1月20日，北京德风新征程科技股份有限公司（下称"德风新征程"）向港交所提交招股书，计划在港股主板IPO，独家保荐机构为日进资本。 值得一提的是，德风新征程在2025年11月14日向港交所递交的上市申请书曾于2025年11月24日被发回，而上一次有IPO公司被发回申请书还是在2023 年，也就是两年半前。根据政策，被港交所发回的IPO申请，公司需等待至少8周才能再次申请，以此警示市场提升上市标准。随后，德风新征程在等满8周 后再次于今年1月20日递表港交所。 IPO日报注意到，德风新征程营收增长明显，仍处于亏损状态，经营活动现金流为负，但后两者有所收窄。 张力制图 主要服务国企 德风新征程的历史可追溯至2015年3月，彼时由王清杰及另外两名股东共同创立，总部位于北京，是一家专注于AI赋能工业物联网（AIoT）的技术企 业，致力于通过创新技术推动中国能源、制造及混合行业的能效提升、卓越运营、安全生产与可持续发展。 目前公司创始人王清杰持股27.7%，动成长持股11.1%，金龙杰持股5.6%，后两者是王清杰控制的激励平台，控股股东合计控制德风新征程44.4%股权。 德风新征程自主研发了端到端的Delt@AIoT平 ...

Group 1 - The core viewpoint of the news is that Beijing Defeng New Journey Technology Co., Ltd. (Defeng Technology) has had its IPO application returned by the Hong Kong Stock Exchange (HKEX), marking the first "tied" case in two and a half years, which requires the company to wait at least 8 weeks before reapplying [1] - The "tied" mechanism is a criticism notification system implemented by HKEX to enhance the quality of listed companies, with a total of 25 applications returned since its inception, involving major underwriters like Goldman Sachs and Morgan Stanley [1] - Defeng Technology, established in March 2015, focuses on AI-enabled Industrial Internet of Things (AIoT) production optimization software solutions, having completed over 600 projects primarily for state-owned enterprises in China [2] Group 2 - The company had previously attempted to list on the Shanghai Stock Exchange's Sci-Tech Innovation Board in 2022 but terminated those plans in October 2024, subsequently applying for a listing on HKEX in November 2023 [2] - Defeng Technology's IPO involves a special agreement granting investors rights such as redemption rights and anti-dilution rights, with a revised IPO target date extended to December 31, 2026 [2] - The company has incurred redemption liabilities of RMB 1.224 billion, RMB 1.455 billion, and RMB 1.462 billion for the years 2023, 2024, and the first half of 2025, respectively, due to the granted redemption rights [3]

Core Viewpoint - Defeng Technology has submitted an IPO application to the Hong Kong Stock Exchange after terminating its A-share listing guidance in October 2024, aiming to raise funds for AI capabilities, industrial robotics solutions, overseas expansion, strategic investments, and general operational funding [1][12]. Group 1: Financial Performance - Defeng Technology has reported cumulative losses exceeding 730 million yuan over the past three and a half years, with no profitability achieved during the reporting period [6][7]. - The company’s revenue has consistently been in the billions, but it has faced significant losses due to the fair value changes of redeemable liabilities, which have been recorded as losses under accounting rules [7]. - As of the first half of 2025, the company’s accounts receivable and notes receivable amounted to approximately 214 million yuan, with an adjusted average trade receivables turnover days reaching 653 days [3][8]. Group 2: Market Position and Client Base - Defeng Technology holds a market share of only about 1.8%, making it the fifth-largest independent AIoT service provider in China according to a Frost & Sullivan report [4]. - The majority of the company’s revenue comes from state-owned enterprises and government clients, with this segment accounting for over 90% of revenue in the first half of 2024 [4][8]. - The company’s primary business segments include AIoT solutions, AIoT services, and AIoT product sales, with AIoT solutions consistently contributing over 80% of total revenue during the reporting period [4]. Group 3: Research and Development - The term "independent" appears over 20 times in the prospectus, emphasizing that Defeng Technology's core AIoT technologies are self-developed [5]. - The R&D outsourcing costs for the reporting period were 3.08 million yuan, 100,000 yuan, 17.1 million yuan, and 20.69 million yuan, with R&D expenses in the first half of 2025 amounting to 38.1 million yuan, indicating that over 50% of R&D costs were outsourced [5]. Group 4: Shareholder Dynamics - Just days before the IPO application submission, a major shareholder,招商盈趣, sold its shares at cost, indicating a lack of profit from its investment over approximately four and a half years [11]. - The company has undergone several rounds of financing, raising a total of 656 million yuan, with significant valuation increases noted between funding rounds [10]. Group 5: Strategic Intentions - The shift from A-shares to H-shares is intended to access international markets for viable funding sources to support business development and attract more investors [12].