IPO News | Joint Stock Exchange Information (688615.SH) submitted for the second time on the Hong Kong Stock Exchange Scanning King has been online for more than 15 years, and MAU has exceeded 100 million

The Zhitong Finance App learned that according to the Hong Kong Stock Exchange disclosure on December 29, Shanghai Hehe Information Technology Co., Ltd. (688615.SH) submitted a listing application to the main board of the Hong Kong Stock Exchange, and CICC is its sole sponsor. The company submitted a listing application to the Hong Kong Stock Exchange on June 26 this year.

Company profile

According to the prospectus, since its establishment, Hehe Information has always been committed to providing products to hundreds of millions of users and enterprises in diverse industries around the world, empowered by AI technology innovation. With more than 18 years of artificial intelligence research and application practice, Synergistic Information has become a global leader in text intelligence technology, and its core driving force comes from multi-modal big language models. The model can simultaneously process data input in various forms such as text, images, and video, and generate various output modes, thereby realizing diverse AI functions such as information extraction, document analysis and repair, and image enhancement. The company's business has covered more than 200 countries and regions around the world.

According to Insight Consulting, among companies with a global C-end efficiency AI product MAU (number of monthly active users) of 100 million in 2024, in terms of revenue from the corresponding products, Gow Information ranked first in China and fifth in the world, and maintained a strong growth trend.

Based on years of AI technology accumulation and in-depth insight into user needs, Hehe Information independently developed and successfully launched a series of C-terminal products, including Scanners Almighty, Business Card Omnipotent, and Qixinbao. Among them, according to Insight Consulting, according to the number of monthly active users in September 2025, Scanning King is the world's largest image and text processing AI product, and is an app that has been on the market for more than 15 years, has a MAU of over 100 million, and has been on the list for a long time and has grown steadily with a compound annual revenue growth rate of more than 20% from 2022 to 2024. There are no more than five apps that have achieved this achievement worldwide.

Business Card Almighty once ranked first in the Apple App Store in 41 countries and regions in the number of free business app downloads. In 2024, Hehe Information will launch an online digital business card function to further explore the global digital business card market. In recent years, the company has continued to empower products with AI technology and launched innovative features including AI accurate recognition and AI business card insight.

Hehe Information launched the Qixinbao App in 2015. Based on the company's internal DIKI governance framework, it has built a complete value chain from data aggregation to intelligent decision-making; with the company's data mining and data analysis capabilities and underlying technologies such as NLP, knowledge maps, deep learning, and big models, Qi Xinbao has built a credit analysis platform covering more than 300 million enterprises to achieve real-time processing and analysis of 200 billion pieces of commercial data at the millisecond level, and proposed a very valuable solution for the field of business intelligence data in China.

Financial data

revenue

In 2022, 2023, 2024, and 2025 for the nine months ended September 30, the company achieved revenue of approximately 988 million yuan (RMB, same below), 1,187 million yuan, 1,438 billion yuan, and 1.03 billion yuan, respectively.

Gross profit and gross profit margin

In 2022, 2023, 2024, and 2025 for the nine months ended September 30, the company recorded gross profit of about 827 million yuan, 1 billion yuan, 1,212 billion yuan, and 1,126 billion yuan respectively; gross margins were 83.7%, 84.3%, 84.3%, and 86.4%, respectively.

Profit during the year/period

In 2022, 2023, 2024, and 2025 for the nine months ended September 30, the company recorded year/period profit of approximately RMB 284 million, RMB 323 million, RMB 401 million, and RMB 351 million respectively.

Industry Overview

AI technology is moving from symbolic logic and rules-based systems to general intelligence. The essence of its development is to improve the ability to perceive, recognize, and make decisions. Continued advances in AI technology have enhanced the ability of AI products to meet increasingly complex challenges. Looking forward to the future, with the deep integration of multi-modal models and real environments, AI products and solutions will increasingly become key tools for C-side and B-side intelligent decision-making.

According to their target users, AI products can be divided into C-end products and B-side products. C-end products are designed to improve efficiency and ability in the fields of learning, work, and recreation. B-side products are developed for enterprises and institutions. They use technology and data-driven methods to help them solve problems more efficiently and accurately, thereby simplifying work processes and improving productivity. According to Insight Consulting, the global AI product market will reach US$46.5 billion in 2024, with more than 10,000 market participants. It is expected to further grow to US$228 billion by 2029, with a CAGR of 37.4%.

AI products are being deployed in more and more vertical and cross-industry scenarios. On the C-side, AI has entered fields such as personal efficiency, creative content generation, and social entertainment. In manufacturing, AI enables end-to-end quality control and predictive maintenance. On the retail side, it supports demand forecasting and intelligent replenishment, optimizes inventory, and improves operational efficiency. In the medical field, AI models based on image recognition and multi-modal diagnostic tools can help clinicians more effectively locate lesions and individualized treatment plans.

According to Insight Consulting, the global market for C-side AI products reached 10.9 billion US dollars in 2024, and is expected to grow to 77.1 billion US dollars by 2029, with a compound annual growth rate of 48.0%. Among all segments, C-side efficiency AI products account for the largest market share, accounting for 57.5% of the total global C-side AI product market in 2024.

Efficiency AI products have the characteristics needed at high frequencies. They can not only meet the core efficiency needs of users, but also promote habitual use by continuously providing tangible value, thus promoting strong user participation and retention. The global market for C-side efficiency AI products reached US$6.2 billion in 2024 and is expected to grow to US$49.5 billion by 2029, with a compound annual growth rate of 51.3%.

Board Information

The board of directors consists of nine directors, including five executive directors, one non-executive director and three independent non-executive directors. The term of office of directors is three years, and they can be re-elected.

Shareholding structure

As of December 20, 2025, Dr. Zhen directly and indirectly controlled 29.95% of the company's total issued share capital through Shanghai Moyiran, Shanghai Duanlin, Shanghai Rongliran, and Shanghai Dingluo (all controlled by Shanghai Shirou as general partners, while Shanghai Shirou is controlled by Dr. Zhen). Haimu Yiran, Shanghai Duanlin, Shanghai Rongliran, and Shanghai Dingluo are the company's employee shareholding platforms.

Intermediary team

Sole sponsor: China International Finance Hong Kong Securities Limited.

Company Legal Advisors: Hong Kong and US Law: Gao Weishen Law Firm; Related Chinese Law: Shanghai AllBright Law Firm; China Data Compliance Law: King & Wood Mallesons.

Sole sponsor legal advisors: relating to Hong Kong and US law: Smith & Phil Cramer; relating to Chinese law: Jia Yuan Law Firm.

Industry Advisor: Insight Industry Consulting Co., Ltd.

Compliance Advisor: New Berry Finance Ltd.