The company has announced its intention to apply for an initial public offering of Renminbi-denominated ordinary shares (A-shares) for listing on the ChiNext Board of the Shenzhen Stock Exchange.
The shares to be issued are A-shares with a par value of RMB 1.00 each. The total number of A-shares proposed for public offering is not less than 62,032,515 shares and not more than approximately 186 million shares, which would represent not less than 10% and not more than 25% of the total share capital post-issuance.
The entire offering will consist of new shares, with no existing shareholders participating in the public sale. The company and its lead underwriter may exercise an over-allotment option, with the number of additional A-shares issued not exceeding 15% of the proposed A-share offering size prior to any such exercise.
The net proceeds from the offering are intended to be used for several key initiatives. These include the research, development, upgrading, and industrialisation of full-stack intelligent solutions and services based on the company's enterprise-level AI platform. Funds will also be allocated to domestic AI technology research and development projects, as well as for supplementing working capital.
PHANCY is pursuing this A-share listing to leverage the synergistic advantages of the Hong Kong and A-share capital markets. This dual-listing structure aims to create a dual capital operations platform, harnessing the strengths of the A-share market—notably its high liquidity, strong local industry recognition, and diverse financing channels—while maintaining the benefits of its Hong Kong listing, which provides access to international markets and global resources.
This strategic move is expected to create a two-way empowerment of capital value and business development. The A-share listing will provide substantial funding to be directed toward critical areas such as computing infrastructure construction, core AI technology R&D, market channel expansion, and industrial ecosystem integration.
This investment is designed to continuously strengthen the company's technological moat and computing supply capabilities, supporting the large-scale commercialisation of its core businesses, including its AI platform and API services.
Furthermore, the listing is anticipated to significantly enhance brand influence and customer trust, deepen its footprint in the domestic industry market, and optimise corporate governance and disclosure standards.
By establishing a dual-listing structure in both Hong Kong and mainland China, the company will effectively broaden its financing avenues, enhance its overall competitiveness, seize opportunities within China's burgeoning AI industry, consolidate its leading market position, and achieve long-term, stable growth.
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