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AsianFin -- Unisound Intelligent Technology Co., Ltd., a Chinese artificial intelligence firm focused on voice and AGI solutions, has passed its listing hearing with the Hong Kong Stock Exchange and released its post-hearing information pack on Thursday.
China International Capital Corporation (CICC) and Haitong International are acting as joint sponsors for the IPO.
The move paves the way for Unisound to become the first artificial general intelligence (AGI) stock to debut on the Hong Kong market this year, after previously receiving regulatory approval from the China Securities Regulatory Commission (CSRC) and securing "Full Circulation" registration for its unlisted domestic shares.
Founded in 2012, Unisound specializes in voice intelligence and integrated AI solutions for industries such as healthcare and lifestyle services. Its flagship Shanhai large model—featuring 60 billion parameters—was launched in 2023, underscoring the company's ambitions in the AGI space.
The firm is led by co-founder and CEO Huang Wei, who previously worked at Motorola China and Shanda Network and holds a PhD from the University of Science and Technology of China.
"Developing large models is inherently difficult. For a company to grow, it must pursue what is hard but right," said Huang, calling AI his "lifelong mission."
Unisound Founder and CEO Huang Wei
Unisound's journey toward IPO has spanned five years. It first filed to list on Shanghai's STAR Market in 2020, before shifting gears for a Main Board listing in Hong Kong in 2023.
According to Frost & Sullivan, Unisound ranks as the fourth-largest AI solutions provider in China by 2024 revenue, with a 0.6% market share. It also ranks third in lifestyle AI applications and fourth in healthcare AI.
Unisound has completed 11 funding rounds, raising over $340 million from investors including Qiming Venture Partners, JD Technology, Qualcomm, and the China Internet Investment Fund. Pre-IPO, CEO Huang Wei and co-founders Liang Jiaen and Kang Heng collectively controlled approximately 34% of the company's shares.
Despite topline growth, Unisound remains loss-making. Revenue rose from RMB 601 million in 2022 to RMB 939 million in 2024, a compound annual growth rate of 25%. Net losses widened from RMB 375 million in 2022 to RMB 454 million in 2024. Adjusted net losses narrowed slightly in 2023 before increasing again in 2024.
R&D remains a key expense, with spending rising 29% year-on-year to RMB 370 million in 2024. The company also incurred RMB 271 million in financing costs, primarily due to investor redemption rights.
Unisound's cash and equivalents stood at RMB 156 million as of December 2024, bolstered by over RMB 700 million raised in its Series D3 financing round. The company said it expects to remain loss-making in the near term due to continued R&D and financing-related costs.
The lifestyle AI segment is Unisound's primary revenue driver, contributing nearly 79% of total revenue in 2024. While project numbers declined year-over-year, the total number of customers increased. Notably, revenue from system integrators/agents overtook that from direct users in 2024, signaling a shift in business model.
Looking ahead, proceeds from the IPO will be used to scale its Atlas AI infrastructure, fund R&D, pursue international expansion, and invest in new verticals and strategic partnerships.
CEO Huang remains bullish on China's AI future: "The rise of large models is inevitable. Innovation is about identifying the right moment and scaling it with precision."
Unisound's Hong Kong debut will mark a significant milestone for China's AI ambitions—and its decade-long bet on general intelligence.
