On August 11, Kunlun Tech Co.,Ltd. (300418.SZ) announced its intention to accelerate the company's international strategy and overseas business expansion by issuing H-shares for listing on the Hong Kong Stock Exchange. This move aims to enhance the company's offshore financing capabilities and overall competitiveness.
According to the announcement, the net proceeds from the H-share issuance will be allocated to several key areas, including but not limited to: (I) AI technology and research and development; (II) ongoing operations and commercialization of AI product lines; (III) global promotion, market expansion, user acquisition, and brand building; (IV) strategic investments, acquisitions, and development of a partner ecosystem; (V) optimization of capital structure; and (VI) working capital and other general corporate purposes.
On the same day, the company disclosed plans to transfer 99% of the equity in its wholly-owned subsidiary, Beijing Xianlai Huyu Network Technology Co., Ltd., to Beijing Xinglan Huyu Network Technology Co., Ltd. for a consideration of 750 million yuan. Kunlun Tech stated that it has clearly defined AGI and AIGC as its core strategic direction for future development, with increased investments in technology research, product innovation, industry solutions, and ecosystem building. After years of development, Xianlai Huyu has formed a relatively independent operational system and model, but its strategic positioning, technical path, and industrial collaboration differ from the company's future focus on AGI and AIGC businesses.
Public information shows that Kunlun Tech, founded in 2008 and listed on the Shenzhen Stock Exchange in 2015, currently operates across multiple sectors including AGI and AIGC, information distribution, the metaverse, social entertainment, and gaming. Since establishing the "All in AGI and AIGC" strategy in 2022, the company has built a diversified AI business matrix encompassing AI smart assistants, AI video, AI music and audio, AI games, and AI social features. In the first quarter of 2026, the company reported operating revenue of approximately 25.70 billion yuan, a year-on-year increase of 45.69%, while net profit attributable to shareholders was about -8.87 billion yuan, a decrease of 15.34% compared to the same period last year.
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