Core Viewpoint - After two years of setbacks in the IPO process, AI unicorn Siboer plans to restart its IPO journey, focusing on the large model era [1][2] Company Overview - Siboer Technology Co., Ltd. was founded in 2007 in Cambridge, UK, focusing on intelligent voice language technology [8] - The company has completed eight rounds of financing before its IPO attempt, raising over 1 billion yuan, with notable investors including Alibaba and Foxconn [8] - As of 2024, Siboer is valued at 10 billion yuan according to the Hurun China Unicorn List [8] IPO Attempts - Siboer's IPO application was accepted by the Shanghai Stock Exchange on July 15, 2022, but was ultimately terminated in May 2023 due to insufficient disclosure regarding future revenue growth and negative net asset risks [4][6] - The company had planned to issue up to 40.01 million shares to raise 1.033 billion yuan, with an estimated market value of 10.3 billion yuan [8] Financial Performance - Siboer's revenue from 2019 to 2022 showed a growth trend: 115 million, 237 million, 307 million, and 423 million yuan, respectively, while net losses were 283 million, 215 million, 335 million, and 297 million yuan [9] - R&D investments during the same period were significant, with percentages of revenue being 173.35%, 86.26%, 93.25%, and 74.04% [9] Market Position and Strategy - Siboer specializes in human-computer dialogue solutions, with a complete technology chain covering signal processing, speech recognition, natural language understanding, and knowledge graphs [7] - The company is currently focusing on the "cloud + chip" strategy, accelerating the deployment of its self-developed industry language model DFM-2 in various sectors including automotive and IoT [10]