On June 9, 2026, Beijing Zhongke WengAI Science and Technology Co., Ltd. (hereinafter referred to as “Zhongke WengAI”), headquartered in Haidian District, Beijing, published its post-hearing prospectus on the Hong Kong Stock Exchange and is expected to list soon on the Hong Kong Main Board. The company initially submitted a confidential listing application on June 25, 2025, and filed a public application on April 12, 2026.
Link to Zhongke WengAI’s post-hearing prospectus
Core Business
Founded in 2017 by AI scientists from the Institute of Automation, Chinese Academy of Sciences, Zhongke WengAI is an emerging Chinese enterprise-grade artificial intelligence technology and services provider. It specializes in complex data analytics and AI-powered decision support, offering capabilities across the entire AI services value chain—including data governance, knowledge graph construction, model training, and AI application development. The company serves numerous leading domestic clients across media and communications, public services, and other commercial sectors, accelerating their AI-driven digital transformation. During the historical financial period, the company has delivered professional AI services to over 650 enterprise and government clients.
According to CIC, by revenue in 2025, Zhongke WengAI ranked first among China’s enterprise-grade large-model-driven decision intelligence service providers in 2024, with a market share of 10.2%; it ranked eighth in China’s enterprise-grade large-model market, with a market share of 2.2%.
The Decision Intelligence Operating System (DIOS), independently developed by Zhongke WengAI, serves as the foundation of the company’s R&D system and AI service matrix. It deeply integrates various cutting-edge technologies and is committed to transforming raw data into actionable business insights with high execution value. Based on reliable data infrastructure, a reasoning platform that combines large models and multiple intelligent agents, and a low-code system integration module, DIOS provides AI services that balance versatility with vertical industry depth, empowering customers to efficiently build one-stop AI applications. DIOS enables users to process and analyze massive multimodal datasets, including images, text, audio, and video, in complex business scenarios. The three core layers of DIOS include: X-Data, the data infrastructure core (an enterprise-level data integration and analytics platform); Yiyi Large Model, independently developed by the company; and DI-Brain, an AI agent development platform designed to streamline the development process of AI applications.
During the performance record period, Zhongke WengAI's revenue mainly came from the application of artificial intelligence services in several fields, including media and communications, public services, and commercial enterprises.
Shareholding Structure
According to the prospectus, in the shareholder structure prior to the IPO,
Dr. Wang Lei, Dr. Luo Yin, and Professor Zeng Dajun are acting in concert, with Dr. Wang Lei's opinions serving as the basis for concerted action. Together with several entities they control, they collectively hold approximately 30.66% of the shares, making them the single largest shareholder.
Directors and Senior Management
Zhongke WengAI’s board of directors consists of nine directors, including:
Five executive directors:
Dr. Wang Lei (Chairman);
Dr. Luo Yin (Chief Executive Officer);
Mr. Qu Baoyu (Vice President);
Mr. Cao Jia (Chief Technology Officer and Head of General AI Applications Department);
Ms. Zhang Xina (Head of Corporate Business Division);
1 Non-Executive Director:
Mr. Zhou Jun (Executive General Manager of Shenzhen Capital Group);
3 Independent Non-Executive Directors:
Mr. Xu Huansheng (Chief Strategy Officer of Dingdang Health (09886.HK) subsidiary Dingdang Fast Medicine);
Ms. Gu Fenling (Professor at the School of Accounting, Capital University of Economics and Business);
Ms. Jiang Xianling (Professor at the School of International Economics and Trade, University of International Business and Economics);
In addition to executive directors, senior management includes:
Mr. Ma Li (Board Secretary and Joint Company Secretary);
Mr. Zheng Chaomin (Chief Financial Officer).
Company performance
The prospectus shows that in the past years of 2023, 2024, and 2025, Zhongke Wenge's operating revenues were RMB 2.5 billion, RMB 3.18 billion, and RMB 4.05 billion respectively, with corresponding net losses of RMB 2.6 billion, RMB 1.57 billion, and RMB 1.66 billion.
Intermediary team
The intermediary team for Zhongke Wenge’s IPO mainly includes:
CICC is its exclusive sponsor;
Ernst & Young as its auditor;
King & Wood Mallesons is the company's legal counsel in China;
King & Wood Mallesons (Hong Kong) serves as the company's Hong Kong and U.S. legal counsel;
AllBright Law Offices acted as its PRC legal counsel for the sponsor;
Baker McKenzie serves as the legal counsel for the broker in Hong Kong and the U.S.;
Fosun International Capital serves as the compliance advisor;
CIC灼识咨询 is its industry advisor.