德风新征程上市申请遭驳回后，再度冲击港交所

Core Viewpoint - Beijing Defeng New Journey Technology Co., Ltd. (Defeng New Journey) submitted its IPO application to the Hong Kong Stock Exchange (HKEX) on November 14, 2025, which was returned on November 24, marking the first "tied" case in two and a half years. The company must wait at least eight weeks before reapplying [1]. Company Overview - Defeng New Journey is a developer of AI-enabled Industrial Internet of Things (AIoT) production optimization software solutions, focusing on enhancing energy efficiency, operational excellence, safety, and sustainability in China's energy, manufacturing, and mixed industries. The company offers a comprehensive and integrated suite of customized AIoT production optimization software solutions and services tailored to meet specific customer needs and challenges [3]. Market Position - According to a Frost & Sullivan report, Defeng New Journey is the fifth largest independent AIoT service provider in China by revenue for the fiscal year 2024, holding a market share of approximately 1.8%. In the energy sector, it ranks as the third largest independent AIoT service provider with a market share of about 9.9% [4]. Financial Performance - The company's revenue increased from approximately RMB 442.2 million in the fiscal year 2023 to about RMB 525.5 million in the fiscal year 2024, representing a year-on-year growth rate of approximately 18.8% [4]. - For the first nine months of 2025, revenue rose from approximately RMB 216.1 million to about RMB 275.3 million compared to the same period in 2024, reflecting a growth rate of approximately 27.4% [5]. Client Base - Defeng New Journey has completed over 500 projects, primarily serving state-owned enterprises in China, with around 150 clients, including leading companies in the electricity and utilities, oil and gas, and tobacco industries, such as the China Grid duopoly and the three major oil giants [3].