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Gajite Technology: Cumulative losses exceed 600 million over nine years, multi-tier pricing in equity transfer sparks controversy | IPO Watch

Gajite Technology has submitted a Hong Kong IPO prospectus. Excluding the impact of the shareholding reform, its cumulative losses over nine years since founding exceed 600 million yuan, and its revenue in 2023 and 2024 was insufficient to cover selling, administrative, and R&D expenses for the two years. The company's nine financing rounds raised a cumulative nearly 800 million yuan, with valuation rising from 100 million yuan to 2.13 billion yuan, a 21-fold increase. On December 23, 2025, equity transfers to the same group of transferees showed four price tiers, with the highest and lowest prices differing by nearly 50%; three days later, the C++ round capital increase was priced at 34 yuan per unit of registered capital, 62.52% higher than the previous highest transfer price.

Part of the event: Jiaozhi Technology Files for Hong Kong Listing, Cumulative Losses Exceed 600 Million Yuan

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