New stock news | Nubi talks for the third time to submit documents to the Hong Kong Stock Exchange. NBK-INTARI, the artificial intelligence platform under its umbrella, is in a leading position.

According to the disclosure from the Hong Kong Stock Exchange on November 18th, Nobby Intelligent Technology (Chengdu) Co., Ltd. (referred to as Nobby) has submitted its application to the main board of the Hong Kong Stock Exchange, with CICC as its exclusive sponsor. This is the company's third time submitting an application to the Hong Kong Stock Exchange. According to the prospectus, the company focuses on the industrial application of advanced technologies such as AI and digital twinning in the fields of transportation, energy, and urban governance. The company mainly provides integrated software and hardware solutions based on comprehensive AI industry models for purposes such as monitoring, detection, and operation. According to Zosight Consulting, based on the revenue related to the rail transportation field and power supply by the year 2024, the company is the second-largest AI + power supply detection and monitoring system provider in China, with a market share of approximately 5.9%. Additionally, based on the revenue related to rail transportation by the year 2024, the company ranks third among the enterprises providing AI + detection and monitoring solutions in the Chinese rail transportation industry, with a market share of approximately 1.8%. According to Zosight Consulting, in terms of revenue, the AI + rail transportation detection and monitoring solution market accounts for around 11.6% of the AI + rail transportation solution industry market share by the year 2024. The company has three business lines targeting the following vertical industries: (a) transportation solutions business, covering (i) rail transportation, (ii) urban transportation, and (iii) airports; energy solutions business, covering (i) electricity, and (ii) chemicals; and urban governance solutions business, mainly covering applications such as park management, campus management, emergency management, and community management. During the historical period, the company's revenue came from the rail transportation, electricity, and urban governance businesses. The company has also expanded into other vertical industry sectors, including urban transportation, airports, and chemicals. As of the latest practicable date (November 9, 2025), the commercialization of these new businesses is at different stages of business and/or product development. Through the accumulation of industry experience and continuous research and development investment, the company has built a fundamental AI technology platform-NBK-INTARI AI platform, which integrates functions such as data collection, preprocessing, data annotation and analysis, and model training and optimization. According to Zosight Consulting, the company's NBK-INTARI AI platform holds a leading position in China's AI technology fundamental platform in the areas of big data processing, deep learning, and basic algorithms. The company develops different AI industry models for different business scenarios and continuously optimizes and upgrades algorithm models and products. AI industry models refer to a collection of algorithm modules customized for specific business scenarios. Algorithm modules refer to independent components or instruction sets in an AI system that perform a specific task or a series of tasks. These algorithm modules are designed to address specific aspects of data processing, analysis, or decision-making related to their target business scenarios. The company's AI industry models are multimodal, covering visual mode, simulation mode, language mode, and hardware mode. These modes indicate the different functions and capabilities that the company's AI industry models can achieve. Depending on the specific application scenario, AI industry models may have one mode or any combination of these modes. The company's AI industry models can be interconnected to form a collaboration across business scenarios. Financial Information Revenue: In 2022, 2023, 2024, and the six months ended June 30, 2025, the company's revenue was approximately RMB 253 million, RMB 364 million, RMB 403 million, and RMB 232 million, respectively. Profit: In 2022, 2023, 2024, and the six months ended June 30, 2025, the company's annual profit was approximately RMB 63.161 million, RMB 88.566 million, RMB 115 million, and RMB 40.081 million, respectively. Gross profit margin: In 2022, 2023, 2024, and the six months ended June 30, 2025, the company's gross profit margins were 55.6%, 58.1%, 58.9%, and 39.2%, respectively. Industry Overview The Chinese AI + infrastructure solutions industry has been steadily growing, with the market size expanding from approximately RMB 0.7 trillion in 2019 to around RMB 1.7 trillion in 2024, with a compound annual growth rate of 19.4%. This upward trend is expected to continue, with the market size increasing from around RMB 1.9 trillion in 2025 to approximately RMB 3.4 trillion in 2029, with a compound annual growth rate of 15.7%. In 2024, the market size of the AI + rail transportation detection and monitoring solutions industry reached approximately RMB 11.4 billion, and it is projected to grow from around RMB 14.6 billion in 2025 to approximately RMB 33.7 billion in 2029, with a high compound annual growth rate of 23.3%, significantly surpassing the growth rate of traditional rail transportation inspection solutions. This growth reflects an increase in the proportion of AI + solutions from 10.3% in 2024 to 24.9% in 2029. The key area driving this growth is the AI + power supply detection and monitoring system, which has become a key driver for rapid market expansion. With AI technology increasingly integrated into new installations and system upgrades, the penetration rate of AI is expected to accelerate further. In 2024, the market size of the AI + energy solutions in China reached approximately RMB 0.6 trillion. Significant growth is expected in the future, with the market size projected to increase from about RMB 0.7 trillion in 2025 to approximately RMB 1.3 trillion in 2029, with a high compound annual growth rate of 16.7%. In 2024, the market size of the AI + urban governance solutions in China reached approximately RMB 0.7 trillion, and it is expected to increase from around RMB 0.8 trillion in 2025 to approximately RMB 1.3 trillion in 2029, with a compound annual growth rate of 12.9%. Board of Directors Information The board of directors consists of 12 directors, including 4 executive directors, 2 non-executive directors, 3 independent non-executive directors, and 3 supervisors. Ownership Structure As of the latest practicable date, according to the joint action agreement, Mr. Liao, Iron Technology Innovation, Tang Taike, Lin Renhui, Su Maocai, and Iron Intelligence collectively have the right to exercise approximately 51.1% of the total voting rights of the company's issued share capital, including: The company's founder, executive director, and chairman, Mr. Liao, has the right to exercise approximately 41.3% of the total voting rights of the company's issued share capital through (a) his direct interest in 11,175,039 shares (approximately 32.8% of the company's issued share capital), (b) his position as a general partner of Iron Technology Innovation (which holds 2,281,459 shares, approximately 6.7% of the company's issued share capital), and (c) his position as a general partner of Iron Intelligence (which holds 633,726 shares, approximately 1.9% of the company's issued share capital). Iron Technology Innovation has the right to exercise approximately 6.7% of the total voting rights of the company's issued share capital through his direct interest in 2,281,459 shares. Tang Taike has the right to exercise approximately 3.3% of the total voting rights of the company's issued share capital through his direct interest in 1,112,581 shares. Lin Renhui has the right to exercise approximately 3.3% of the total voting rights of the company's issued share capital through his direct interest in 1,112,581 shares. Su Maocai has the right to exercise approximately 3.3% of the total voting rights of the company's issued share capital through his direct interest in 1,112,581 shares. Iron Intelligence has the right to exercise approximately 1.9% of the total voting rights of the company's issued share capital through his direct interest in 633,726 shares. Given the above circumstances, Mr. Liao, Iron Technology Innovation, Tang Taike, Lin Renhui, Su Maocai, and Iron Intelligence are considered a group of controlling shareholders. Advisory Team Exclusive Sponsor: China International Capital Corporation Hong Kong Securities Limited Legal Advisors: Junxuan Zhou Law Firm in association with Beijing Tongshang Law Firm, Deheng Law Firm, Deheng Shanghai Law Firm, and DLAPiperSingaporePte.Ltd. Exclusive Sponsors and Compilation Legal Advisors: Norton Rose Fulbright Hong Kong, Global Law Firm Auditors and Reporting Accountants: Ernst & Young Certified Public Accountants Industry Consultants: Zosight Industry Consulting Co., Ltd.