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]
拆解云知声港股上市：公开发行占比仅2.2%，研发费用超50%为外包