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According to the disclosure by the Hong Kong Stock Exchange on December 3, Nobikhan Artificial Intelligence Technology (Chengdu) Co., Ltd. (referred to as "Nobikhan") has undergone listing hearing on the main board of the Hong Kong Stock Exchange, with CICC as its exclusive sponsor. The prospectus shows that Nobikhan focuses on the industrial application of advanced technologies such as AI and digital twins in the fields of transportation, energy, and urban governance. The company mainly provides integrated software and hardware solutions based on comprehensive AI industry models used for monitoring, detection, and operation purposes. During the reporting period, Nobikhan's revenue came from rail transportation, electricity, and urban governance businesses. The company has also expanded into other vertical industries, including urban transportation, airports, and chemical industries, with commercialization of these new businesses at different stages of business and/or product development as of November 9, 2025. According to Zhoushi Consulting, based on the revenue related to rail transportation and power supply in 2024, Nobikhan is the second largest AI + power detection and monitoring system provider in China, with a market share of about 5.9%. Based on the revenue from rail transportation in 2024, Nobikhan ranks third among enterprises providing AI + detection and monitoring solutions in the Chinese rail transportation industry, with a market share of about 1.8%. According to the same source, in terms of revenue, AI + rail transportation detection and monitoring solutions account for approximately 11.6% of the market share of the AI + rail transportation solutions industry in 2024. Through the accumulation of industry experience and continuous research and development investment, Nobikhan has built the underlying AI technology platform NBK-INTARI, which integrates data collection, preprocessing, data labeling and analysis, as well as model training and optimization modules. According to Zhoushi Consulting, the company's NBK-INTARI AI platform is at the forefront of AI technology platforms in China in the fields of big data processing, deep learning, and basic algorithms. In terms of the industry, in recent decades, AI has evolved from a mere theoretical concept to practical applications in real life, playing an increasingly important role in multiple industries. According to Zhoushi Consulting, the market size of China's AI + transportation solutions industry reached RMB 274.1 billion in 2024, and is expected to grow from RMB 329.9 billion in 2025 to RMB 600 billion in 2029, with a compound annual growth rate of 16.1%; the market size of China's AI + energy solutions industry was RMB 60 billion in 2024 and is expected to grow from RMB 70 billion in 2025 to RMB 130 billion in 2029, with a compound annual growth rate of 16.7%; and the market size of China's AI + urban governance solutions industry reached RMB 70 billion in 2024 and is expected to grow from RMB 80 billion in 2025 to RMB 130 billion in 2029, with a compound annual growth rate of 12.9%. Nobikhan stands out in the market with the advantage of entering the market early and mature professional skills in the practical application of AI + solutions. As one of the earliest companies in China's transportation and energy industries to drive innovation, Nobikhan has become a well-known enterprise in the industry, setting industry standards and establishing a solid position in China. In terms of performance, the company's revenue was approximately RMB 253 million, RMB 364 million, RMB 403 million, and RMB 232 million in 2022, 2023, 2024, and the six months ended June 30, 2025, respectively. During the same periods, the company's annual/net profits were approximately RMB 63.161 million, RMB 88.566 million, RMB 115 million, and RMB 40.081 million, respectively.