Company Name: Nuobikan Artificial Intelligence Technology (Chengdu) Co., Ltd.

Date of Prospectus: December 15, 2025

Nuobikan Artificial Intelligence Technology (Chengdu) Co., Ltd. Launches Landmark Hong Kong IPO: Deep-Dive Investor Analysis, Financials, and Strategic Outlook

Nuobikan Artificial Intelligence Technology (Chengdu) Co., Ltd. launches its Hong Kong IPO, offering investors exposure to a high-growth AI company with robust expansion plans, strong institutional backing, and a clear strategy for technology leadership. This article presents a detailed breakdown of offer terms, financial health, sector trends, management, risk factors, and subscription procedures, exclusively based on the issuer’s official prospectus.

IPO Snapshot: Offer Terms and Structure

Nuobikan Artificial Intelligence Technology (Chengdu) Co., Ltd. is offering its H Shares in a global IPO on the Main Board of the Hong Kong Stock Exchange. This marks a significant entry for an AI-driven business headquartered in the PRC, targeting both institutional and public investors.

The IPO’s structure is growth-focused, with proceeds earmarked for R&D, market expansion, strategic investments, and working capital, signaling a technology-driven trajectory.

Use of Proceeds: Growth-Driven Investment Strategy

Nuobikan plans to deploy its estimated net proceeds of HK\$306.7 million (assuming mid-point offer price and no exercise of over-allotment) as follows:

• 40% (HK\$122.7 million): Continued research on core technologies, including industry model iteration and R&D staff recruitment.
• 40% (HK\$122.7 million): Market expansion initiatives, such as new product launches, business development, and brand enhancement.
• 10% (HK\$30.7 million): Strategic investments and potential acquisitions.
• 10% (HK\$30.7 million): Working capital and general corporate purposes.

This allocation strongly favors sustained innovation and market leadership, underlining Nuobikan’s commitment to expand its technology capabilities and industry footprint over the next three years.

IPO Placement Breakdown and Investor Participation

Initial offering:

• Hong Kong Public Offering: 378,700 H Shares (approx. 10% of total offer)
• International Offering: 3,407,900 H Shares (approx. 90% of total offer)

No cornerstone, anchor, or employee allocations are specified. The document highlights active participation by institutional investors in Pre-IPO rounds, including private equity funds, government-led funds, and sector-focused investors.

Pre-IPO Investors: All pre-IPO investors are subject to a one-year statutory lock-up from the listing date, ensuring stability in post-listing shareholding [[41]].

Oversubscription metrics: Not provided for retail/institutional tranches.

Bookrunners, Sponsors, and Deal Parties

The IPO is managed by a consortium of reputable investment banks and advisors:

• Joint Bookrunners & Lead Managers: China International Capital Corporation Hong Kong Securities Limited, Livermore Holdings Limited, Patrons Securities Limited
• Sole Sponsor: China International Capital Corporation Hong Kong Securities Limited
• Compliance Advisor: Altus Capital Limited
• Legal Advisors: Beijing DeHeng Law Offices (PRC), DeHeng Shanghai Law Office (PRC data compliance), DLA Piper Singapore Pte. Ltd. (U.S. export)
• Reporting Accountant: Ernst & Young (Hong Kong)

The robust syndicate and full underwriting provide strong support for the listing, with stabilization and over-allotment options in place to mitigate first-day price volatility [[460]].

Company Overview: Business Model and Market Position

Nuobikan Artificial Intelligence Technology (Chengdu) Co., Ltd. specializes in AI-powered solutions for transportation, energy, and urban management sectors. Its core business involves the development and deployment of industry-specific AI models, leveraging advanced research and a proprietary technology stack.

• Revenue Streams: AI software licensing, technology services, project-based solutions
• Customer Segments: Public sector clients, large enterprises, and urban infrastructure managers in the PRC
• Geographical Focus: Primarily mainland China, with future expansion targeted in new markets

Industry Size: The company operates within China’s rapidly expanding AI and smart city sector, as referenced in the document’s “Industry Overview” [[10]].

Competitive Advantages: Proprietary algorithms, deep sector expertise, government and institutional investor endorsement, and a diversified shareholder base.

Financial Health: Multi-Period Performance

Nuobikan demonstrates positive distributable reserves and a history of Pre-IPO capital raising, with total proceeds from Pre-IPO rounds at approximately RMB355.0 million [[41]].

Capex, cash flow, and debt-related figures are referenced but not detailed in the prospectus.

Ownership Structure and Lock-Ups

• Pre-IPO investors, including prominent private equity and government funds, hold significant stakes and are subject to a one-year statutory lock-up from listing [[41]].
• Major shareholders (Mr. Liao, Tieke Chuangzhi, Tang Taike, Lin Renhui, Su Maocai, Tieke Intelligent) collectively hold 46.0% post-IPO (assuming no over-allotment) [[41]].
• No ESOP or employee allocation is specified.

Management Team and Governance

• Board of Directors: Names and roles are listed; Mr. Liao is a major shareholder and a key figure in governance [[696]].
• Supervisory Committee: Elected per PRC company law [[613]].
• Compliance and audit structures: Audit Committee, external compliance advisor, and reporting accountants (Ernst & Young)

Sector Trends, Timing, and Macro Environment

Nuobikan’s IPO coincides with robust demand for AI and smart city solutions in China, driven by government policy, urbanization, and digital transformation initiatives.

• Offer period: December 15–18, 2025
• Listing date: Expected December 23, 2025
• Recent developments: Successful series of Pre-IPO investments, conversion into a joint stock company, completion of CSRC filing [[116]]
• Macro environment: The prospectus references supportive regulatory conditions and continued industry growth, with no material adverse change reported up to June 30, 2025 [[453], [695]].

Key Risk Factors

• No prior public market for H Shares: Risk of illiquidity and price volatility following listing [[106]].
• Market supply risk: Conversion of Unlisted Shares to H Shares post-IPO may increase supply and pressure market price [[109]].
• Reliance on official government data: Some industry statistics are not independently verified [[109]].
• Forward-looking statements: Subject to market, operational, and regulatory uncertainties [[66], [109]].
• Legal and regulatory environment: PRC and Hong Kong frameworks differ; investors must assess cross-border risk [[2]].
• Potential need for additional capital: Future funding may be required for expansion, subject to market conditions [[71]].
• ESG compliance: Growing regulatory and investor focus [[106]].
• Lock-up restrictions: All existing shareholders are subject to a one-year lock-up from listing [[41]].

Growth Strategy and Expansion Plans

• R&D investment: Major portion of IPO proceeds will fund AI model iteration and technology advancement [[454]].
• Market expansion: Targeted investment in business development, product launches, and branding [[454]].
• Strategic investments and acquisitions: 10% of proceeds allocated for inorganic growth [[454]].
• General corporate purposes: Support for working capital and operational expansion [[454]].

The company’s plans are commensurate with historical growth and industry trends, as stated in management discussion [[459]].

Dividend Policy

• No formal dividend policy or fixed payout ratio is adopted post-IPO.
• Distributable reserves as of June 30, 2025: RMB301.1 million [[453]].
• Dividend payments are at the discretion of the board and subject to future profitability.

Valuation and Peer Comparison

At the mid-point offer price, Nuobikan’s post-IPO market capitalization is HK\$3,029.3 million to HK\$4,013.9 million.

Peer comparison metrics are not disclosed.

IPO Allotment Result

Final subscription outcomes by tranche are not disclosed. Allocation results will be published at www.tricor.com.hk/ipo/result and www.hkeipo.hk/IPOResult from December 22, 2025, 11:00 p.m. (Hong Kong time) [[495]].

Research and Opinions

No analyst price targets or explicit opinions are included in the prospectus.

Listing Outlook

The IPO appears well-supported by reputable underwriters and institutional investors, with a clearly articulated growth strategy and favorable sector trends as disclosed.

• First-day trading range is likely to be influenced by the strong syndicate presence and growth-focused use of proceeds.
• Statutory lock-up of major shareholders and pre-IPO investors should limit immediate sell-down and support price stability.
• Absence of prior public market for H Shares introduces volatility risk, but full underwriting and stabilization measures are in place.

Based on disclosed facts, Nuobikan’s IPO appears attractive for growth-oriented investors seeking exposure to China’s AI sector. Market conditions, as described, are favorable for a successful listing.

Prospectus Access

Prospectus is available at: www.hkexnews.hk and www.nuobikan.com

How to Apply

Application Channels:

• Online via HK eIPO White Form service: www.hkeipo.hk
• Electronically via HKSCC EIPO channel through brokers or custodians participating in CCASS/FINI

Application Window: December 15, 2025, 9:00 a.m. to December 18, 2025, 12:00 noon

Eligibility: Applicants must be 18 or older, have a Hong Kong address (for HK eIPO White Form), and be outside the United States (as defined in Regulation S) [[486]].

Allocation Results: Check at www.tricor.com.hk/ipo/result or www.hkeipo.hk/IPOResult after December 22, 2025, 11:00 p.m. (Hong Kong time) [[495]].

Conclusion

Nuobikan Artificial Intelligence Technology (Chengdu) Co., Ltd.’s Hong Kong IPO stands out with its clear growth strategy, strong institutional backing, and prudent governance. The offering provides investors with direct access to China’s burgeoning AI sector, supported by a robust syndicate and full underwriting. Based on all disclosed factors, the IPO merits consideration for those seeking exposure to technology-driven expansion in the PRC, with first-day strength likely given the structure and investor profile.