The stock price soared by 300%. A Peking University-affiliated AI company took the lead in the race and went public today.

According to a report by Zhidx on May 27th, just now, Shenyan Intelligence Technology, a Beijing-based decision-making AI application service provider, rang the bell for its listing on the Hong Kong Stock Exchange!

The issue price of Shenyan Intelligence is HK$55.5 per share (approximately RMB 48.13). The opening price is HK$155 per share (approximately RMB 134), representing a 179.28% increase compared to the issue price.

As of around 10:00 on May 27th, the stock price of Shenyan Intelligence soared to a maximum of HK$219.8 per share (approximately RMB 190.4), a 296.04% increase compared to the issue price. The latest stock price is HK$200.2 per share (approximately RMB 173.4), a 260.72% increase compared to the issue price. The total market value is HK$18.154 billion (approximately RMB 15.709 billion).

▲ The opening trend of Shenyan Intelligence (Source: Tencent Stock Selection)

According to Shenyan Intelligence's Hong Kong Stock Exchange prospectus, during the public offering phase, Shenyan Intelligence received 5,480.23 times oversubscription. Shenyan Intelligence was established on April 30, 2009, originally named Beijing Pinyou Interactive Advertising Co., Ltd. Its main business is decision-making AI applications, and it has launched the flagship platform for intelligent advertising placement services, AlphaDesk, the flagship platform for intelligent data management, AlphaData, and the enterprise AI agent product, Deep Agent.

According to Frost & Sullivan, in terms of revenue in 2024, Shenyan Intelligence ranks first in the Chinese marketing and sales decision-making AI application market, with a market share of 2.6%.

According to Shenyan Intelligence's official website, its major customers include well-known enterprises such as Taobao, JD.com, China Mobile, Nestle, Estée Lauder, GAC Group, Ford Motor, and BMW. In 2023, Shenyan Intelligence was recognized by the Ministry of Industry and Information Technology as a national-level specialized and sophisticated "little giant" enterprise.

From May 2011 to October 2017, Shenyan Intelligence completed a total of six rounds of financing, with a cumulative financing amount of approximately RMB 536 million. The financing amounts in its early rounds from A-2 to C-1 were US$7.5 million (approximately RMB 509.6 billion), approximately US$10.11 million (approximately RMB 686.9 billion), approximately US$8.52 million (approximately RMB 578.9 billion), and approximately US$1.48 million (approximately RMB 100.6 billion) respectively. From 2015 to 2016, Shenyan Intelligence completed its D-round financing with an amount of approximately RMB 284 million. In 2017, its E-round financing amount was RMB 60 million.

In June 2022, Shenyan Intelligence officially submitted an application for listing on the ChiNext Board of the Shenzhen Stock Exchange. However, after nearly two years of review, the company voluntarily withdrew the listing application in June 2024.

01. Net profit shrank by nearly 85% in three years, and a single business accounted for nearly 90%

In 2023, 2024, and 2025, Shenyan Intelligence's revenues were RMB 611.2 million, RMB 537.9 million, and RMB 576.6 million respectively; its net profits were RMB 60.7 million, RMB 21.5 million, and RMB 9.2 million respectively, a decrease of approximately 84.8% over three years; and its R & D expenditures were RMB 54.1 million, RMB 56.3 million, and RMB 45.8 million respectively.

▲ Shenyan Intelligence's revenue, net profit, and R & D expenditure (Charted by Zhidx)

During the performance record period, its intelligent advertising placement services contributed the majority of the revenue. In 2023, 2024, and 2025, the revenues generated from providing intelligent advertising placement services were RMB 491.9 million, RMB 459.8 million, and RMB 506.9 million respectively, accounting for 80.5%, 85.5%, and 87.9% of the annual revenues respectively.

In 2023, 2024, and 2025, the revenues generated from providing intelligent data management by Shenyan Intelligence were RMB 119.3 million, RMB 78.1 million, and RMB 69.7 million respectively, accounting for 19.5%, 14.5%, and 12.1% of the annual revenues respectively.

In 2023, 2024, and 2025, Shenyan Intelligence's gross profits were RMB 190.5 million, RMB 146.6 million, and RMB 147.2 million respectively, and the gross profit margins were 31.2%, 27.3%, and 25.5% respectively.

In 2023, 2024, and 2025, the gross profits of intelligent advertising placement services were RMB 150.8 million, RMB 125.8 million, and RMB 126.0 million respectively; the gross profits of the intelligent data management business were RMB 39.7 million, RMB 20.7 million, and RMB 21.2 million respectively.

02. Mainly engaged in decision-making AI products, ranked first in the marketing decision-making AI market share in 2024

Shenyan Intelligence's main business is decision-making AI applications. Decision-making AI applications refer to applications that use AI technology to conduct in-depth analysis, modeling, and reasoning on massive multi-source heterogeneous data, and simulate human cognitive and decision-making processes based on preset rules or adaptive optimization mechanisms.

It helps enterprises achieve automated decision-making or intelligent auxiliary decision-making in various business processes, thereby improving operational efficiency, optimizing resource allocation, and enhancing market competitiveness.

According to Frost & Sullivan data, the revenue scale of the Chinese decision-making AI application market increased from RMB 10.6 billion in 2020 to RMB 34.5 billion in 2024, with a compound annual growth rate of 34.3%, and it is expected to reach RMB 161.5 billion in 2029.

The market scale of the decision-making AI application market in the Chinese marketing and sales market has increased from RMB 6.2 billion in 2020 to RMB 20.3 billion in 2024, with a compound annual growth rate of 35.0% from 2020 to 2024, and it is expected to reach RMB 94.4 billion in 2029.

By integrating AI technology with business scenarios, Shenyan Intelligence has built a product foundation based on technology, data intelligence, and industry expertise. It has successively launched the flagship platform for intelligent advertising placement services, AlphaDesk, and the flagship platform for intelligent data management, AlphaData, and launched the enterprise AI agent product, Deep Agent, in 2025. This product can help enterprises automate operational processes and enhance decision-making capabilities.

In China, the marketing and sales decision-making AI application market is relatively fragmented, with more than a hundred market participants. In terms of revenue in 2024, Shenyan Intelligence is the largest provider in the Chinese marketing and sales decision-making AI application market. The main participants in the Chinese marketing and sales decision-making AI application market in 2024 are as follows:

03. Five major customers contributed nearly 60% of the revenue, and the procurement amount from the top five suppliers exceeded 23%

In 2023, 2024, and 2025, Shenyan Intelligence's revenues from the five major customers were RMB 307.1 million, RMB 293.8 million, and RMB 343.5 million respectively, accounting for 50.2%, 54.6%, and 59.6% of the total revenues in the corresponding years respectively.

In 2023, 2024, and 2025, Shenyan Intelligence's revenues from the largest customer were RMB 85.7 million, RMB 96.7 million, and RMB 98.7 million respectively, accounting for 14.0%, 17.8%, and 17.1% of the total revenues in the corresponding years respectively.

In 2023, 2024, and 2025, Shenyan Intelligence's procurement amounts from the five major suppliers were RMB 98.6 million, RMB 100.3 million, and RMB 87.6 million respectively, accounting for 28