Core Viewpoint - Cloud Voice, a general artificial intelligence "unicorn," successfully listed on the Hong Kong Stock Exchange on June 30, after a tumultuous journey to the capital market, including a failed IPO attempt on the Shanghai Stock Exchange and two unsuccessful applications for the Hong Kong listing [1] Group 1: Company Overview - Cloud Voice issued 1,560,980 shares globally, with the Hong Kong public offering being oversubscribed by 91.66 times, leading to an adjusted sale of 624,400 shares [1] - The company set its IPO price at HKD 205 per share, raising approximately HKD 320 million, ranking 31st among 43 companies newly listed on the Hong Kong Stock Exchange in 2025 [1] - The company’s stock price surged on its debut, reaching a peak of HKD 319.80, a 56% increase, and closing at HKD 296.40, a 44.6% rise from the IPO price [2] Group 2: Investment and Financing - Major cornerstone investors included SenseTime, Runjian Co., and Zhenyi Asset Management, collectively subscribing to 462,860 shares, accounting for nearly 30% of the offering [2] - Prior to the IPO, Cloud Voice completed 10 rounds of equity financing, attracting investments from various institutions totaling approximately CNY 2.436 billion [2] - The company’s valuation reached approximately CNY 8.333 billion (USD 1.929 billion) after the completion of the D3 round of financing in May 2023 [2] Group 3: Financial Performance - The company reported cumulative losses of CNY 1.205 billion from 2022 to 2024, with a projected single-year loss of CNY 454 million in 2024, marking a 21.4% year-on-year increase [8] - Operating cash flow has been negative for three consecutive years, with trade receivables significantly high and turnover days exceeding industry averages [8] - The customer retention rate in the medical services sector dropped from 70.4% in 2022 to 53.3% in 2024, indicating challenges in maintaining client relationships [8] Group 4: Market Position - As of 2024, Cloud Voice ranked fourth in the Chinese AI solutions provider market, with a market share of only 0.6%, highlighting a significant gap compared to the top three competitors [8]
云知声市值激增逾170亿港元：磐谷创投118倍回报领跑 D轮后入股国资平均收益率282%