IPO News | Shenzhan Intelligence Reports Second Time in the Year, Hong Kong Stock Exchange's 2024 Revenue Ranks Fourth in China's Overall Decision AI Application Market

The Zhitong Finance App learned that according to the Hong Kong Stock Exchange's disclosure on December 1, Beijing Shenyan Intelligent Technology Co., Ltd. (abbreviation: Shenzhen Intelligent) submitted the Hong Kong Stock Exchange main board, with ICBC International as the sole sponsor. This is the second time this year that the company has submitted a statement.

According to the prospectus, the company is a decision-making AI technology company in China, providing AI applications with a strategic focus on marketing and sales scenarios. According to Frost & Sullivan, the company ranked first in the marketing and sales decision-making AI application market in China in terms of 2024 revenue, with a market share of 2.6%. In the overall decision-making AI application market in China, given its huge size, the company ranked fourth by 2024 revenue, with a market share of 1.6%. During the track record period, the company provided decision-making AI applications with a strategic focus on marketing and sales scenarios, covering intelligent advertising and intelligent data management. These applications include the two flagship platforms AlphaDesk and AlphaData.

The company is one of the first companies in China to apply AI technology to the digital transformation of corporate marketing and sales. By integrating AI technology with business scenarios, the company has built a product foundation based on technology, data intelligence, and industry expertise. In addition to the company's existing flagship platforms AlphaDesk and AlphaData, the company launched DeepAgent in 2025. This series of enterprise AI intelligent products is connected to the Open Source Big Language Model (LLM) to further enhance marketing automation and efficiency.

The development of AlphaDesk can be traced back to 2011. It is the company's proprietary advertising AI decision-making platform, specially designed for digital advertising scenarios with large data volumes and real-time execution. It is driven by self-developed AI algorithms and systems to enable advertisers and agencies to automate and optimize ad delivery across multiple media platforms and devices. AlphaDesk ensures accurate advertising and effective budget allocation to help achieve higher conversion rates, improve marketing efficiency, and obtain a better return on investment.

The company launched DeepAgent, an enterprise AI agent system in February 2025, aimed at dealing with various marketing and sales scenarios. The system consists of a series of smart products that use smart device technology and industry-specific proprietary technology to perform tasks such as AI-driven analysis and consumer insight generation. Using an open source LLM and supported by domain-specific machine learning models, the system can help enterprises automate operational processes while improving the quality of decision-making. Customers can subscribe to different agents in the DeepAgent system according to business requirements. Although DeepAgent has not generated significant revenue until the last practical date (November 25, 2025), as of the last practical date, the company has signed 17 related contracts, with a total contract value of approximately RMB 11.9 million.

Since its inception, the company has built a customer base strategically focused on large and medium-sized enterprises with complex decision-making requirements and high levels of digitalization. During its track record, the company has served approximately 530 end customers from various industries, including 89 Fortune 500 companies. The company's end customers are distributed in the e-commerce, fast moving consumer goods (FMCG), automotive, retail, beauty, and air travel and catering industries.

The company's scenario-driven, outcome-oriented solutions enabled the company to maintain customer loyalty, as reflected in the high net revenue retention rate of the company's core products. During the track record period, AlphaDesk's net revenue retention rate was over 85%, and AlphaData's net revenue retention rate was over 80%.

Thanks to the company being rated as a national small giant enterprise and the recognition of the company's performance in key AI application fields by global research institutes, the company's deep brand intelligence has been widely recognized by the industry.

Financial data

Revenue:

In 2022, 2023, 2024 and 2025 for the six months ended June 30, the company's revenue was approximately $543 million, 611 million yuan, 538 million yuan, and 277 million yuan, respectively.

Earnings:

For the six months ended June 30 in 2022, 2023, 2024 and 2025, the company's comprehensive income for the year/period was 592.13 million yuan, 53.09 million yuan, 17.6.67 million yuan, and 6.504 million yuan, respectively.

Gross profit margin:

For the six months ended June 30 in 2022, 2023, 2024 and 2025, the company's gross margins were 30.9%, 31.2%, 27.3%, and 27.1%, respectively.

Industry Overview

With the widespread spread of AI technology, AI has been incorporated into various application scenarios, bringing changes to many industries and giving them a higher degree of intelligence. The size of China's AI application market increased from RMB 20 billion in 2020 to RMB 63.9 billion in 2024. The compound annual growth rate from 2020 to 2024 was 33.7%, and it is expected to further increase to RMB 283.3 billion in 2029, with a CAGR of 34.7% from 2024 to 2029.

The revenue scale of China's decision-making AI application market increased from RMB 10.6 billion in 2020 to RMB 34.5 billion in 2024, with a CAGR of 34.3%. Driven by the digital transformation needs of enterprises, exponential growth in data volume and technological progress, China's decision-making AI application market is expected to expand further. It is expected to reach RMB 161.5 billion in 2029, with a compound annual growth rate of 36.2% from 2024 to 2029.

Decision making in China's marketing and sales market The market size of the AI application market has increased from RMB 6.2 billion in 2020 to RMB 20.3 billion in 2024. The compound annual growth rate from 2020 to 2024 is 35.0%, and is expected to reach RMB 94.4 billion in 2029, with a compound annual growth rate of 36.5% from 2024 to 2029.

Board Information

The board of directors consists of 12 directors, including 3 executive directors, 3 non-executive directors, 3 independent non-executive directors, and 3 supervisors.

Shareholding structure

Ms Wong and Mr Tse are controlling shareholders of the company and are agreed actors as detailed in the concerted action agreement. As of the last practical date, the remaining 20% of Shenzhen Digital Zero's share capital was held by Shenzhen Jiuzhang Data Technology Co., Ltd. (in addition to being the main shareholder of Shenzhen Digital, an independent third party).

Intermediary team

Sole sponsor: ICBC International Finance Limited;

Legal Advisors: Tianyuan Law Firm (Limited Liability Partnership), Beijing King & Wood Mallesons Law Firm, Long Bingkun, Yang Yongan Law Firm, Zhong Lun Law Firm, NixonPeabodyLLP, EldanLawllp;

Sole sponsor and legal adviser: Jingtian Gongcheng Law Firm Limited Liability Partnership;

Auditor and reporting accountant: KPMG;

Industry consultant: Frost & Sullivan (Beijing) Consulting Co., Ltd. Shanghai Branch;

Compliance Advisor: First Shanghai Finance Co., Ltd.