Core Viewpoint - Nanjing Silicon-based Intelligent Technology Group Co., Ltd. (Silicon-based Intelligence) has submitted its prospectus for an IPO on the Hong Kong Stock Exchange, aiming to become the first digital human stock in Hong Kong, with a post-investment valuation of 3.15 billion yuan after completing nine rounds of financing [5][6][7]. Group 1: Company Overview - Silicon-based Intelligence was founded in 2017 and has become the largest digital human company in China, achieving commercialization in over 40 industries, including finance and e-commerce, with the highest market share in the digital human sector [6]. - The company has received investments from notable firms such as Tencent, Sequoia China, and others, reflecting strong backing from top-tier venture capital and private equity [14][16]. Group 2: Business Development - The company has diversified its business into five areas: intelligent voice, digital human video, live streaming, intelligent interaction, and fully automated content production, with projected revenues of 223 million, 531 million, and 655 million yuan for 2022, 2023, and 2024 respectively, indicating a compound annual growth rate of 71.5% [12]. - Despite rapid revenue growth, Silicon-based Intelligence faced losses in previous years, with adjusted net losses of 46.22 million, 29.41 million, and 35.24 million yuan from 2022 to 2024. However, it achieved a net profit of 5.29 million yuan in the first half of 2025 [13]. Group 3: Market Position and Strategy - As of 2024, Silicon-based Intelligence holds a 32.2% market share in the domestic digital human solutions market, ranking first among all providers in China and second globally [10]. - The company has strategically focused on large clients, which has led to a decrease in gross margin from 45.8% in 2023 to 31.6% in the first half of 2025 due to competitive pricing strategies [13]. Group 4: Future Outlook - The funds raised from the IPO will primarily be used to enhance research and development capabilities, marketing, global acquisitions, and general corporate purposes [13]. - The founder, Si Mahuapeng, has set an ambitious goal to provide 100 million "silicon-based labor forces" to the global population of 8.2 billion by 2025, showcasing the company's long-term vision [10].

Core Viewpoint - Nanjing Silicon-based Intelligent Technology Group Co., Ltd. (Silicon-based Intelligence) has submitted its IPO application to the Hong Kong Stock Exchange, aiming to become the first digital human stock in Hong Kong [1][2]. Company Overview - Founded in 2017, Silicon-based Intelligence has grown to become the largest digital human company in China, achieving commercialization in over 40 industries, including finance, government, and e-commerce, with the highest market share in the digital human sector [1][4]. - The company has completed 10 rounds of financing before the IPO, with a post-investment valuation of 3.15 billion yuan. Notable investors include Tencent, Sequoia China, and others [1][7]. Founder Background - The founder, Si Mahuapeng, has a strong technical background and has previously founded successful tech companies, including Returnil and Toolwiz. His vision for AI as a new form of "digital labor" led to the establishment of Silicon-based Intelligence [3][4]. Business Development - The company faced challenges in its early years due to the immaturity of AI technology. However, it capitalized on the "metaverse" trend in 2021, launching a comprehensive application solution for virtual digital humans and AIGC [4]. - As of now, Silicon-based Intelligence has provided over 80,000 "silicon-based labor" solutions to various industries [4]. Financial Performance - Revenue from the company's five business segments is projected to grow from 223 million yuan in 2022 to 655 million yuan in 2024, with a compound annual growth rate of 71.5% [5]. - The company achieved a net profit of 5.29 million yuan in the first half of 2025, marking a turnaround from previous losses [5][6]. Market Position - Silicon-based Intelligence holds a 32.2% market share in the domestic digital human solutions market, ranking first in China and second globally [4][5]. Strategic Adjustments - The company has adopted a competitive pricing strategy to secure partnerships with large clients, which has impacted its gross margin, decreasing from 45.8% in 2023 to 31.6% in the first half of 2025 [6]. Use of IPO Proceeds - The funds raised from the IPO will primarily be used to enhance R&D capabilities, marketing, global acquisitions, and general corporate purposes [6]. Investment and Shareholding - Major shareholders include Tencent (16.59%), Zhuhai International (11.81%), and others, reflecting strong backing from top-tier VC/PE firms [8].