AI Unicorns Sprint to Hong Kong Stocks: DeepPro Technologies' Technological Innovation and Financial Challenges

Artificial Intelligence Concept Stocks Become Hot Topics in Hong Kong Stocks

Data shows that since the beginning of this year, many AI concept stocks have performed remarkably well. Meitu(01357.HK), Horizon Robotics(09660.HK), and Jiumu Technology(01860.HK) have all seen cumulative stock price increases of over 100%, with active trading. SenseTime(00020.HK), Tuya Smart(02391.HK), and other companies' stock prices have also risen by more than 30%.

In this wave of AI market activity, enterprise-level large model service provider Dipu Technology Co., Ltd. (hereinafter referred to as "Dipu Technology") officially filed for Hong Kong listing in April this year, aiming to list on the capital market under Chapter 18C of the Hong Kong Listing Rules.

Dipu Technology's Technological Innovation and Applications

Dipu Technology focuses on providing cutting-edge artificial intelligence solutions for enterprises. Its main products include FastData enterprise-level data intelligence solutions and FastAGI enterprise-level artificial intelligence solutions. These technologies help enterprises efficiently integrate data, optimize decision-making and operations, with application scenarios spanning consumer retail, manufacturing, healthcare, transportation, and more.

Highlights of FastAGI technology:

• Workflow orchestration and agent collaboration technology
• Real-time analysis of retail enterprise operations data
• Supports core business decisions such as hot-selling product replenishment suggestions and rapid store operation assessments

Dipu Technology’s client base is extensive, including well-known companies such as China National Petroleum(00857.HK), Mixue Bingcheng(02097.HK), and Industrial Securities(601377.SH). By the end of 2024, the company had served 245 enterprise users, with 33.1% being repeat customers, demonstrating high customer stickiness.

Market Position and Financing History

Based on 2024 revenue, Dipu Technology ranks fifth in the Chinese enterprise-level large model artificial intelligence application solutions market, with a market share of 4.2%, expected to reach 4.4% in 2025.

Company financing history:

• Multiple successful funding rounds, entering the unicorn club
• Investors include Hillhouse Capital, Wuyuan Capital, BAI, and other well-known institutions
• After Series B financing in August 2022, implied valuation reached $935 million
• Selected for the "Global Unicorn Companies" list in July 2025
• Ranked among Fortune China’s Top 50 Technology Companies in August 2025

Founding Team Background

Dipu Technology’s core team possesses strong technical backgrounds and industry experience:

• Founder Zhao Jiehui: Former Huawei core technology expert, former senior technical expert at Alibaba Cloud
• Co-founder Yang Lei: Former senior product manager and senior engineer at Huawei

This "Huawei lineage" team provides strong support for the company's technological innovation and market expansion.

Financial Performance Analysis

Dipu Technology has experienced rapid revenue growth in recent years:

| Year | Revenue (billion RMB) | Year-over-Year Growth | |------|-----------------------|------------------------| | 2024 | 2.43 | - | | 2022-2024 | - | 55.5% (compound annual growth rate) |

Revenue composition (2024):

• FastData enterprise data intelligence solutions: 62.8%
• FastAGI enterprise artificial intelligence solutions: 37.2%

Financial challenges: Despite rapid revenue growth, Dipu Technology still faces significant financial pressures:

1. Continuous Losses:

   • 2022: Loss of 655 million RMB
   • 2023: Loss of 503 million RMB
   • 2024: Loss of 1.255 billion RMB

2. Cash Flow Pressures:

   • End of 2024 cash and cash equivalents: 208 million RMB
   • End of 2024 total current liabilities: 4.099 billion RMB
   • End of 2024 net liabilities: -3.676 billion RMB

These financial data reflect the company's capital pressures amid rapid expansion, which may impact its R&D investment and market development capabilities.

Industry Competition and Development Outlook

Dipu Technology faces fierce competition in the enterprise AI solutions market:

1. Market Position: Currently ranked fifth, with a market share of 4.2%, still behind industry leaders.
2. Technological Edge: FastAGI solutions demonstrate competitiveness in specific fields but require ongoing innovation to maintain advantages.
3. Customer Base: Has several industry-leading clients, laying a foundation for future expansion.
4. Financial Challenges: Ongoing losses and cash flow pressures may limit the company's competitive strategies.

Dipu Technology’s future development will depend on:

• Its ability to innovate technologically
• Speed of market expansion
• Improvement in financial condition
• Changes in industry competitive landscape

Listing Process and Key Challenges

Dipu Technology faces key challenges in rushing to list under Chapter 18C of the Hong Kong Listing Rules:

1. Listing Timeline Pressure: Must complete listing financing before cash flow runs out.
2. Investor Confidence: Ongoing losses may affect investor perceptions of the company's prospects.
3. Market Competition: Rapid development of the AI industry requires the company to maintain technological leadership.
4. Regulatory Compliance: Must meet Hong Kong Stock Exchange requirements for specialized technology companies.

The company's listing process has experienced changes, with adjustments in the coordinating team:

• Livermore Securities no longer serves as the overall coordinator, shifting to a capital market intermediary role
• CITIC Lyon Securities and Minyin Securities have joined as sponsors

These changes reflect potential challenges faced during the listing preparation process, requiring strategic adjustments to advance the listing.

Dipu Technology’s path to Hong Kong listing is both an opportunity and a challenge. Whether the company can stand out in the competitive AI market will depend on its technological innovation, market expansion effectiveness, and financial condition improvement. Investors should closely monitor the company's financial performance and industry position to assess its long-term growth potential.