Leju Finance Deng Rufei On June 27, Yunzhisheng Intelligent Technology Co., Ltd. (hereinafter referred to as “Yunzhisheng”) submitted a listing application to the Hong Kong Stock Exchange. The co-sponsors were CICC and Haitong International.

During the track record period, Cloud Intelligence's earnings grew strongly. It increased from $261 million in 2020 to $456 million in 2021, and further increased to $600 million in 2022 as the company expanded into new vertical industries and provided a wider range of artificial intelligence solutions.

Net losses for 2020, 2021 and 2022 were $298 million, $434 million and $375 million respectively, mainly due to rapid business growth, which generated significant R&D expenses during the record period. According to the prospectus, although prudential measures have begun to be implemented to manage costs and operating expenses, it is currently anticipated that this situation may continue until larger revenue is achieved. Over the past three years, Yunzhisheng has accumulated losses of about 1,107 billion yuan.

Yunzhisheng's Yunzhi Brain Technology Platform provides highly competitive products and solutions for a wide range of application scenarios in smart living and smart healthcare. According to Frost & Sullivan, in terms of revenue, Cloud Zhisheng is the fourth largest AI solution provider in China in 2022, but it is growing the fastest among enterprises with annual revenue exceeding RMB 500 million. In the same year, in terms of revenue, Yun Zhisheng ranked third in the smart living and smart hospital industries in China.