CloudKnowVoice (09678) will be listed for IPO from June 20th to June 25th, and is expected to be listed on June 30th.

Cloud Voice (09678) will be listed from June 20 to June 25, 2025, with the company planning to sell 1.561 million shares. 10% of the shares will be sold in Hong Kong and 90% internationally, with an additional 15% over-allotment option. The offer price per share is set at HK$165-205, with a minimum subscription of 20 shares per lot. Trading of the shares is expected to commence on June 30, 2025 (Monday) on the Stock Exchange. The company is an AI solutions provider focusing on selling conversational AI products and solutions for everyday life and medical applications in China. Its business is centered around user-centric AI solutions to enhance operational efficiency, strengthen decision-making capabilities, and provide better outcomes for clients in various industries. These solutions are built on the company's proprietary core technology platform, Cloud Voice Brain, which is widely used in applications such as intelligent customer service, medical diagnosis, and multilingual conversational assistants. The company's technology leverages continuous human-machine interaction to improve its capabilities. In 2023, the company launched the Shanhai Grand Model, a large language model with 60 billion parameters, featuring generative multilingual and multimodal capabilities for interactive human-machine communication. Supported by the Atlas AI infrastructure, the company ensures efficient model training and deployment, driving iteration and industry-specific adjustments. The company offers competitive products and solutions for a wide range of applications in daily life AI and medical AI. The AI solutions market in China is highly fragmented. According to Frost & Sullivan data, based on revenue, the company ranked as the fourth largest AI solutions provider in China for each year in the reporting period, holding a market share of 0.6%. The size of the Chinese AI solutions market grew by 33.1% from RMB 135.5 billion in 2023 to RMB 180.4 billion in 2024, while the company's revenue increased by 29.1% from RMB 727 million in 2023 to RMB 939 million in 2024. In 2024, the company ranked third in daily life AI solutions and fourth in medical AI solutions in China based on revenue. The broad commercial applications of these products and solutions provide valuable user feedback to the company, driving continuous iteration of the Shanhai Grand Model at the core of Cloud Voice Brain. The company has entered into cornerstone investment agreements with cornerstone investors who have agreed to subscribe to or procure entities to subscribe to a certain number of shares at the offer price (rounded down to the nearest full unit of H shares traded in multiples of 20 shares), totaling HK$95.5 million, calculated at the exchange rate of HK$1.00 to RMB 0.9154. Assuming a offer price of HK$185.00 per share (the midpoint of the offer price range), the company expects to net proceeds of approximately HK$177 million from the global offering (after deducting underwriting commissions and other estimated expenses related to the global offering), assuming the over-allotment option is not exercised. Consistent with the company's strategy, the company plans to use the net proceeds from the global offering for the following purposes: approximately 45.6% will be used to enhance the company's research and development capabilities over the next five years, approximately 47.0% will be allocated to invest in emerging business opportunities and improve the adoption and penetration of the company's products in industry verticals and scenarios over the next five years, and approximately 7.4% will be allocated to operating funds and general corporate purposes.