Chinese artificial intelligence startup Deepexi Technology filed its initial public offering application in Hong Kong, according to an April 15 prospectus.
The overall coordinator filing states that the company tapped CLSA, CMBC Securities, Guotai Junan Securities, SPDB International Capital, and BOCOM International as coordinators.
Established in 2018, Deepexi claims to rank first among providers of large model AI application solutions in China based on revenue last year.
The Beijing-headquartered company generated revenues of 100.5 million yuan in 2022, 129 million yuan in 2023, and 242.9 million yuan in 2024.
However, Deepexi recorded a loss of 1.25 billion yuan in 2024, widening from nearly 503 million yuan in 2023.
If the IPO materializes, the company will use the deal proceeds for research and development, sales network enhancement, overseas business expansion, investments, as well as working capital.
Deepexi is looking to join other AI firms listed in Hong Kong, such as SenseTime (HKG:0020), Meitu (HKG:1357), Horizon Robotics (HKG:9660), and XtalPi (HKG:2228).
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