Core Viewpoint - The Jiangsu Securities Regulatory Bureau has accepted the application for the initial public offering (IPO) and listing guidance of Sibili Technology Co., Ltd., with the filing date set for April 25, 2025, and the guiding institution being CITIC Securities [1] Group 1: IPO Guidance and History - The guidance agreement between CITIC Securities and Sibili Technology was signed on April 9, 2025, with additional participating advisory firms including Beijing Jindu Law Firm and Tianjian Accounting Firm [2][3] - Sibili Technology previously applied for an IPO on the Sci-Tech Innovation Board in 2022, which was accepted by the Shanghai Stock Exchange. However, the application was terminated on May 9, 2023, due to insufficient disclosure regarding the reasonableness of the projected compound annual growth rate (CAGR) of operating income over the next four years and the risk of negative net assets prior to listing [3][4] Group 2: Financial Performance - In the fiscal years 2020, 2021, and 2022, the company's operating revenues were 236.72 million, 307.43 million, and 423.21 million respectively, while the net profits attributable to the parent company were -179.57 million, -297.59 million, and -263.74 million respectively [5] - The total assets as of December 31, 2022, were 559.61 million, with net assets attributable to the parent company at 146.66 million, and a debt-to-asset ratio of 40.39% [6] - The company has consistently reported losses, with a net profit margin of -105.55% in 2022, and a significant portion of revenue (74.04%) allocated to research and development [6][5] Group 3: Business Overview - Founded in 2007, Sibili Technology specializes in human-machine dialogue solutions, having developed key technologies for intelligent voice and natural language interaction, including audio signal processing, speech recognition, natural language understanding, and multi-modal interaction [4]