Nuobikan Artificial Intelligence Technology (Chengdu) Co., Ltd. (2635.HK) has launched its Hong Kong initial public offering (IPO), with the subscription period running from December 15 to December 18, 2025. The company plans to offer approximately 3,786,600 H shares globally, with a 15% over-allotment option. The offer price ranges from HK$80.00 to HK$106.00 per share, with a board lot size of 50 shares and an estimated entry cost of approximately HK$5,353.45. Trading is expected to commence on the Main Board of the Hong Kong Stock Exchange on December 23. CICC is the sole sponsor of the offering.

Nuobikan: A Leading AI-Based Inspection and Monitoring Solutions Provider for Rail Transit in China

Offering Structure: Hong Kong public offering accounts for approximately 10% (378,700 H shares), while international placing accounts for approximately 90% (3,407,900 H shares).

Offer Price: HK$80.00–106.00 per share; 50 shares per board lot; estimated entry cost of approximately HK$5,353.45.

Offer Period: December 15–18 (pricing expected on December 19).

Listing Date: December 23.

Sponsor: CICC.

Company Overview

Nuobikan is primarily engaged in the research, development, and sale of monitoring and inspection products and solutions for railway operators and power grid companies in China, and also provides other urban governance solutions. The company offers integrated hardware-software solutions based on comprehensive AI industry models. According to Frost & Sullivan, based on revenue from rail transit in 2024, Nuobikan ranked as the third-largest AI-enabled inspection and monitoring solutions provider in China’s rail transit industry, with a market share of approximately 1.8%. In the AI-powered power supply inspection and monitoring systems segment, the company ranked second, with a market share of approximately 5.9%.

Financial Information

According to the prospectus, Nuobikan recorded revenues of approximately RMB 253 million, RMB 364 million, and RMB 403 million for 2022–2024, respectively, with net profits of approximately RMB 63 million, RMB 89 million, and RMB 115 million during the same periods. For the first half of 2025, the company posted revenue of approximately RMB 232 million and net profit of around RMB 40 million. Based on the mid-point offer price of HK$93.00 per share, and assuming the over-allotment option is not exercised, the company expects to raise net proceeds of approximately HK$307 million. The proceeds are intended to be used for continued R&D of core technologies (around 40%), construction of an R&D technology center and a new headquarters (around 40%), pursuit of strategic investments and acquisitions (around 10%), and working capital and general corporate purposes (around 10%).

uSMART launches “HK IPO Fee-Waiver Offer” – subscribe to new shares at zero cost

Margin subscription: 0 % interest, leverage up to 10×

Cash subscription: HK$0 handling fee

Grey-market trading supported

* 0 % interest applies to margin subscription amounts of HK$20 million or below.

^ All handling fees are waived for cash subscriptions.

This promotion is effective from 5 December 2025 until further notice. Certain high-profile IPOs may be excluded. The actual interest rates and fees charged are those shown in the uSMART App subscription interface; statutory government and exchange levies will still apply. The company reserves the right to amend, suspend or terminate the above offer or its terms and conditions at any time without prior notice, and its interpretation shall be final.

How to Subscribe for Nuobikan via uSMART HK

The uSMART HK App features an IPO Centre with exclusive perks, allowing clients to subscribe instantly to public offerings. After logging into the app, tap "Trade" at the bottom-right, go to "IPO Subscription," select Nuobikan, tap "Public Offer," enter your subscription quantity, and submit your order.

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