A single sentence from YU Yongfu led to an IPO.

Author: Riemann

Editor: Wang Qingwu

Source: Dongsishitiao Capital

The frenzy of AI in the secondary market has directly spread to the primary market, creating a "window - period dividend" for AI companies to go public.

More crucially, the focus of the capital market on AI has also begun to shift. For example, it has changed from "whose model is larger" to "who can turn AI into sustainable cash flow."

Currently, an AI application - layer company from Guangzhou is bravely venturing into the Hong Kong Stock Exchange. At the end of February 2026, Titang Technology submitted its prospectus to the Hong Kong Stock Exchange, aiming to become the "first stock of Multi - Agent (marketing multi - agent)" in the Hong Kong stock market. By submitting the prospectus at this time, Titang Technology hopes to complete the IPO pricing before the hype fades.

What's even more noteworthy is the financial aspect. Titang Technology has achieved continuous profitability, and its gross profit margin has remained stable above 82%. Such a high - profit AI company is quite rare and scarce in the current market environment.

Before the IPO, the investors in Titang Technology included Xianfeng, IDG Capital, GSR Ventures, Renren Games, Zhongding Capital, Wens Investment, Xinli Capital, and Toutou Shidao Fund.

One Word from Yu Yongfu Led to an IPO

Li Shuhao, the founder of Titang Technology, is a typical "ex - employee of a large company." He was born in Shandong in 1989. After graduating from Tianjin University with a major in Electronic Science and Technology in 2011, he worked at Huawei for one year and then joined the overseas version of UC Browser, becoming one of the first "pioneers" in the overseas market. In 2013, he made UC Browser the number one in the Indian market, defeating Google. When he recalls this experience later, he still shows a youthful spirit.

In 2014, UC was fully acquired by Alibaba, and Li Shuhao entered the Alibaba system, responsible for the overseas promotion of Alipay and AliExpress. That was the golden age of Chinese Internet companies going global, and he became one of the first people to be exposed to digital globalization. However, in an interview, he said that he had always had an idea in mind: "Represent the Chinese team" and create a company worth hundreds of billions of dollars.

In 2016, with the stocks cashed out after the acquisition of UC, he decided to leave. He was 27 years old at that time, and his future was uncertain. In the early days of entrepreneurship, he tried several tool - type products, but none of them were successful.

The turning point came from his former leader, Yu Yongfu. The former helmsman of Alibaba's big entertainment and local life businesses advised him to focus on B2B marketing. The statement "At the suggestion of Yu Yongfu" was repeatedly mentioned in the reports of many media later.

In 2017, Titang Technology was established in Guangzhou, and Li Shuhao's vision became clear: "Use AI to bridge cultural differences and use business intelligence to bridge experience differences."

As the wave of going global hit, Li Shuhao observed that there were actually two major pain points for companies going global: a sense of security and a sense of experience. Restricted by language, culture, consumption habits, and the business environment, domestic companies have certain limitations in their understanding of overseas markets and are relatively unfamiliar with marketing aspects such as overseas media and promotion. As the competition for brand globalization becomes more intense, and affected by policies and platform restrictions, relying solely on manpower or traditional marketing tools can no longer meet the rapidly growing marketing needs of companies going global.

Therefore, Titang Technology focuses on AI - powered marketing that provides results - oriented marketing solutions for global business growth. The company uses its self - developed "Titan" multi - modal large model as the technological foundation and provides end - to - end services for companies going global, from market insights and content creation to advertising placement and performance optimization, through an AI - native and results - driven product portfolio.

In simple terms, if you are a Chinese app or brand looking to expand into overseas markets but don't understand the local language, culture, or advertising channels, Titang Technology will use their self - developed AI system to automatically create ads that suit the local taste, accurately place them on overseas platforms such as Facebook, and optimize the placement strategy in real - time. What would take a traditional advertising agency a month of manual trial - and - error can be completed by them in a few hours with AI.

After eight years, the company serves over 100,000 advertisers, with a coverage rate of over 80% among top - tier customers, and its business covers more than 200 countries and regions around the world. Alibaba, ByteDance, Skechers, 361°, 37 Interactive Entertainment... These names appear on Titang Technology's customer list.

And Yu Yongfu's words ultimately turned into a specific stake. Through Redefine Capital HK, he holds 11.27% of the shares in Titang Technology, ranking as the second - largest institutional shareholder.

Invested by GSR Ventures, IDG, and Xianfeng

The shareholder list of Titang Technology is like a "luxury package" from the Chinese Internet investment circle.

Just two months after the company was founded in 2017, Xianfeng, IDG Capital, and Renren Games invested $14.4 million in the angel round. In subsequent rounds of financing, Zhongding Capital, Wens Investment, Xinli Capital, Toutou Shidao Fund, and GSR Ventures joined in successively.

However, there were also those who left the capital feast early. It was reported that several shareholders, including Yuecai Investment, had exited the company before the IPO through methods such as the transfer of old shares and repurchase by the company.

The equity structure disclosed in the prospectus shows that before the IPO, Li Shuhao controls 46.74% of the company's shares through direct ownership and multi - level partnerships, making him the controlling shareholder. Among institutional shareholders, Zhongding Capital holds a total of 12.90%, making it the largest external institutional shareholder; Yu Yongfu's Redefine Capital HK holds 11.27%, ranking second; Xinli Capital holds 9.79%; Xianfeng entities hold a total of 8.08%; and IDG Capital holds 4.04% through Zhuhai Harmony.

It is worth noting that in September 2023, Titang Technology was recognized as a specialized, sophisticated, distinctive, and innovative small and medium - sized enterprise in Guangdong Province. At the Guangzhou High - Quality Development Conference on February 25 this year, Li Shuhao, as a corporate representative, revealed that the company would continue to increase its R & D and investment in Guangzhou to help Guangzhou build a "capital of vertical models." Two days later, the company submitted its prospectus to the Hong Kong Stock Exchange. This coincidence in timing also shows the synergy between the local government and the enterprise.

Gross Profit Margin Remains Stable above 82%

Titang Technology is a rare high - profit AI company.

From 2023 to the first nine months of 2025, the company's revenue increased from $72.82 million to $130 million, and the profit during the period increased from $34.35 million to $55.68 million. The most eye - catching is the gross profit margin, which was 84.6%, 82.4%, and 82.2% respectively during the reporting period, remaining stable above 82%.

What does this figure mean? It is close to the profit level of pure software companies, confirming that Titang Technology's "AI - driven SaaS model" has a strong marginal effect. According to Frost & Sullivan, based on its 2024 revenue, Titang Technology ranks among the top AI marketing technology service providers for Chinese companies going global.

Titang Technology's revenue mainly comes from the service fees charged around customers' marketing expenditures, rather than the total budget of customers' advertising placements. This model differentiates it from traditional advertising agencies.

In addition, the company's R & D expenditure increased from $10.08 million in 2024 to $16.7 million in the first nine months of 2025, a year - on - year increase of 137.8%, reflecting its continuous investment in AI.

The hidden worry for Titang Technology comes from its dependence on traffic. The company's business is highly dependent on global leading media platforms such as Meta, Google, and TikTok. The top three media platforms account for 88.7% of its marketing costs. This structure has led to differences in market pricing for it. If it can gradually reduce its dependence on a single media channel and achieve full ownership of its data assets, it may obtain a high valuation as a software stock.

Previously, Titang Technology also made a crucial decision. The prospectus disclosed that the company signed a counseling agreement for A - share listing with CITIC Securities in January 2024, but later, considering "macro - policies and the company's own financing strategy," it terminated the agreement in January 2026 and submitted its prospectus to the Hong Kong Stock Exchange.

Behind this decision is the consideration of the A - share market's profit requirements for AI companies and the pursuit of the concept of the "first stock of Agentic AI" in the Hong Kong stock market. In November 2025, Minglue Technology listed on the Hong Kong Stock Exchange under the title of the "first global stock of Agentic AI." Now, Titang Technology is flying the flag of the "first stock of Multi - Agent," obviously hoping to tell a new story in the capital market.

If it successfully goes public, this will also be a public pricing by the Hong Kong stock market for the "commercialization of multi - agents."

This article is from the WeChat official account "Dongsishitiao Capital." Author: Riemann. Republished by 36Kr with permission.