It has been over a month since UNISOUND Artificial Intelligence Technology Co., Ltd. was listed on the main board of the Hong Kong Stock Exchange. The question remains when the company will achieve profitability after going public.

According to the prospectus, UNISOUND's operating revenues for 2022, 2023, and 2024 were RMB 601 million, RMB 727 million, and RMB 939 million respectively. The corresponding net losses were RMB 375 million, RMB 376 million, and RMB 454 million respectively. The adjusted annual net losses were RMB 183 million, RMB 137 million, and RMB 168 million respectively.

Prior to listing, UNISOUND's financial condition was far from healthy. In 2024, the company's debt-to-asset ratio reached as high as 355.24%, with total liabilities of RMB 3.833 billion. Of these, current liabilities amounted to RMB 493 million and non-current liabilities totaled RMB 3.34 billion. UNISOUND's total assets in 2024 were RMB 1.119 billion, meaning its liabilities far exceeded its total asset scale.

The company's cumulative losses over the three years reached RMB 1.205 billion, with cash and cash equivalents remaining at only approximately RMB 150 million by 2024.

In this IPO, UNISOUND issued shares at HK$205 per share, with a global offering of 1.561 million shares, raising a total of HK$320 million. After deducting issuance expenses, the net proceeds amounted to HK$206 million.

Regarding the use of proceeds, 45.6% of the raised funds will be used for computing infrastructure construction, while 47% will be invested in medical and daily life scenarios and penetrating emerging vertical industries.

In 2021, UNISOUND founder and CEO Huang Wei stated in an interview: "The company's overall revenue will double in 2021, and we expect to achieve profitability within 1-2 years."

However, UNISOUND may still face significant challenges in turning around its losses. What actions CEO Huang Wei will take next remains to be seen and will continue to be monitored.