BRIEF: Nuobikan clears Hong Kong listing hearing

AI technology company Nuobikan Artificial Intelligence Technology (Chengdu) Co. Ltd. passed its listing hearing with the Hong Kong Stock Exchange, based on its filing of an updated prospectus on Thursday, clearing the way for its IPO to proceed. The company specializes in technologies including AI and digital twins, focusing on solutions for transportation, energy, and urban management.

Nuobikan’s revenue rose 10% last year to 400 million yuan ($57 million), while its profit rose 30% to 115 million yuan. Its revenue grew 24.7% year-on-year to 230 million yuan in the first six months of this year, but its profit fell 21% to 40.08 million yuan over that period.

Nuobikan attributed this year’s profit decline primarily to an increase in customized development projects for technical services. That drove up procurement costs for supporting services, resulting in a contraction in its gross profit margin for related business segments.

By Lau Chi Hang

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