All of our products are designated Specialist Technology Products as defined under Chapter 18C of the Listing Rules.
Business · 第 148 页
Based on the due diligence conducted by the Sole Sponsor and the views expressed by Frost & Sullivan and our Directors, the Sole Sponsor is of the view that each of our products falls within an acceptable sector of a Specialist Technology Industry, specifically robotics and automation under advanced hardware and software, as defined under Chapter 18C of the Listing Rules.
Business · 第 149 页
In 2023, 2024, 2025 and the six months ended June 30, 2025 and 2026, our research and development expenses amounted to RMB39.0 million, RMB42.9 million, RMB55.4 million, RMB26.9 million and RMB53.6 million, accounting for 222.6%, 53.8%, 19.7%, 18.8% and 26.8% of our total revenue, respectively.
All of our robotic products and solutions are designated Specialist Technology Products as defined under Chapter 18C of the Listing Rules.
Summary · 第 4 页
Our industry consultant, CIC, confirms and our Directors are of the view that based on the information above, each of (i) robotic solutions, (ii) robots and (iii) others fall within an acceptable sector of a Specialist Technology Industry as defined under Chapter 18C of the Listing Rules.
All of our robots and robotics solutions were designated Specialist Technology Products as defined under Chapter 18C of the Listing Rules.
Business · 第 156 页
As advised by Frost & Sullivan, our Directors are of the view that our robots and robotics solutions fall within an acceptable sector of a Specialist Technology Industry as defined under Chapter 18C of the Listing Rules on the following basis: (i) our robots are programmable products designed for diverse application scenarios across multiple industries, placing them squarely within the definition of robot technology; and (ii) our robotics solutions involve the application and integration of our industrial robots, control systems and vision systems to enhance task performance and automate processes for our customers.
We are a Pre-Commercial Company defined under Chapter 18C of the Listing Rules.
Summary · 第 14 页
We expect that we will satisfy the revenue requirement for a commercial company defined under Chapter 18C of the Listing Rules (“Commercial Company”) by the end of 2026.
Business · 第 139 页
Accordingly, while we believe we have a reasonable basis for our expectation regarding the timeline to satisfy the revenue requirement for a Commercial Company, if any of the foregoing assumptions proves to be inaccurate, our commercialization may be delayed and our revenue growth may be adversely affected.
Frost & Sullivan confirms, and our Directors are of the view that, each of our products or solutions falls within an acceptable sector of a Specialist Technology Industry under Chapter 18C of the Listing Rules as AI-empowered algorithm programming and AI solutions and/or robot technology on the following basis: (i) they are powered by self-developed computer vision algorithms for visual perception, visual cognition, and visual reasoning, and (ii) our intelligent civil aviation products use AI and computer vision to streamline and automate check-in, security screening, boarding, and passenger services at airports.
Summary · 第 2 页
All revenue from civil aviation, commerce, and driving safety during the Track Record Period was derived from specialist technology products.
Summary · 第 2 页
During the Track Record Period, our research and development costs were RMB46.6 million, RMB53.1 million and RMB71.9 million in 2023, 2024 and 2025, respectively, accounting for 19.2%, 13.4% and 16.2% of our total revenue in the same years, respectively.
Our IMSS under the five platforms serve the advanced manufacturing needs of the pan-semiconductor industry by combining automation, computation, software, sensing, and networking ("18C Features") into one coordinated factory-control layer, attributable to the development of technology in production activities, in the digitized manufacturing (application of sensors and 3D vision technology in manufacturing processes), falling within the acceptable sector of "Advanced Manufacturing" of a Specialist Technology Industry as defined under Chapter 18C of the Listing Rules, which is further elaborated below:
Business · 第 112 页
Based on the above analysis that all externally-procured hardware is inseparable from our software-centric solutions and our Company has not engaged in direct resale of hardware purchased from suppliers, our Directors are of the view that the IMSS qualifies as part of the Specialist Technology business segment under Rule 18C.03(4) of the Listing Rules and the Joint Sponsors are not aware of any material circumstances suggesting the view of the Directors referred above unreasonable.
Business · 第 128 页
To maintain our position as the second-largest IMSS provider among all service providers in the Chinese pan-semiconductor industry in terms of revenue in 2024, we must continuously enhance our products to keep pace with these changes in a timely and effective manner.
北京中科闻歌科技股份有限公司Beijing Zhongke WengeAI Science and Technology Co., Ltd.01956.HK
按第18C章上市的特专科技公司
Our industry consultant, CIC, confirms, and our Directors are of the view, that based on the information above, each of our services falls within an acceptable sector of a Specialist Technology Industry, namely Artificial Intelligence and Cloud-based services as defined under Chapter 18C of the Listing Rules.
Our industry consultant confirms and our Directors are of the view that our [REDACTED] fall within an acceptable sector of a Specialist Technology Industry, namely, Semiconductors under Advanced Hardware and Software as defined under Chapter 18C of the Listing Rules.
Summary · 第 4 页
From 2023 to 2025, our total research and development expenditure ratio was 58.5%, calculated by dividing annual total research and development expenditure for the three financial years prior to the [REDACTED] by total operating expenditure for the three financial years prior to the [REDACTED].
Financial Information · 第 188 页
We are still at the relatively early stage of the commercialization of certain of our major products.
The table below sets out a summary of how our robot portfolio falls within acceptable sectors of a Specialist Technology Industry as defined under Chapter 18C of the Listing Rules:
Business · 第 140 页
Our industry consultant, Frost & Sullivan, confirms and our Directors are of the view that each of our robotic products sold during the Track Record Period as mentioned above falls within the acceptable "robotics and automation" sector of a Specialist Technology Industry pursuant to paragraph 2 of Chapter 2.5 of the Guide.
Business · 第 141 页
For the years ended December 31, 2023, 2024 and 2025, our research and development expenses were RMB36.0 million, RMB36.0 million and RMB48.9 million, respectively, accounting for 16.2%, 15.4% and 15.1% of our total revenue for the same years, respectively.
All of our solutions and services are designated Specialist Technology Products as defined under Chapter 18C of the Listing Rules and all revenues generated during the Track Record Period are from sales of these Specialist Technology Products.
Summary · 第 5 页
We are a Commercial Company with our Specialist Technology Products successfully commercialized in the Track Record Period.
Business · 第 166 页
Our revenue increased by 64.5% from RMB161.4 million in 2023 to RMB265.5 million in 2024, and further increased by 23.7% to RMB328.3 million in 2025.
All of our industrial robots and related robotics solutions are designated Specialist Technology Products as defined under Chapter 18C of the Listing Rules.
Summary · 第 2 页
Our Directors are of the view that our industrial robots and related robotics solutions fall within an acceptable sector of a Specialist Technology Industry as defined under Chapter 18C of the Listing Rules on the following basis, as advised by Frost & Sullivan: (1) our industrial robots of various series and Gorilla and Kingkong series controllers, designed for application scenarios in various industry sectors, are programmable products, and thus fall within the definition of robot technology, and (2) our integrated robotics solutions involve the application and integration of robots, computer software and vision detection system for the improved performance of tasks and automation processes.
We are a Pre-Commercial Company dedicated to the delivery and application of functional payloads across life forms.
Summary · 第 16 页
As we remained in a precommercial stage, our revenues were limited and mainly derived from early-stage research collaborations, amounting to RMB9.3 million, RMB1.5 million and RMB105.0 million in 2023, 2024 and 2025, respectively, which were insufficient to offset our R&D and administrative expenditures.
Summary · 第 16 页
Our R&D expenses were RMB290.5 million, RMB274.0 million and RMB269.8 million in 2023, 2024 and 2025, respectively, representing approximately 72.5%, 72.2% and 55.2% of total operating expenditure.
We are still at a nascent stage in terms of monetization and commercialization as historically we have been largely focused on developing our optoelectronic computing technologies.
Business · 第 183 页
As a result, early revenue figures are not representative of long-term revenue potential as companies work through these stages, investing in product refinement and establishing key customer relationships.
Business · 第 183 页
Nevertheless, our commercialization remains at a early stage, particularly for our optical computing products, and market adoption or related revenue growth may take time to materialize.
Our industry consultant Frost & Sullivan confirms and our Directors are of the view that our Specialist Technology Products fall within acceptable sectors of a Specialist Technology Industry, namely, “robotic and automation” under “robot technology” as defined under Chapter 18C of the Listing Rules.
Summary · 第 5 页
During the Track Record Period, our R&D expenses were RMB67.4 million, RMB62.4 million and RMB83.0 million in 2023, 2024 and 2025, respectively.
Financial Information · 第 229 页
Based on the above analysis and the aforementioned view of Frost & Sullivan, nothing has come to the Sole Sponsor’s attention that would cause it to reasonably cast doubt on the Directors’ view as stated above.
We are a company specializing in cobots and core motion components, seeking to list on the Main Board of the Stock Exchange under Chapter 18C of the Listing Rules, on the basis that, among other things, we satisfy the requirements under Rule 18C.03 of the Listing Rules as a Commercial Company (as defined in the Listing Rules) with reference to our expected market capitalization at the time of Listing.
Business · 第 165 页
We have met the revenue requirement of HK$250 million to qualify as a Commercial Company in 2024 as set out in Rule 18C.03(4) of the Listing Rules.
Business · 第 165 页
Our industry consultant, Frost & Sullivan, confirms and our Directors and Joint Sponsors are of the view that each of our products and services fall within an acceptable sector of a Specialist Technology Industry, namely, Robotics and Automation under Advanced Hardware and Software as defined under Chapter 18C of the Listing Rules
The Company satisfies the presumption for the "Innovative Company Requirements" and the "external validation" requirements under Chapter 2.2 of the Guide for New Listing Applicants published by the Stock Exchange pursuant to the Joint Announcement on Launch of Technology Enterprises Channel published on 6 May 2025 as it meets all relevant requirements under Chapter 18C of the Rules and Chapter 2.5 of the Guide for New Listing Applicants.