilities - The Shanhai Model ranks among the top tier globally in various performance evaluations, including OpenCompass, SuperClue, MMMU, and the "Hundred Model Evaluation" by Beijing Zhiyuan Research Institute [1] - In the medical field, the Shanhai Model has achieved the top position in medical capability assessments, supporting the "AI + Healthcare" model through a three-pronged architecture of regional diagnosis and treatment big data platform, medical large model, and medical knowledge graph [3] Healthcare Solutions - Yunzhisheng's smart healthcare solutions cover over 30% of the top 100 hospitals in China, significantly enhancing diagnostic efficiency and assisting clinical decision-making [3] - The company has developed various products, including outpatient medical record generation systems and radiology report generation systems, which have been well-received by hospitals, with the outpatient medical record system achieving a 98% adoption rate in capturing key consultation information [3][4] - Additional products such as voice electronic medical records, intelligent medical record quality control, healthcare quality supervision, and smart patient services are also part of the comprehensive intelligent upgrade for the healthcare industry [4] Future Outlook - As technology matures and application scenarios expand, Yunzhisheng's smart healthcare solutions based on the Shanhai Model are set for accelerated iterative upgrades [4] - The company aims to deepen collaborations within the healthcare sector and expedite the application of AI technology in medical scenarios, contributing to the global healthcare community [4]

Summary of Key Points Core Viewpoint The article provides an overview of the recent activities in the Hong Kong stock market, highlighting the number of companies that have submitted applications for listing, those that have passed the hearing, and details about their financial performance and market positions. Group 1: New Applications - A total of 19 companies submitted applications to the Hong Kong Stock Exchange from June 16 to June 22 [3] - New Hope Group (600803.SH) is the largest private natural gas company in China, with a market share of approximately 6.1% in 2024 [3] - Wolong Technology (002130.SZ) is the second-largest high-speed copper cable manufacturer globally, holding a 24.9% market share [4] - Beijing Geekplus Technology Co., Ltd. is the largest provider of AMR solutions globally, maintaining its leading position for six consecutive years [5] - Banu International Holdings is the largest hot pot brand in China by revenue, with a market share of 3.1% [6] - Hope Sea Inc. is the largest comprehensive electronic product import supply chain solution provider in China, with an import GMV of approximately RMB 34.8 billion in 2024 [7] - Guangzhou Shiyuan Electronic Technology Co., Ltd. ranks first in the Chinese market for interactive smart panels with a 25.0% market share [8] - Anmai Biotechnology Co., Ltd. ranks second globally in T-cell connector therapy, with total transaction values exceeding USD 2.1 billion [9] - Beijing Haizhi Technology Group focuses on industrial-grade AI solutions, ranking fifth in the Chinese market [10] - Suzhou Jiyi Technology Co., Ltd. ranks second in digital retail operations in China [11] - Drip Irrigation International Investment Co., Ltd. is the first global exchange group based on revenue-sharing models [12] - Zhaowei Electromechanical (003021.SZ) provides integrated micro-drive systems, with revenues projected to grow [13] - Meige Intelligent (002881.SZ) ranks fourth globally in wireless communication modules, holding a 6.4% market share [14] - Yuxin Technology (300674.SZ) is a leading fintech solution provider in China, with significant market shares in various sectors [15] - Shanghai Zhuoyue Ruixin Digital Technology Co., Ltd. ranks second in the digital education market for higher education in China [16] - Zhaoyi Innovation (603986.SH) is the second-largest NOR Flash provider globally, with an 18.5% market share [17] - Changchun Changguang Chenxin Microelectronics Co., Ltd. specializes in high-performance CMOS image sensors [18] - Weichai Lovol Smart Agriculture Technology Co., Ltd. is a leading provider of smart agricultural solutions in China [19] - PPIO is an independent distributed cloud computing service provider [20] - Xiangkang Holdings is a major technical apparel manufacturer for high-end brands [22] Group 2: Companies Passing Hearings - Four companies passed the listing hearing this week, including Fuwai Group, which is a pan-Asian life insurance company with projected insurance revenue growth [24] - Fengcai Technology focuses on chip design for BLDC motor control, ranking sixth in the Chinese market [25] - Xunzhong Communication Technology Co., Ltd. is the third-largest cloud communication service provider in China [26] - Cloudbreak Pharma Inc. is a clinical-stage ophthalmic biotech company with two core products [27] Group 3: Recent IPOs - Haitan Flavor Industry (03288.HK) raised approximately HKD 10.1 billion in its IPO, with a slight decline in stock price post-listing [28] - Sanhua Intelligent (02050.HK) had a strong subscription rate for its IPO [29] - Baize Medical (02609.HK) and other companies also reported significant subscription rates for their IPOs [30][31][32][33]

Core Viewpoint - CloudWalk Technology is set to launch its IPO on the Hong Kong Stock Exchange, aiming to raise up to HKD 320 million, with SenseTime as a cornerstone investor, indicating a strategic partnership in the multimodal field [1][9]. Fundraising and Financials - The company plans to issue 1.561 million H-shares, with 90% allocated for international sales and 10% for Hong Kong sales, at a price range of HKD 165 to HKD 205 per share, potentially raising up to HKD 320 million [6][7]. - The fundraising amount has been significantly reduced by 65% compared to its previous plan for the Sci-Tech Innovation Board, reflecting a more conservative valuation strategy [7]. - Financial data shows that CloudWalk's revenue for 2022, 2023, and 2024 is projected to be HKD 600 million, HKD 727 million, and HKD 939 million respectively, with a compound annual growth rate of 23% [5][6]. Investment and Partnerships - SenseTime, along with other cornerstone investors, has committed to significant investments, with SenseTime's subsidiary subscribing for HKD 43.7 million worth of shares [9]. - The partnership with SenseTime will focus on collaborative innovation in voice and visual multimodal interactions, enhancing the user experience in various industries [9][10]. - The company has a strong shareholder base, including notable investors such as JD.com, 360, and Qualcomm, indicating robust backing for its business model [8]. Use of Proceeds - Approximately 45.6% of the raised funds will be allocated to enhancing R&D capabilities, while 47% will focus on expanding commercial opportunities, reflecting a balanced approach to growth [7][8]. - The company aims to improve existing solutions and penetrate new vertical industries, highlighting its commitment to commercial viability [7].

Group 1 - Cloud Wisdom Technology Co., Ltd. (referred to as "Cloud Wisdom") is planning to issue 1.561 million H-shares on the Hong Kong Stock Exchange from June 20 to June 25, 2025, with an expected listing date of June 30, 2025 [1] - The offering price is set between HKD 165.0 and HKD 205.0 per share, aiming to raise approximately HKD 258 million to HKD 320 million, with a median price of HKD 185.0 per share leading to an estimated net fundraising of HKD 177 million [3][4] - The public offering represents about 2.2% of the total share capital post-listing, categorizing it as a "mini IPO" compared to typical A-share IPOs, which usually account for 25% of total share capital [3][4] Group 2 - Cloud Wisdom has secured subscriptions from three cornerstone investors, totaling approximately HKD 95.5 million in shares, including investments from companies like SenseTime and Runjian International [5] - Founded in June 2012, Cloud Wisdom focuses on AI solutions for daily life and medical applications, with major shareholders including Yun Si Shang Yi and the China Internet Investment Fund [5][7] - The company's revenue for 2022, 2023, and 2024 is projected to be approximately RMB 601 million, RMB 727 million, and RMB 939 million, respectively, with net losses of RMB 375 million, RMB 376 million, and RMB 454 million for the same years [7][8] Group 3 - Research and development (R&D) expenses are a significant factor in Cloud Wisdom's losses, with R&D spending of RMB 287 million, RMB 286 million, and RMB 370 million for 2022, 2023, and 2024, respectively, representing about 47.8%, 39.4%, and 39.4% of total revenue [9][10] - A substantial portion of R&D costs is attributed to third-party service fees, which accounted for over 50% of total R&D expenses, indicating a strategy to outsource non-core development tasks [10][11]

Group 1 - Company plans to globally offer 1.561 million shares, with 156,100 shares available in Hong Kong and 1.4049 million shares for international offering, plus an over-allotment option of 234,100 shares [1] - The subscription period is from June 20 to June 25, with a maximum offer price of HKD 205.00 per share and an entry fee of approximately HKD 4,141.35 for a board lot of 20 shares [1] - The total expected fundraising amount is HKD 289 million, with a net amount of HKD 177 million intended for investment in emerging business opportunities, enhancing R&D capabilities, and general corporate purposes [1] Group 2 - Company specializes in providing intelligent voice technology and comprehensive solutions, aiming to connect devices and users through smart voice interaction products and IoT solutions [2] - In the field of intelligent voice interaction products, the company offers cross-hardware platform and application scenario solutions, focusing on different levels of intelligent voice tools for industry clients [2] - The company reported net losses of RMB 366 million, RMB 375 million, and RMB 452 million for the years ending December 31, 2022, 2023, and 2024, with year-on-year changes of 13.78%, -2.58%, and -20.48% respectively [2]

全球發售 聯席保薦人、保薦人兼整體協調人、整體協調人、聯席全球協調人、聯席賬簿管理人及聯席牽頭經辦人 整體協調人、聯席全球協調人、聯席賬簿管理人及聯席牽頭經辦人 聯席賬簿管理人及聯席牽頭經辦人 雲知聲智能科技股份有限公司 Unisound AI Technology Co., Ltd. 雲知聲智能科技股份有限公司 （於中華人民共和國註冊成立的股份有限公司） 股份代號 : 9 6 7 8 Unisound AI Technology Co., Ltd. 重要提示 閣下如對本招股章程的任何內容有任何疑問，應諮詢獨立專業意見。 UNISOUND AI TECHNOLOGY CO., LTD. 雲知聲智能科技股份有限公司 （於中華人民共和國註冊成立的股份有限公司） 全球發售 視乎超額配股權行使與否而定） 聯席保薦人、保薦人兼整體協調人、整體協調人、 聯席全球協調人、聯席賬簿管理人及聯席牽頭經辦人 整體協調人、聯席全球協調人、聯席賬簿管理人及聯席牽頭經辦人 聯席賬簿管理人及聯席牽頭經辦人 香港交易及結算所有限公司、香港聯合交易所有限公司及香港中央結算有限公司對本招股章程的內容概不負責，對其準確性或完整性 亦不發表任何聲 ...

香港交易及結算所有限公司、香港聯合交易所有限公司（「聯交所」）及香港中央結算有限公司（「香港結算」）對本公 告的內容概不負責，對其準確性或完整性亦不發表任何聲明，並明確表示概不就因本公告全部或任何部分內容而 產生或因倚賴該等內容而引致的任何損失承擔任何責任。 除非本公告另有界定，否則本公告所用詞彙與雲知聲智能科技股份有限公司（「本公司」）日期為2025年6月20日的 招股章程（「招股章程」）所界定者具有相同涵義。 本公告僅供參考，並不構成收購、購買或認購任何證券的邀請或要約。本公告並非招股章程。潛在投資者在決定 是否投資於發售股份前，應細閱招股章程以了解下文所述有關全球發售的詳細資料。投資者應僅依賴招股章程所 載資料作出有關發售股份的任何投資決定。 本公告不會直接或間接於或向美國（包括其領土及屬地、美國任何州及哥倫比亞特區）發佈、刊發、派發。本公告 並不構成或組成在美國境內或於任何其他司法權區購買或認購證券的任何要約或招攬的一部分。本公告所述證券 並無亦不會根據1933年美國證券法（經不時修訂）（「美國證券法」）或美國任何州或其他司法權區的證券法登記。該 等證券不得在美國境內提呈發售、出售、質押或以其他方式轉 ...