Hong Kong-listed application by Citic Sec for the small and medium-sized tax solutions provider 'Huisuanzhang Holding'.

Preliminary prospectus shows that the company mainly provides tax solutions empowered by AI, including accounting, invoicing, tax compliance and integrated financial management. The company served a total of 672,000 small and medium-sized enterprises last year, with a customer retention rate of 79.4%.

Huisuanzhang Holding said that it has used its own machine learning model to build an accounting engine pillar utilizing the transformation power of AI. Its core tax SaaS system, the Smart Taxation Procedure (SATP) system, has now accumulated a wide range and diverse model parameters. As of June 7th, Huisuanzhang has processed more than 312 million financial and tax documents, accumulating about 262 million multi-dimensional model parameters related to the financial and tax processes of small and medium-sized enterprises.

For the year ending December 31, 2023, the company's revenue was RMB 539 million, up 4.4% YoY. The net loss narrowed to RMB 302 million, down from RMB 506 million in the same period last year. After adjusting for non-IFRS financial reporting standards, the net loss narrowed to RMB 117 million, compared to a net loss of RMB 301 million in the previous fiscal year.