Miaov Expo invests 150 million yuan in Jieyue Xingchen, and the latter's financing this year may exceed 20 billion yuan.

The leading exhibition company, MIAO Exhibition (SZ300795, stock price: 10.26 yuan, market value: 3.067 billion yuan), has also joined the investment boom in AI (Artificial Intelligence) large models.

On the evening of May 25th, MIAO Exhibition issued an announcement, stating that the company plans to use 150 million yuan of its own funds to subscribe for the shares issued by Shanghai Jieyue Xingchen Intelligent Technology Co., Ltd. (hereinafter referred to as Jieyue Xingchen), one of the "Six AI Dragons". After the transaction is completed, MIAO Exhibition will obtain a minority shareholder interest in Jieyue Xingchen.

Behind the cross - border investment of the leading exhibition company, Jieyue Xingchen is in a critical stage of rapid expansion and rushing to go public.

According to reports from multiple mainstream media, Jieyue Xingchen has completed multiple rounds of huge - scale financing this year, with the cumulative amount possibly exceeding 20 billion yuan. It has also dismantled its red - chip structure in preparation for an IPO (Initial Public Offering) in Hong Kong.

It is worth noting that in this announcement, MIAO Exhibition also followed the relevant requirements of the "Regulations on the Suspension and Exemption of Information Disclosure by Listed Companies" and carried out relevant procedures to exempt the disclosure of the equity structure information and relevant financial data of the target company.

Leading Exhibition Company Invests 150 Million Yuan to Subscribe for Jieyue Xingchen's Shares

"The company's current main business is the planning, organization, promotion, and operation services of overseas exhibitions. As of the date of this announcement, the company has no business dealings with the target company." According to MIAO Exhibition's announcement on May 25th, the company's 150 - million - yuan investment will all be made with its own funds, which constitutes a capital increase for Jieyue Xingchen.

Since MIAO Exhibition's corresponding shareholding ratio is extremely low and it has not obtained any director seats or the right to dispatch management personnel in Jieyue Xingchen, it cannot influence any decisions of the target company.

Regarding this seemingly "cross - border" investment, MIAO Exhibition also provided detailed risk warnings in the announcement. MIAO Exhibition stated bluntly that the company has limited familiarity with the industry development trends and operating models in the AI field. There may be risks such as deviations in the judgment of technology and market prospects and the failure of investment returns to meet expectations.

In addition, as a startup company, Jieyue Xingchen's operating efficiency and investment value are affected by multiple factors such as technology R & D and market competition, which are uncertain. This may lengthen the company's investment exit cycle. The biggest risk the company faces is "the inability to recover the investment principal and corresponding returns."

Meanwhile, MIAO Exhibition also said that the relevant investment will not affect the company's main business. The company emphasized that this investment is carried out under the full guarantee of the company's working capital needs and will not affect the company's normal production and business activities. Moreover, the company has not provided any guarantee or liquidity support arrangements for this investment.

Jieyue Xingchen Raises Over 20 Billion Yuan in Financing This Year and Rushes for a Hong Kong Stock IPO

As a rising unicorn in the domestic large - model field, Jieyue Xingchen is accelerating its financing to rush for a Hong Kong stock IPO.

On January 26th this year, Jieyue Xingchen announced the completion of a Series B+ financing of over 5 billion yuan, breaking the single - round financing record in the domestic large - model track in the past 12 months. The financing lineup for this round was luxurious. Not only did old shareholders such as Tencent Holdings, Wuyuan Capital, and Qiming Venture Partners follow up with investments, but it also attracted state - owned assets such as Shanghai Guotou Leading Fund, China Life Equity, and Pudong Venture Capital, as well as industrial capital such as Huaqin Technology.

Less than four months later, Jieyue Xingchen spread news of an even larger - scale financing.

According to reports from multiple media on May 8th, Jieyue Xingchen is about to complete a new financing of nearly 2.5 billion US dollars (approximately 17 billion yuan). If this round of financing is completed, it means that Jieyue Xingchen's total financing in just a few months may exceed 20 billion yuan.

It is worth noting that this huge - scale financing has attracted many industrial chain capitals, including several mobile phone and consumer electronics industrial chain companies such as Huaqin Technology, Longcheer Technology, OmniVision Technologies, and ZTE.

Meanwhile, the old shareholder Tencent continued to increase its investment, and the Hong Kong Investment Corporation Limited (HKIC), known as the "Hong Kong - style Temasek", also appeared on the shareholder list.

The mainstream view is that the favor of industrial capital actually represents the trend of the migration of model capabilities to the terminal.

From the public information, Jieyue Xingchen has completed several key pre - steps for its listing preparation, including dismantling the red - chip structure and share reform. If Jieyue Xingchen successfully passes the listing hearing, it may become another domestic large - model company to be listed on the Hong Kong stock market after Zhipu AI and MiniMax.

This article is from the WeChat official account "Consumer Stories", author: Zhao Linan. It is published by 36Kr with authorization.