AISpeech Technology Co., Ltd. has once again applied to list on the STAR Market, aiming to raise 1.555 billion yuan. The funds are earmarked for several projects: 680 million yuan for AI software and integrated software-hardware solutions, 325 million yuan for R&D and upgrade of AI smart terminal products, and 550 million yuan for the construction of an R&D center.
This marks the company's renewed effort to go public nearly four years after it initially filed an IPO prospectus in July 2022 and subsequently withdrew the application. The company announced the completion of a 500 million yuan financing round in early 2025. A recent equity transfer in January 2026 valued AISpeech at approximately 6.444 billion yuan.
The company reported annual revenues of 688 million yuan, with a net loss of 79.71 million yuan. Revenues have shown consistent growth, while the net loss rate has been narrowing. The revenue breakdown for 2025 is as follows: 276 million yuan (40%) from smart mobility, 243 million yuan (35.4%) from smart office solutions, and 169 million yuan (24.51%) from the smart Internet of Things.
AISpeech operates as a conversational AI platform company, specializing in the independent R&D of full-stack conversational AI and on-device intelligence technologies, along with the design, development, and sales of intelligent human-machine interaction products. Its proprietary intelligent customization platform delivers system-level conversational AI products and solutions featuring device-cloud collaboration and software-hardware integration for sectors including smart mobility, smart office, and smart IoT.
The company's production model for AI hardware includes two categories: in-house production, initiated in the latter half of 2024 for products like smart central control panels in the mobility sector, and outsourced production, where AISpeech handles core R&D and design while contract manufacturers handle assembly.
The company's co-founders, Gao Shixing and Yu Kai, are the controlling shareholders, collectively holding voting rights over approximately 33.12% of the shares. Prior to the IPO, notable shareholders include a subsidiary of Alibaba (BABA), holding a 5.42% stake, and Tsinghua Holdings Innovation, holding 4.76%. Following the IPO, the Alibaba affiliate's stake would be diluted to 4.88%, and Tsinghua Holdings Innovation's stake to 4.28%.
Gao Shixing, born in 1976 and holding a master's degree from the University of Cambridge, co-founded the company in 2007 and currently serves as Chairman and General Manager. Yu Kai, also born in 1976 and holding a Ph.D. from the University of Cambridge, joined the company in 2007 and serves as a Director and Chief Scientist, while also holding a professorship at Shanghai Jiao Tong University.