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wrote a column · Jun 26 07:32

New IPO Pricing | Zhongke Wenge listed today, received nearly 6,000x subscription, priced at HK$60.7 per share, with a dark pool profit of HK$10,940 per lot

Futu News, June 26: $WENGE AI (01956.HK)$ announced its allotment results, pricing shares at HK$60.7 each, issuing a total of 14.8346 million shares, with a board lot size of 200 shares, officially listing today.
On the previous trading day, Zhongke Wenge's shares rose 90.12% in the grey market, closing at HK$115.40. With a board lot size of 200 shares, each lot generated a profit of HK$10,940, excluding fees.
During the public offering stage, Zhongke Wenge received 5,966.78 times subscription demand. The final number of shares allocated to the public offering was 2.967 million shares, representing approximately 20% of the total offering. A total of approximately 195,100 valid applications were received, with about 14,835 applications processed. The percentage of applicants who received one lot out of all applications was approximately 0.15%.
Additionally, during the international placement stage, Zhongke Wenge received 20.7 times subscription demand. The final number of shares allocated to the international offering was 11.8676 million shares, equivalent to 80% of the total offering. Futu compiled the relevant data in the table below:
Futu News, June 26: $WENGE AI (01956.HK)$ announced its allotment results, pricing shares at HK$60.7 each, issuing a total of 14.8346 million shares, with a board lot size of 200 shares, officially listing today. On the previous trading day, Zhongke Wenge’s dark pool price closed up 90.12% at HK$115.4; with a board lot of 200 shares, each lot generated a profit of HK$10,940 excluding fees. During the public offering stage, Zhongke Wenge received 5,966.78x subscription. The final number of shares allocated to the public offering was 2.967 million shares, representing approximately 20% of the total offering. A total of approximately 195,100 valid applications were received, with around 14,835 applications processed, and the approximate percentage of applicants who applied for one lot and received an allotment was 0.15% of the total applied shares. Additionally, during the international placement stage, Zhongke Wenge received 20.7x subscription. The final number of shares allocated to the international offering was 11.8676 million shares, accounting for 80% of the total offering. Futu News has compiled the relevant data in the table below: 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 independently developed core artificial intelligence capabilities and provides full-stack human...
Futu News, June 26: $WENGE AI (01956.HK)$ announced its allotment results, pricing shares at HK$60.7 each, issuing a total of 14.8346 million shares, with a board lot size of 200 shares, officially listing today. On the previous trading day, Zhongke Wenge’s dark pool price closed up 90.12% at HK$115.4; with a board lot of 200 shares, each lot generated a profit of HK$10,940 excluding fees. During the public offering stage, Zhongke Wenge received 5,966.78x subscription. The final number of shares allocated to the public offering was 2.967 million shares, representing approximately 20% of the total offering. A total of approximately 195,100 valid applications were received, with around 14,835 applications processed, and the approximate percentage of applicants who applied for one lot and received an allotment was 0.15% of the total applied shares. Additionally, during the international placement stage, Zhongke Wenge received 20.7x subscription. The final number of shares allocated to the international offering was 11.8676 million shares, accounting for 80% of the total offering. Futu News has compiled the relevant data in the table below: 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 independently developed core artificial intelligence capabilities and provides full-stack human...
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 achievements have been successfully applied in 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.
Source: Prospectus
Source: Prospectus
Use of Proceeds
Regarding the use of proceeds, Zhongke Wenge expects net proceeds from the global offering to be approximately HK$827 million (based on an issue price of HK$60.70). According to the prospectus, Zhongke Wenge intends to allocate the proceeds from the global offering to the following purposes:
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.
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Futu News, June 26: $WENGE AI (01956.HK)$ announced its allotment results, pricing shares at HK$60.7 each, issuing a total of 14.8346 million shares, with a board lot size of 200 shares, officially listing today. On the previous trading day, Zhongke Wenge’s dark pool price closed up 90.12% at HK$115.4; with a board lot of 200 shares, each lot generated a profit of HK$10,940 excluding fees. During the public offering stage, Zhongke Wenge received 5,966.78x subscription. The final number of shares allocated to the public offering was 2.967 million shares, representing approximately 20% of the total offering. A total of approximately 195,100 valid applications were received, with around 14,835 applications processed, and the approximate percentage of applicants who applied for one lot and received an allotment was 0.15% of the total applied shares. Additionally, during the international placement stage, Zhongke Wenge received 20.7x subscription. The final number of shares allocated to the international offering was 11.8676 million shares, accounting for 80% of the total offering. Futu News has compiled the relevant data in the table below: 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 independently developed core artificial intelligence capabilities and provides full-stack human...
Editor/Joe
Risk Disclaimer: The above content only represents the author's view. It does not represent any position or investment advice of Futu. Futu makes no representation or warranty.Read more
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