Guangzhou-based AI startup Yunxi Technology has filed for a confidential initial public offering in Hong Kong, aiming to raise several hundred million dollars.
Key facts
- •Yunxi Technology is a nationally recognized “little giant,” a designation for innovative SMEs focused on niche markets and core technologies.
- •The company provides AI-integrated digital tools for the retail, real estate, automotive, and consumer goods industries.
- •Bocom International is working with the startup on the IPO process.
- •The company’s most recent private funding round valued the business at 10 billion yuan (US$1.27 billion).
- •The IPO is currently targeted to take place by the end of 2024.
Yunxi Technology, a Guangzhou-based artificial intelligence startup, has submitted a confidential application for an initial public offering on the Hong Kong stock exchange. The company, which is officially recognized as one of China’s “little giants,” is working with Bocom International on the deal.
By the numbers
Company Background and Valuation
Founded in 2016, Yunxi Technology provides digital growth tools that help clients in the automotive, real estate, retail, and consumer goods sectors integrate AI into their operations. The company was valued at 10 billion yuan, or approximately US$1.27 billion, during its most recent private funding round. Its list of high-profile backers includes HSG Capital and Yunfeng Capital, an investment firm associated with billionaire Jack Ma.
IPO Details and Status
The company is aiming to raise several hundred million US dollars through the listing, which is currently targeted for completion by the end of this year. Sources familiar with the matter noted that the final timing and the size of the offering remain subject to change. Yunxi Technology did not provide a comment regarding the filing.
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This article was independently rewritten by ManyPress editorial AI from reporting originally published by SCMP Business.
