IPO Foresight | Under the wave of trillion-level AI implementation, Zhongan Xinke sprinted into Hong Kong stocks with impressive report cards

At a time when the wave of artificial intelligence (AI) technology is sweeping the world, the enterprise AI solutions market is undergoing a critical transformation period from “proof of concept” to “value implementation”. Businesses are no longer satisfied with scattered AI tools, but are seeking comprehensive solutions that can deeply embed core business processes and produce actual business results.

In this context, Zhongan Information Technology (Shenzhen) Co., Ltd. (hereinafter referred to as “Zhongan Information Technology”) began listing in Hong Kong. Recently, this enterprise-grade AI solution provider, founded in 2021, once again submitted a prospectus to be listed on the main board of the Hong Kong Stock Exchange. The co-sponsors are ICBC International and League of Nations Securities International.

What are the highlights of Zhongan Information Technology that are worth paying attention to when submitting the form again this time?

Deeply cultivate the “last mile” of enterprise AI transformation

Zhongan Information Technology positions itself as an AI solution provider for enterprises, focusing on the two core areas of intelligent marketing and intelligent operation. Its business logic clearly points to the biggest pain point of current enterprise AI applications — how to combine advanced AI technology with complex business scenarios to cross the “last mile” from technology to value.

The company's solution is not a building in the sky, but is based on two core technology pillars: the unified AI base “XK-QianAI” and the AI agent matrix “QianNexus”. As the underlying technology layer, XK-QianAI is responsible for integrating, structuring data, and unifying AI capabilities in the customer's closed system environment. As of May 31, 2026, the foundation has accumulated more than 1,200 thought chains (CoT) and more than 1 million knowledge bases, covering detailed business processes, product documentation, and commercial knowledge. This forms a deep “industry” barrier for the company, enabling its AI solutions to understand and adapt to the characteristics of highly regulated and complex industries such as finance, technology, and retail.

On top of this, QianNexus acts as an execution and scheduling layer, encapsulates AI capabilities into more than 1,200 AI agents and more than 50 AI superassistants, embedded in an end-to-end business workflow. This “base+smart” architecture enables Zhongan Information Technology to provide customers with one-stop services from initial diagnosis, program design, implementation and deployment to continuous optimization. The solution can be delivered in a modular or programmatic manner, and supports remote, on-site, or hybrid deployment. It is extremely flexible, and is designed to help enterprises achieve AI empowerment with minimal infrastructure transformation costs.

The Zhitong Finance App notes that China's enterprise-level AI market is in a period of unprecedented expansion. According to Frost & Sullivan data, the market size grew from 19.1 billion yuan (RMB, same below) in 2021 to 69 billion yuan in 2024, with a compound annual growth rate of 37.9%, and is expected to reach 474 billion yuan by 2030. The rapid expansion of the market has verified Zhongan Xinke's timing choice to enter the racetrack.

It is worth mentioning that Zhongan Xinke's pragmatic business model has also achieved remarkable results. The company's customer base achieved explosive growth during the reporting period. The cumulative number of service customers surged from 88 at the end of 2023 to 409 at the end of May 2026, with a compound annual growth rate of 102.5%. The customer base covers a wide range of industries such as financial services, information technology, and retail. Among them, there is no shortage of large enterprises and state-owned enterprises. The company uses a direct sales model. Although it requires a high level of expertise from the sales team, it helps to establish close partnerships with customers and deeply understand their needs. This is also the key to the company's ability to maintain a high customer retention rate and successfully cross-sell.

However, this deep binding model also poses the risk of high customer concentration. According to the prospectus, during the reporting period, the company's revenue from the five major customers accounted for 74.7%, 62.7%, 43.0% and 54.7% of total revenue, respectively. Among them, transactions with the related party Zhongan Group account for a relatively high share. Although this ratio is on a downward trend, changes in its business relationship may still have an impact on the company's performance. In addition, the company also faces common risks such as rapid technological iteration in the AI industry, increased market competition, and dependence on a small number of key talents.

High growth and high investment coexist

The most notable part of Zhongan Information Technology's prospectus is undoubtedly its impressive financial performance. In recent years, the company has not only achieved exponential revenue growth, but its profitability and gross margin have also shown an impressive improvement trend, revealing the strong scalability of its business model.

On the revenue side, the company's total revenue grew from 226 million yuan in 2023 to 309 million yuan in 2024, to 477 million yuan in 2025, with a compound annual growth rate of 45.4%. Entering 2026, the growth momentum has not abated. Revenue for the first five months alone reached 199 million yuan. Compared with 123 million yuan in the same period in 2025, a year-on-year increase of 62.7%. In terms of revenue structure, the revenue share of intelligent operation solutions increased from 32.6% in 2023 to 54.0% in 2025, becoming the company's largest source of revenue, showing the company's strong strength in helping enterprises improve internal management efficiency.

What is more noteworthy is the leap in the quality of its profits. The company's gross profit soared from 30.9 million yuan in 2023 to 176 million yuan in 2025, and gross margin increased sharply from 13.7% to 37.0%. In the first five months of 2026, gross margin remained at 36.5%. The core driving force behind this remarkable improvement is the “automation dividend” brought about by the large-scale deployment of its AI agents. As the number of AI agents increases, the company is able to serve more customers and handle more complex tasks without significantly increasing marginal labor costs, thereby greatly optimizing the cost structure. According to the prospectus, the gross margin of intelligent marketing solutions increased from 4.6% in 2023 to 42.1% in 2025, thanks to the deep integration of AI and automation technology, the dependence on external procurement such as traditional telecommunications services has been reduced.

The increase in profitability is directly reflected in net profit. The company recorded net profit of 10.1 million yuan, 33.2 million yuan and 39.1 million yuan respectively in 2023, 2024 and 2025, and the net interest rate also increased from 4.5% to 8.2%. In the first five months of 2026, the company continued its profit trend and recorded a net profit of 4.2 million yuan, while the same period in 2025 had a net loss of 9 million yuan, turning a loss into a profit.

However, behind the bright profit statement, the cash flow statement reveals the other side of the company's rapid expansion period. During the reporting period, the company's operating cash flow continued to be negative. The net operating cash outflows for the first five months of 2024, 2025 and 2026 were RMB 28.1 million, RMB 39.4 million, and RMB 14.8 million, respectively. This is mainly due to the rapid expansion of business scale leading to a surge in operating capital requirements, particularly a sharp increase in trade receivables and contract fulfillment costs. As of May 31, 2026, the company's trade receivables had reached 197 million yuan. This shows that the company's growth is largely dependent on early investment in customers and projects, and places high demands on its own liquidity management.

Furthermore, in order to support continued future growth, Zhongan Information Technology has made a strategic investment in research and development. R&D expenditure surged from 10.9 million yuan in 2023 to 92.6 million yuan in 2025, reflecting the company's determination to consolidate its technological moat. The largest portion of the capital raised in this IPO is planned to be used to further enhance R&D capabilities and support the long-term technology roadmap for AI platforms and AI smart platforms.

Overall, Zhongan Information Technology's IPO path not only stepped on a market node where enterprise-level AI moved from “pilot” to “large-scale deployment,” but also faced a governance test from “ecological incubation” to “independent operation.” The true verification of its growth story will be whether it can continue to reduce customer concentration, improve cash flow quality, and find a more stable balance between technology investment and commercial return after listing.