New Stock News | China Science and Technology Wen Ge submitted an application to the Hong Kong Stock Exchange to build the "most powerful brain" for enterprise-level AI decision-making.

According to the disclosure by the Hong Kong Stock Exchange on April 12th, Beijing Zhongke Wenge Technology Co., Ltd. (referred to as "Zhongke Wenge") has submitted an application for listing on the main board of the Hong Kong Stock Exchange, with CICC as its exclusive sponsor. Company Profile The prospectus shows that Zhongke Wenge is an emerging enterprise-level artificial intelligence technology and service provider in China, focusing on complex data analysis and AI-assisted decision-making. Founded by AI scientists from the Institute of Automation of the Chinese Academy of Sciences in 2017, the company has been dedicated to expanding enterprise data analysis and intelligent decision-making capabilities. The company's capabilities include data governance, domain knowledge management, large language and multimodal model training, decision automation and evaluation, as well as low-code AI application development. Zhongke Wenge serves various institutions in China's technology-intensive industries, aiming to facilitate digital transformation empowered by AI for crucial sectors such as media and communications, public services, and commercial enterprises. During the reporting period, the company has provided professional AI services to over 650 enterprises and government clients. According to Insights Consulting, enterprise-level big model-driven decision intelligence is currently a small but rapidly growing segment in China's enterprise-level AI industry. In terms of revenue, Zhongke Wenge ranks first among enterprise-level big model-driven decision intelligence service providers in China in 2024, with a market share of 11.4%. Additionally, the company ranks seventh in the Chinese enterprise-level big model market in 2024, with a market share of 2.4%, primarily competing with major mainstream AI industry players in China. The Decision Intelligence Operating System ("DIOS") independently developed by Zhongke Wenge is the cornerstone of the company's research and development system and AI service matrix. The system integrates multiple cutting-edge technologies, aiming to transform raw data into actionable business insights. It is based on reliable data infrastructure, integrated with large models, a multi-agent reasoning platform, and low-code system integration modules. DIOS offers AI services with both versatility and vertical industry depth, enabling customers to efficiently build all-in-one AI applications. DIOS helps users effectively process and analyze large amounts of multimodal data (including images, texts, audio, and videos) in complex business scenarios. By shifting enterprises' decision-making models from relying on human intuition to data-driven and AI-assisted scientific processes, the company significantly improves customers' operational efficiency and strategic decision-making effectiveness. By providing a highly scalable and flexible DIOS platform, the company has helped customers achieve high-value business outcomes at scale. Financial Information Revenue In the fiscal years 2023, 2024, and 2025, the company's revenues were approximately RMB 250 million, RMB 318 million, and RMB 405 million, respectively. Gross Profit In the fiscal years 2023, 2024, and 2025, the company's gross profits were approximately RMB 110 million, RMB 160 million, and RMB 208 million, respectively. Gross Profit Margin In the fiscal years 2023, 2024, and 2025, the company's gross profit margins were 44.0%, 50.4%, and 51.2%, respectively. Industry Overview China is at the forefront of global AI development. In the era of big models, China remains a key innovator with numerous AI companies possessing world-leading technologies. Chinese enterprises have high adoption rates and investment intentions for AI, making China one of the largest enterprise-level AI markets globally. According to Insights Consulting data, the scale of China's enterprise-level AI market is expected to reach RMB 316 billion in 2024 and is projected to surpass RMB 900 billion by 2030, with a compound annual growth rate of 19.2%. Currently, the enterprise-level AI market is mainly composed of traditional enterprise-level AI and enterprise-level big models: the former typically addresses specific challenges, while the latter can handle a diverse range of tasks in a smarter way. Enterprise-level big models mark a significant paradigm shift in the AI development journey, achieving broader generalization capabilities and cross-task processing abilities. Although big models currently represent only a small portion of enterprise-level AI deployments, they are recognized as the clear technological roadmap for future AI development. The development of big models in China began before 2020, but 2023 marked the first time big models were commercially applied on an enterprise scale. Calculated based on the revenue generated by enterprise-level big model solutions, the scale of China's enterprise-level big model market reached RMB 3.6 billion in 2023, more than doubling to reach RMB 12.7 billion by 2024. By 2030, the market size is expected to reach RMB 131.2 billion, with a compound annual growth rate of 47.5% from 2024 to 2030. With continuous improvements in AI capabilities and accelerated enterprise-level applications, the share of enterprise-level big models in enterprise-level AI is projected to increase from about 4.0% in 2024 to around 14.5% in 2029. Enterprise-level big model-driven decision intelligence is closely related to core business operations, with diverse customer demands, high performance expectations, and complex development requirements. Although currently a small part of China's enterprise-level AI industry, big model-driven decision intelligence is growing rapidly. The increasing demand for decision intelligence applications and the growing strategic recognition of their value by enterprises are expected to drive significant growth in this field. The scale of the Chinese enterprise-level big model-driven decision intelligence market is rapidly expanding. In 2024, the market size reached RMB 2.7 billion, accounting for 21.3% of the overall enterprise-level big model market. By 2030, the market size is expected to grow to reach RMB 35.8 billion, with the share increasing to 27.3%. The compound annual growth rate from 2024 to 2030 is projected to be 53.8%, higher than the growth of the overall enterprise-level big model market. Board of Directors Information The board of directors will consist of nine directors, including five executive directors, one non-executive director, and three independent non-executive directors. Directors serve a term of three years, with the option for re-election upon the expiration of their term. Ownership Structure As of April 8, 2026, Dr. Wang, Dr. Luo, Professor Zeng, Zhongke Sanshi, Hainan Xinmi, Wenge Zhicai, and Wenge Jiangcai collectively directly owned approximately 1.78%, 4.64%, 2.42%, 16.57%, 0.67%, 3.96%, and 0.62% equity in the company. Zhongke Sanshi is a limited company registered under Chinese law, with Dr. Wang, Professor Zeng, and Dr. Luo owning approximately 75.87%, 13.43%, and 10.70% equity, respectively. Hainan Xinmi, Wenge Zhicai, and Wenge Jiangcai are limited partnerships established under Chinese law and controlled and managed by Dr. Wang as the executive business partner. In June 2020, Dr. Wang, Dr. Luo, and Professor Zeng entered into a concerted action agreement, whereby they agreed to act collectively when exercising their voting rights and management rights at company decisions and at shareholder and board meetings. In cases where consensus cannot be reached, Dr. Wang's opinion will be considered the unanimous action opinion. Given that Zhongke Sanshi, Hainan Xinmi, Wenge Zhicai, and Wenge Jiangcai are controlled by Dr. Wang and considering the concerted action arrangement, Dr. Wang, Dr. Luo, Professor Zeng, Zhongke Sanshi, Hainan Xinmi, Wenge Zhicai, and Wenge Jiangcai collectively owned and controlled approximately 30.66% of the voting rights of the company as of April 8, 2026. As of that date, there are generally no limited partners holding more than 30% of the partnership interests of Wenge Zhicai and Wenge Jiangcai. Intermediary Team Exclusive Sponsor: China International Finance Hong Kong Securities Co., Ltd. Company Legal Advisor: Regarding Hong Kong and U.S. law: King & Wood Mallesons; Regarding Chinese law: King & Wood Mallesons; Regarding U.S. regulatory law and international sanctions law: Hogan Lovells International LLP Legal Advisor to the Exclusive Sponsor: Regarding Hong Kong and U.S. law: Baker McKenzie; Regarding Chinese law: Shanghai Jintiancheng Law Firm Reporting Auditor and Independent Auditor: Ernst & Young Industry Consultant: Insights Consulting Compliance Advisor: FOSUN INTL Capital Limited