According to a disclosure made to the Hong Kong Stock Exchange on August 21, Zhuhai Kingzhiwei Artificial Intelligence Co., Ltd. (referred to as "Kingzhiwei") has submitted its listing application to the HKEX Main Board, with Guotai Haitong and BOCI serving as its joint sponsors. The company previously filed a listing application with the HKEX on December 15, 2025.

Per the prospectus, Kingzhiwei is an AI enterprise specializing in AI digital employee solutions and enterprise-level intelligent solutions. Through its self-developed AI offerings, the company helps businesses accelerate their digital-intelligent transformation. Such a transformation represents a complex process for companies, as it extends beyond simply moving business operations online — it leverages AI to grant systems the ability to automatically analyze, predict, and make decisions, fundamentally reshaping how enterprises operate and generate revenue.

By deeply integrating AI algorithms, large language models, and robotic process automation (RPA) technology with industry-specific scenarios, Kingzhiwei enables a wide range of tasks to be handled by AI digital employees and intelligent agents, redefining organizational productivity through human-machine collaboration. AI digital employees represent an upgraded version of RPA. While RPA functions like a mechanical hand without cognitive ability, AI digital employees behave like versatile staff members who can comprehend natural language, master task execution methods, adapt to new situations, and learn from experience. Intelligent agents are AI assistants capable of working independently without step-by-step guidance. Both AI digital employees and intelligent agents free up human creativity, allowing employees to concentrate on higher-value work.

As evidenced by various rankings provided by Frost & Sullivan, Kingzhiwei has partnered with numerous enterprises across diverse industries and earned strong market recognition. The China enterprise-level AI solutions market expanded from RMB 14.3 billion in 2020 to RMB 69.4 billion in 2025, achieving a compound annual growth rate of 37.1% during the period. In 2025, AI digital employee solutions accounted for approximately 11.2% of the overall enterprise-level AI solutions market in China. By revenue, Kingzhiwei ranked first in China's AI digital employee solutions market for each of 2023, 2024, and 2025. Throughout the entire track record period, the company also held the top position by the number of mid-to-large enterprises served in that market.

Specifically, Kingzhiwei has established a strong market presence in the financial services sector, maintaining the number one revenue position for three consecutive years from 2023 to 2025. As of June 30, 2026, based on the number of licenses granted to customers for AI solutions, Kingzhiwei has deployed over 2 million AI digital employees. These digital employees operate across more than ten industries, including financial services, government affairs, and manufacturing, serving over 1,600 clients in total, including more than 120 Fortune Global 500 and Fortune China 500 companies. As of June 30, 2026, Kingzhiwei has provided services to over 270 banks (covering China's six largest state-owned banks), more than 130 securities firms (covering over 90% of securities companies in China), and over 220 other major financial institutions.

The K-APA platform, launched by Kingzhiwei in 2021, enables enterprises to automate task processing and connect different software systems, data sources, external platforms, and websites — all without altering their existing systems. The Ki-Agent platform allows enterprises to build and manage digital intelligent agents without changing their current IT configurations. These agents are capable of understanding tasks, planning steps, utilizing various tools, and collaborating to complete complex cross-system work.

In terms of financial performance, the company recorded revenues of RMB 217 million, RMB 243 million, RMB 256 million, and RMB 65 million for the fiscal years 2023, 2024, 2025, and the six months ended June 30, 2026, respectively. Gross profit for the same periods reached RMB 90.02 million, RMB 130 million, RMB 132 million, and RMB 33.30 million. The company recorded net losses of RMB 62.57 million, RMB 122 million, RMB 346 million, and RMB 109 million for the fiscal years 2023, 2024, 2025, and the six months ended June 30, 2026, respectively.

The scale of China's AI solutions market continues to expand, with the enterprise-level AI solutions segment growing from RMB 14.3 billion in 2020 to RMB 69.4 billion in 2025, representing a 37.1% CAGR during that period. Driven by accelerated digital transformation in the corporate sector and smart government initiatives, this market is projected to grow at a 47.0% CAGR from 2026 to 2030, reaching RMB 476.3 billion by 2030. China's AI digital employee solutions market can be broadly segmented into financial services, government affairs, manufacturing, retail, healthcare, and other scenarios. The financial industry is the earliest application area to achieve large-scale deployment, with market size expanding from RMB 500 million in 2020 to RMB 1.8 billion in 2025, a CAGR of 28.7%. With the AI-driven advancement of intelligent customer service, risk control review, and report generation, this segment is expected to grow at a 52.3% CAGR from 2026 to 2030, reaching RMB 14.7 billion by 2030. The government sector has emerged as one of the fastest-growing areas for AI digital employee deployment in recent years, with market size rising from RMB 300 million in 2020 to RMB 1.2 billion in 2025, a CAGR of 35.7%. This segment is projected to grow at a 52.9% CAGR from 2026 to 2030 to reach RMB 9.8 billion, primarily applied in administrative approval, information archiving, public services, and decision support.

The board of directors will consist of 11 members, including five executive directors, two non-executive directors, and four independent non-executive directors. Mr. Liao Wanli, together with the entities he controls — namely Jinshi Zhongcheng, Jinshi Huizhi, Jinshi Pengcheng, Jinshi Weiye, Zhiwei Xinghe, and Zhiwei Xinglian — collectively holds approximately 40.65% of the company's issued share capital, constituting a group of controlling shareholders.

The intermediary team includes joint sponsors Guotai Junan Capital Limited and BOCI Asia Limited; company legal counsels Jia Yuan Law Offices, Shihui Partners, and King & Wood Mallesons; joint sponsors' legal counsels Jingtian & Gongcheng LLP and Jingtian & Gongcheng Law Firm; reporting accountant and independent auditor KPMG; industry advisor Frost & Sullivan (Beijing) Inc. Shanghai Branch; and compliance advisor Zhongtai International Capital Limited.