ZhongAn InfoTech HK IPO: Core Business, Joint Sponsorship, and Valuation Analysis

• Positioning:
  Enterprise-level AI solution provider focusing on two core scenarios: “intelligent marketing” and “intelligent operation management”, with “vertical large model capability” as its technical differentiation label [1].
• Industry Position:
  According to Frost & Sullivan data, ZhongAn InfoTech ranked fourth among Chinese “enterprise-level AI solution providers with vertical large model capabilities” by 2024 revenue [1].
• Typical Application Directions (From the Company’s Related Transactions and Cooperation Background, Subject to Prospectus):
  • Intelligent Marketing: Customer acquisition, traffic operation, personalized recommendation, content generation, and multi-channel operation for finance (banking/insurance/securities), consumer goods, and other industries;
  • Intelligent Operation Management: Covers underwriting/claims, customer service, risk control modeling, workflow automation, etc., emphasizing the “business-data-model” closed loop in the insurance and financial ecosystems.
• Technical Form (Subject to Prospectus Disclosure):
  • Vertical large models/industry large models, combined with Retrieval-Augmented Generation (RAG), Agents, prompt engineering, and enterprise data middle platforms;
  • Expected to adopt a combination of SaaS/PaaS/project-based delivery, and may form a hybrid pricing model based on call volume/seat count/phased project billing (this is a reasonable inference before the prospectus is made public).

• Customer Acquisition and Delivery:
  • Highly aligned with digital scenarios of finance and large enterprises, combining project-based and long-term operation;
  • Emphasizes the closed loop from Proof of Concept (POC) to large-scale operation, possibly accompanied by phased launch and performance-based billing clauses.
• Revenue Structure (Subject to Prospectus):
  • Expected to be dominated by project delivery and platform subscriptions, supplemented by call/usage-based billing and value-added services;
  • Gross profit margin and retention rate will be highly driven by project delivery cycle, platform reuse rate, and customer renewal.
• Ecosystem and Collaboration (Subject to Related Transactions and Agreement Terms):
  • Has related transactions and cooperation foundations with ZhongAn Technology and ZhongAn Online in business collaboration, data middle platforms, AI platforms, and scenario co-construction [3].

• Differentiated Positioning:
  Cross-track of vertical large models + enterprise-level intelligent marketing/operation management scenarios, closer to “value closed loop” rather than general model capabilities [1].
• Track and Growth Potential:
  Enterprise-level AI and intelligent marketing/AI operation maintain rapid growth in China; vertical industry demand shifts from “trial” to “deep integration”; leading vendors are expected to enjoy high concentration and better bargaining power.
• Technology and Scenario Reuse:
  “Validate first, then output” within the ZhongAn system, forming dual reuse of technology and scenarios, which is expected to improve delivery efficiency and customer reputation [3].
• Industry Recognition:
  Selected into lists such as KPMG China’s “FinTech 50”, reflecting the industry’s recognition of its technical and business capabilities [3].

The above core business, business model, and highlights are subject to public disclosure in the prospectus. Currently, the company is at the post-Series A+ stage and has not officially disclosed financial and operational details; please refer to the prospectus disclosed on the Hong Kong Stock Exchange after the listing application and subsequent hearing documents for specifics [1][3].

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• Brand and Credit:
  ICBC International relies on ICBC’s global network and comprehensive financial platform, with stable performance in past HK IPO sponsorship and underwriting projects, and has project experience and customer resources in healthcare, technology, and other industries; Guolian Securities International also has resource advantages in Yangtze River Delta and mainland project linkage and institutional distribution. Their joint sponsorship helps improve regulatory communication and market pricing efficiency, and enhances institutional investors’ recognition of the project’s credibility [1].
• Project Execution and Value Mining:
  Co-sponsors lead due diligence, industry benchmarking, and story polishing, helping clarify the company’s differentiation and long-term growth logic in the “vertical large model + enterprise-level intelligent operation” track, and providing narrative support for valuation [1].

• Common Multiples:
  It is expected to combine multiple methods such as PS/PE (depending on the profit stage), P/GMV (if platform-based business is obvious), and segment SOTP (intelligent marketing vs. intelligent operation) for cross-validation;
• Benchmarking Directions (Possible Paths):
  • Enterprise-level AI/SaaS: Compare PS/revenue growth rate and renewal with leading vertical industry SaaS or AI operation companies;
  • FinTech Output: Refer to PS and valuation premium of FinTech/InsurTech output companies;
  • AI/Large Model Companies: Refer to PS/revenue quality and customer structure of overseas enterprise AI platforms and domestic AI application companies.
• Role of Sponsors in Comparable Transactions:
  Based on past project experience, co-sponsors can more efficiently complete comparable screening and multiple calibration, and communicate key factors such as “technical barriers - customer quality - governance structure”.

• Cornerstone and Institutional Anchoring:
  ICBC International and Guolian Securities International can introduce strategic/cornerstone investors and high-quality long-term institutions to improve the “supply structure” and smooth post-listing fluctuations;
• Sales Network:
  Using cross-border networks to cover international long-term funds, hedge funds, and family offices, expanding the breadth of the order book, which helps price discovery and green shoe stability.

• Narrative and Risk Alignment:
  In aspects such as “technology investment - profit cycle - customer concentration - related transactions”, sponsors will assist in strengthening disclosure transparency and internal control compliance;
• Pricing Balance:
  Between the high valuation expectations of the high-growth enterprise-level AI track and the yet-to-be fully verified profit model, sponsors need to balance “story space” and “safety margin” to take into account both issuance success rate and after-market performance.

• Qualitative:
  Improves project credibility, execution quality, and market communication efficiency, helping shape a clear industry positioning and long-term narrative;
• Quantitative:
  Sponsors have practical influence on the “landing” of the valuation center (multiple range) and issuance pricing range through comparable selection and structural design; however, the final valuation is still jointly determined by fundamentals (revenue and profit growth rate, gross profit margin, retention rate), track popularity, and market sentiment.

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1. Information Source and Timeliness:
   The above core business and positioning are based on the listing application summary disclosed by the Hong Kong Stock Exchange on January 5 and third-party reports [1]; the business model and highlights are framework deductions combining industry practices and related transaction announcements, subject to the prospectus for specifics [3].
2. Key Information Pending Prospectus Disclosure:
   • Financial and Operational: Revenue structure, gross profit margin, net profit margin, customer concentration, segment revenue, repurchase/retention, and R&D investment;
   • Competition and Industry: Vertical large model capability evaluation, industry penetration rate, addressable market (TAM/SAM/SOM), regulation and data compliance;
   • Corporate Governance: Equity structure, related transaction pricing mechanism, and independence.
3. Suggestions for Investors:
   • Treat the valuation premium brought by the “AI/large model” theme neutrally and prudently, focusing on examining the “unit economic model” and “customer payment willingness and renewal”;
   • Pay attention to the comparable standards, valuation methods, and risk warnings conveyed by sponsors during roadshows and hearings to form a reasonable range and safety margin.

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[1] Jinling API Data (news points related to ZhongAn InfoTech’s Hong Kong Stock Exchange listing application announcement and sponsor information)
[2] Sina Finance/Zhitong Finance — “New Stock News | ZhongAn InfoTech Submits Listing Application to Hong Kong Stock Exchange” (https://finance.sina.com.cn/stock/hkstock/ggscyd/2026-01-06/doc-inhfikqw6140590.shtml)
[3] ZhongAn Online Related Transaction Announcement (disclosing basic information, related relationships, and cooperation framework of ZhongAn InfoTech) (https://static.zhongan.com/upload/online/material/1764316743178.pdf)
[4] HKEX Disclosure Portal — ZhongAn InfoTech (Shenzhen) Co., Ltd. Application Version (Framework and Company Profile) (https://www1.hkexnews.hk/app/sehk/2026/108050/documents/sehk26010503058_c.pdf)
[5] ICBC International Related Sponsorship Project News (case studies and market descriptions of HK IPO projects promoted as exclusive sponsors) (https://finance.sina.com.cn/roll/2025-12-23/doc-inhctxhn8511757.shtml)
[6] KPMG — “2023 KPMG China FinTech 50 Report” (ZhongAn InfoTech was selected into the list) (https://assets.kpmg.com/content/dam/kpmg/cn/pdf/zh/2024/01/china-fintech-50-2023.pdf)