Core Viewpoint - Shenyan Intelligent submitted its listing application to the Hong Kong Stock Exchange on December 1, after its prospectus submitted in the first half of the year became invalid at the end of November. The company faces significant performance fluctuations in 2024 due to high reliance on a single industry client, leading to pressure on gross margins and tightening cash flow [1]. Company Overview - Shenyan Intelligent, formerly known as "Pinyou Interactive," had previously applied for an A-share IPO in 2022 but withdrew the application in June 2024 after three rounds of inquiries. The company shifted its focus to the Hong Kong market, submitting its application in late May, which became invalid on August 28 [1]. - The company specializes in decision-making AI technology, focusing on AI applications in marketing and sales scenarios. According to its prospectus, it ranks first in the Chinese marketing and sales decision-making AI application market with a market share of 2.6% based on 2024 revenue, and fourth in the overall decision-making AI application market in China with a market share of 1.6% [1]. Financial Performance - In the first half of 2025, the company's revenue increased by 5.8% year-on-year to 277 million yuan, primarily driven by clients in the internet services industry. The revenue share from this sector rose from 24.2% in the same period last year to 43.2% [1]. - The prospectus indicates that the company is experiencing issues such as an imbalanced business structure, declining profitability, and tightening cash flow, along with some foreign exchange risks [1].

Core Insights - Beijing DeepYuan Intelligent Technology Co., Ltd. (DeepYuan) has submitted its application to the Hong Kong Stock Exchange for the second time this year, with ICBC International as the sole sponsor [1] - The company specializes in decision-making AI technology, focusing on marketing and sales applications [1] - According to Frost & Sullivan, DeepYuan ranks first in China's marketing and sales decision-making AI application market with a market share of 2.6% based on projected 2024 revenue [1] - In the broader decision-making AI application market in China, DeepYuan ranks fourth with a market share of 1.6% [1] Company Overview - DeepYuan provides decision-making AI applications with a strategic focus on marketing and sales scenarios, including intelligent advertising placement and smart data management [5] - The company has two flagship platforms: AlphaDesk and AlphaData [5]

Core Insights - Beijing DeepYuan Intelligent Technology Co., Ltd. (DeepYuan Intelligent) submitted its Hong Kong IPO prospectus on May 28, 2025, which became invalid after six months on November 28, with ICBC International as the sole sponsor [1] Company Overview - DeepYuan Intelligent is a Chinese decision-making AI technology company focused on decision-making AI applications in marketing and sales scenarios, including intelligent advertising and data management [2] - The company generates 80% of its revenue from providing (i) intelligent advertising and (ii) intelligent data management services [2] - The intelligent advertising business centers around the AI decision-making platform AlphaDesk, while the CRM AI decision-making platform AlphaData supports intelligent data management [2]

Core Insights - Beijing DeepYuan Intelligent Technology Co., Ltd. (referred to as DeepYuan Intelligent) submitted its Hong Kong IPO prospectus on May 28, 2025, which became invalid after six months on November 28, with ICBC International serving as the sole sponsor during the application process [1] Company Overview - DeepYuan Intelligent is a Chinese decision-making AI technology company that focuses on decision-making AI applications in marketing and sales scenarios, including intelligent advertising placement and intelligent data management [2] - The company generates 80% of its revenue from providing (i) intelligent advertising placement and (ii) intelligent data management services [2] - The intelligent advertising placement business centers around the company's AI decision-making platform, AlphaDesk, while the intelligent data management is supported by the CRM AI decision-making platform, AlphaData [2]

Core Viewpoint - DeepZero Technology Co., Ltd. (Deep AI) has submitted its prospectus for an IPO in Hong Kong, with the China Securities Regulatory Commission requesting additional information regarding its previous attempts to list and its business operations [1][2][3]. Group 1: Listing and Regulatory Compliance - The company previously obtained approval from the National Equities Exchange and Quotations but did not proceed with the public transfer, raising questions about its intentions for A-share listing and any potential impacts on the current IPO [1]. - The company is required to clarify the reasons for establishing and dismantling offshore and VIE structures, including any violations of foreign exchange regulations and the status of any administrative penalties [1][2]. - The company must explain its smart advertising business in layman's terms and confirm compliance with relevant regulations regarding internet advertising [1][2]. Group 2: Business Operations and Data Management - The company is asked to detail its business scope, including internet information services and cultural exchange activities, and confirm whether it has the necessary licenses and whether its operations fall within restricted foreign investment areas [2]. - The company needs to disclose its involvement in developing and operating websites, apps, and other digital products, including the types of information provided to third parties and measures for data security and user information protection [2][3]. - The company must clarify whether the shares held by shareholders participating in the "full circulation" are subject to any pledges, freezes, or other rights defects [3]. Group 3: Market Position - Established in 2009, Deep AI is recognized as a leading decision-making AI technology company in China, particularly in the marketing and sales sectors, leveraging advanced AI algorithms and multimodal data [3]. - According to Frost & Sullivan, Deep AI ranks first in the Chinese marketing and sales decision-making AI application market by revenue in 2024 [3].