AI startup Deepexi pushing for Hong Kong IPO

Chinese artificial intelligence startup Deepexi has applied for an initial public offering in Hong Kong via a regime designed for uncommercialized tech companies.

If successful, Deepexi would be the first corporate AI application developer in the city’s stock market.

According to its preliminary listing document, Deepexi is one of the first large model AI application solution providers in China to construct an AI-Ready data convergence platform.

Deepexi ranked first in the market for enterprise-level large model AI application solutions in China in terms of revenue in 2024, according to the company.

Its total revenue jumped 88.3 percent year-on-year to 243 million yuan (HK$258.05 million) in 2024, with the gross profit expanding 144 percent to 126 million yuan.

However, Deepexi recorded net losses for at least a third consecutive year in 2024 with a loss of 1.25 billion yuan, 150 percent higher than one year prior.

STAFF REPORTER