On June 17, Wenge AI officially opened subscriptions for its IPO, with an offer price of HKD 60.7 (USD 7.7) per share, a board lot of 200 shares, and a market capitalization of HKD 10.5 billion (USD 1.3 billion). The IPO involves a global offering of about 14.8 million shares and gross proceeds of about HKD 900 million (USD 114.8 million). The company is expected to list on the main board of the Hong Kong Stock Exchange on June 26.
In China’s enterprise large model market, Wenge AI ranks eighth, with a 2.2% share. The company was founded by scientists from the Institute of Automation at the Chinese Academy of Sciences (CAS). Over the past three years, it has accumulated net losses of about RMB 583 million (USD 85.9 million).
Wenge AI’s revenue in 2023, 2024, and 2025 was RMB 250 million (USD 36.8 million), RMB 318 million (USD 46.9 million), and RMB 405 million (USD 59.7 million), respectively, representing a three-year compound annual growth rate of about 27.4%. Its gross margin rose from 44% to 50.4%, then to 51.2%. Net loss narrowed from RMB 260 million (USD 38.3 million) in 2023 to RMB 167 million (USD 24.6 million) in 2025.
The trend is clear: Wenge AI’s revenue is rising, its gross margin is above 50%, and its losses are narrowing. But even after adding back share-based payments of RMB 44.5 million (USD 6.6 million) and listing-related expenses of RMB 21.2 million (USD 3.1 million) in 2025, its adjusted net losses were still RMB 186 million (USD 27.4 million), RMB 115 million (USD 16.9 million), and RMB 100 million (USD 14.7 million) in 2023, 2024, and 2025, respectively. Its corresponding adjusted net loss margins were 74.3%, 36.3%, and 24.8%.
