Group 1 - The core viewpoint of the news is that Nuanwa Technology, a domestic AI technology company focused on insurance, has officially submitted its listing application to the Hong Kong Stock Exchange, with JPMorgan and HSBC as joint sponsors [1] - Nuanwa Technology provides AI-based underwriting and claims solutions to insurance companies, aiming to improve front-end processes such as product design, user analysis, user operations, and underwriting risk assessment [1] - The funds raised from the IPO will primarily be used to enhance research and development, improve operational efficiency and analytical capabilities, expand geographical coverage, diversify insurance business categories, and optimize product offerings [1] Group 2 - According to a Frost & Sullivan report, Nuanwa Technology is the largest independent AI technology company in China's insurance industry based on the number of insurance cases processed in 2024, and it is the largest AI technology company with full-stack risk analysis capabilities in the health insurance sector [2] - As of the end of 2024, Nuanwa Technology's solutions have been adopted by 90 insurance companies, facilitating approximately 10.7 billion yuan in first-year premium payments and completing around 204 million underwriting reviews and claims investigations by June 2025 [2] - Nuanwa Technology's financial performance shows a gradual improvement in its loss situation, with revenues of 340 million yuan, 650 million yuan, and 940 million yuan from 2022 to 2024, reflecting a compound annual growth rate of 65.5%, while net losses were 223 million yuan, 240 million yuan, and 155 million yuan respectively [2]