New IPO News | Zhongke Wenge, an 'enterprise-grade artificial intelligence technology and services provider,' has launched its initial public offering and plans to list on June 26, with a minimum subscription amount of HK$12,262.44 per lot.

Futu News reported on June 17, $WENGE AI (01956.HK)$ announced in a filing that it will conduct its IPO from June 17 to June 23, offering approximately 14.8346 million shares globally, with an expected listing date of June 26.

Company Overview

Zhongke Wenge is an emerging Chinese enterprise-grade artificial intelligence technology and services provider, specializing in complex data analytics and AI-assisted decision-making. Founded in 2017 by AI scientists from the Institute of Automation, Chinese Academy of Sciences, the company has consistently focused on advancing enterprise data analytics and decision intelligence.

The company has independently developed core AI capabilities and offers a full-stack AI service portfolio. Its capabilities span data governance, domain knowledge management, large language and multimodal model training, decision automation and evaluation, and low-code AI application development. Deeply integrated through the company’s software platform, these capabilities enhance the performance, reliability, and security of its enterprise-grade products.

Zhongke Wenge focuses on enterprise-grade large-model-driven decision intelligence and has developed an agent-based decision evaluation framework in open environments. Leveraging core technologies such as multimodal deep semantic understanding, social computing-enhanced vertical domain modeling, and knowledge-augmented pre-trained large models, the company’s research outcomes have been successfully applied to numerous complex decision-making and policy simulation scenarios.

Financial Summary

Zhongke Wenge generated revenues of RMB 249.7 million, RMB 317.8 million, and RMB 405.3 million in 2023, 2024, and 2025, respectively. The company’s gross margin increased from 44.0% in 2023 to 50.4% in 2024, and further rose to 51.2% in 2025. Net losses for 2023, 2024, and 2025 were RMB 259.8 million, RMB 157.1 million, and RMB 166.3 million, respectively.

Use of Proceeds

Regarding the use of proceeds, Zhongke Wenge expects net proceeds from the global offering to amount to approximately HKD 827 million (assuming the over-allotment option is not exercised and based on an issue price of HKD 60.7 per share). According to the prospectus, Zhongke Wenge intends to allocate the proceeds from the global offering as follows:

Approximately 60% will be used for continued investment in and enhancement of the company’s foundational models and core R&D capabilities; approximately 20% will be allocated to expanding product and service offerings, brand building, and broadening cross-industry customer coverage; approximately 10% will be used for potential strategic investments and acquisitions; and approximately 10% will be used for working capital and general corporate purposes.

Further reading:Zhongke Wenge Prospectus

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