第零智能港股IPO：网站未备案无法访问 实控人涉互联网助贷业务 招股书竟然“偷”海康威视专利

Core Viewpoint - Shenzhen Zeroth Intelligent Technology Co., Ltd. has submitted an IPO application to the Hong Kong Stock Exchange, but significant discrepancies in its disclosures raise concerns about its credibility and compliance with listing regulations [1][24]. Group 1: Company Overview - Zeroth Intelligent was established in August 2020 and focuses on providing AI-driven solutions through an AaaS model for various business scenarios [3][26]. - The company claims to have developed the BlackZero hybrid intelligent agent cluster, which integrates various AI models and human expertise for efficient collaboration [3][26]. Group 2: Compliance Issues - The company's official website is currently inaccessible due to "uncompleted filing," which violates the Hong Kong Stock Exchange's requirement for listed companies to maintain a functional investor relations website [6][11][31]. - The IPO prospectus lists two patents that are legally owned by Hikvision, not by Zeroth Intelligent, indicating potential fraudulent behavior and information disclosure violations [2][24][45]. Group 3: Management and Ownership Concerns - The CEO, Qiao Qian, holds 55.7% of the company's shares and has connections to the controversial online lending platform Fenqile, which has faced numerous complaints regarding predatory lending practices [1][20][32]. - There are discrepancies regarding the ownership structure and potential undisclosed shareholding arrangements involving other key stakeholders, raising questions about the transparency of the company's governance [11][34][36]. Group 4: Financial Performance - Zeroth Intelligent reported revenues of 86 million yuan, 169 million yuan, and 185 million yuan for the years 2023, 2024, and the first three quarters of 2025, respectively, with net profits of 21.26 million yuan, 31.64 million yuan, and 40.41 million yuan [21][42]. - The company's low expense ratios, particularly in R&D, raise doubts about the technological depth and innovation capabilities of its offerings compared to industry peers [21][42].