Event
Jiaozhi Technology Files for Hong Kong Listing, Cumulative Losses Exceed 600 Million Yuan
1 reports · 1 sources
Zhejiang Jiaozhi Technology has submitted a Hong Kong IPO prospectus and plans to list in Hong Kong. The prospectus shows that, after excluding share reform factors, the company's cumulative losses as of the end of 2025 amounted to 611 million yuan, and it has not achieved operating profitability in the nine years since its founding; from 2023 to the first half of 2026, cumulative losses were 395 million yuan, and in 2023 and 2024 revenue was insufficient to cover the three period expenses of selling, administrative, and R&D. The equity transfer pricing disclosed in the prospectus has drawn attention: on December 23, 2025, equity transfers involving the same group of transferees on the same trading day showed four price tiers, with the gap between the highest and lowest prices approaching 50%, and the report believes the company needs to explain the fairness of the per-share price; three days later, the C++ round capital increase was priced at 34 yuan per registered capital, 62.52% higher than the previous highest transfer price (Quantum Yue Dong's 20.92 yuan per share). The company's nine financing rounds have raised a cumulative nearly 800 million yuan, with valuation rising from 100 million yuan to 2.13 billion yuan.
Report timeline
- 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.
钛媒体 ·