New stock news | Sensory interaction solution provider Ji Hao Technology files for listing on the Hong Kong Stock Exchange, with net losses for three consecutive years.

According to the disclosure by the Hong Kong Stock Exchange on June 24, Jiho Technology (Tianjin) Co., Ltd. (referred to as "Jiho Technology") has submitted an application for listing on the main board of the Hong Kong Stock Exchange, with Guotai Junan Financing Limited and Ping An Capital (Hong Kong) as its joint sponsors. Company Description The prospectus shows that Jiho Technology is a provider of integrated perception and interaction solutions for intelligent terminals. The company's AI-driven solutions enable seamless and natural interaction between humans and intelligent terminals in a wide range of application scenarios. The products delivered to module manufacturers by the company mainly include proprietary chips and related components independently designed and manufactured by third-party wafer foundries, as well as applicable algorithms. According to Frost & Sullivan, based on the revenue forecast for 2025, the company ranks second in the Chinese smartphone biometric solution market, holding a market share of 14.5%. Through cooperation with module manufacturers, the company's smartphone solutions have been applied in products under eight of the top ten smartphone brands in China (based on shipments in 2025). The company's independently developed models were the first to achieve commercial application in similar models in China, relying on the capability of large models to create integrated perception and interaction solutions for different intelligent terminals and related services. It conducts self-supervised training on real datasets by uniformly collecting, fusing, and modeling multimodal perception data from different sensors collecting sound, light, electrical signals, as well as video and image data. During the reporting period, the company has developed solutions including smartphone solutions, smart glasses solutions, and smart body solutions. Among them, smartphone solutions include fingerprint sensors, face, and palm recognition solutions. Smart glasses solutions include gesture interaction solutions, eye tracking interaction solutions. In terms of smart body solutions, the company provides spatial data processing platforms, first-person data collection devices, and visual-tactile solutions. During the reporting period, the company mainly sold solutions to module manufacturers through agents, and these manufacturers integrated the company's solutions with other components into modules, which were then delivered to intelligent terminal brands. In 2023, 2024, and 2025, revenue from the top five customers accounted for 99.0%, 97.4%, and 89.6% of total revenue for the respective years. The company's suppliers mainly include suppliers of wafers and optical components, contract manufacturers, computing power service providers, and other service providers. In 2023, 2024, and 2025, purchases from the top five suppliers accounted for 90.9%, 84.8%, and 84.0% of total purchases for the respective years. Financial Information Revenue In the fiscal years 2023, 2024, and 2025, the company's revenues were approximately RMB 2.08 billion, RMB 3.68 billion, and RMB 4.69 billion, respectively. Annual Loss In the fiscal years 2023, 2024, and 2025, the company's annual losses were approximately -RMB 91.78 million, -RMB 38.27 million, and -RMB 14.38 million, respectively. Gross Margin In the fiscal years 2023, 2024, and 2025, the company's gross margins were 26.3%, 36.4%, and 37.6%, respectively. Industry Overview Divided into three categories based on commercial maturity and application scenarios, perception and interaction applications include 3C products, smart bodies, and automotive. Among them, the 3C field is the most mature, with stable applications and steady market growth. Incremental growth in this area mainly comes from emerging products such as smart glasses, which have a continuously increasing demand for real-time perception and interaction. 3C intelligent terminals (including smartphones, tablets, laptops, personal computers, and various smart wearable devices) have been widely used and are the most commercially mature and widely deployed application in perception and interaction technology. Since fingerprint sensors are standard components for all grades of terminals, the size of the smartphone biometric market is closely related to smartphone shipments. The size of the Chinese smartphone biometric market decreased from RMB 4.2178 billion in 2021 to RMB 2.3456 billion in 2023. Similarly, industry demand is expected to contract again in 2026 due to AI-driven storage chip shortages shifting manufacturing capacity and storage supply from consumer electronics products, thereby reducing smartphone shipments and downstream component demand. Looking ahead, thanks to the higher ASP solutions expanding from flagship models to the broader high-end market, the size of the smartphone biometric market is expected to recover to RMB 5.8141 billion by 2030, with a compound annual growth rate of 14.6% from 2025 to 2030. Currently, software and hardware integrated solutions such as visual-tactile fusion modules and spatial perception modules are about to be adopted by Smart Body manufacturers, with some leading manufacturers entering the small-scale verification stage. With the large-scale deployment of Smart Body Siasun Robot & Automation, the demand for visual-tactile modules will also increase; at the same time, the large-scale shipment of Smart Body Siasun Robot & Automation with dexterous hands will bring considerable opportunities to the perception and interaction market. With the continuous breakthroughs in multimodal base large models, edge computing, and low-power perception technologies, this category has the potential for rapid scaling and is expected to become the core growth engine of the perception and interaction industry in the next stage. Although the penetration rate of smart cockpits in the automotive scene is relatively high, the perception and interaction capabilities are still in the early stages of development. Currently, automotive perception and interaction mainly rely on single capabilities such as gestures and facial recognition; in the future, with the continuous penetration of technologies such as eye tracking, Driver Monitoring Systems (DMS), Cabin Monitoring Systems (OMS), and multimodal fusion in smart cockpits, the market will evolve towards more advanced and integrated solutions. In terms of competitive landscape, the perception and interaction solutions industry in China is relatively fragmented, with varying concentration levels in different sub-sectors. The concentration of the top players is relatively high in the biometric competition for smartphones. However, in emerging areas such as smart glasses perception and interaction, there is no dominant player yet. As of 2025, the company has entered the market as the second largest player in the Chinese smartphone biometric solution market, with a market share of 14.5% based on revenue calculations and 24.1% based on shipment calculations. Board of Directors Information The company's board of directors will consist of 7 directors, including 2 executive directors, 2 non-executive directors, and 3 independent non-executive directors. Equity Structure As of June 21, 2026, Mr. Chen and his controlled entities (Jizhong Chuangxin, Haohong Xinqin, Jiaxing Jiqian, Jiaxing Jiqian, Jiaxing Jiquna, Jiaxing Jicheng, Jiaxing Jitong, Jiaxing Jitong, Jiaxing Jitong, Jiaxing Jitong, Jiaxing Jitong, Jiaxing Jitong, Jiaxing Jitong, Jigang equinox) constitute the single largest shareholder group of the company, collectively holding approximately 25.70% of the total issued voting rights. Mr. Chen controls approximately 25.70% of the voting rights of the company through Jizhong Chuangxin (a limited partnership enterprise established according to Chinese law, with Mr. Chen as its general partner, holding 13.72% of the total issued capital of the company); and Haohong Xinqin (a limited partnership enterprise established according to Chinese law, with Mr. Chen as its general partner, holding of 11.98% of the total issued capital of the company). Jiaxing Jiqian, Jiaxing Jiqian, Jiaxing Jiquna, Jiaxing Jicheng, Jiaxing Jitong (limited partners of Jizhong Chuangxin), Jiaxing Jitong, Jiaxing Jitong, Jiaxing Jitong, Jiaxing Jitong, Jiaxing Jitong, Haoyu (limited partners of Haohong Xinqin) are the company's indirect employee incentive platforms, each managed by Mr. Chen as their respective general partner. Intermediary Team Joint Sponsors: Guotai Junan Financing Limited, Ping An Insurance Capital Limited (Hong Kong) Company Legal Adviser: For Hong Kong and US law: Kilpatrick Townsend & Stockton LLP; For Chinese law: King & Wood Mallesons Joint Sponsors' legal adviser: For Hong Kong law: Howse Williams; For Chinese law: Tian Yuan Law Firm Independent auditors and reporting accountants: KPMG Industry Consultants: Frost & Sullivan (Beijing) Consulting Co., Ltd. Shanghai Branch Compliance Consultants: May Capital Limited