On January 5, 2026, ZhongAn Xinke (Shenzhen) Co., Ltd. formally filed its listing application with the Hong Kong Stock Exchange, aiming for a Main Board listing with ICBC International and Guolian Securities International serving as joint sponsors. Established in December 2021 and boasting a mere four-year history, this enterprise-level AI solution provider has attained a valuation of RMB 2.215 billion post-Series B funding. Leveraging the 'ZhongAn Group' brand prestige and ranking fourth in the industry, it aspires to secure a foothold in the Hong Kong stock market.

AI Glamour: The Mirage of Growth as the Fourth-Ranked Player

As an AI service provider specializing in intelligent marketing and operations management, ZhongAn Xinke has carved out a niche in the vertical large model sector with its self-developed XK-QianAI platform.

According to Frost & Sullivan data, based on 2024 revenue, it ranks fourth among Chinese enterprise-level AI solution providers equipped with vertical large model capabilities. The cumulative number of clients served surged from 88 at the end of 2023 to 241 at the end of 2024, and further to 338 by the end of September 2025, with a compound annual growth rate of 63.1%. This client base includes both independently served clients and those introduced through collaboration with ZhongAn Information Technology Services Co., Ltd., a ZhongAn Group subsidiary.

The financial figures appear impressive. Per the prospectus and publicly available data, the company reported revenues of RMB 226 million, RMB 309 million, and RMB 290 million in 2023, 2024, and the first three quarters of 2025, respectively. Revenue grew by 36.6% year-on-year in 2024 and by 62% in the first three quarters of 2025. Corresponding net profits were RMB 10.082 million, RMB 33.231 million, and RMB 31.655 million, with year-on-year growth of 229.6% in 2024 and 116% in the first three quarters of 2025. Gross profit climbed from RMB 31 million to RMB 84 million and RMB 118 million, with gross margins rising from 14% in 2023 to 27% in 2024 and further to 41% in the first three quarters of 2025. However, a closer examination reveals structural flaws beneath this rapid growth—the surge in client numbers has not translated into higher revenue quality, instead exposing the fragility of its growth model.

Core Concerns: The Inescapable Grip of Related-Party Dependency

ZhongAn Xinke's Achilles' heel lies in its deep entanglement with the 'ZhongAn Group,' a dependency that spans equity to business operations, posing a critical threat to its independence.

From an equity perspective, ZhongAn Online indirectly holds a 35.49% stake in ZhongAn Xinke through its wholly-owned subsidiary, ZhongAn Information Technology Services Co., Ltd. (referred to as 'ZhongAn Tech'), making it the second-largest shareholder. The largest shareholder is Shanghai Zhongxing Youmi Business Management Consulting Partnership (Limited Partnership), holding 38.93%, with both entities collectively controlling 74.42% of the shares, forming an absolute majority. This equity intertwining directly leads to a high degree of business dependency—in 2023, 2024, and the first three quarters of 2025, the largest client, ZhongAn Group (ZhongAn Online and its affiliates), contributed revenues of RMB 100 million, RMB 138 million, and RMB 67 million, respectively, accounting for 44.4%, 44.6%, and 23.0% of total revenue in each period. Although the proportion has been declining annually, it remains a core revenue source.

More concerning is the lack of 'client diversification.' According to the prospectus, sales from the top five clients accounted for 74.7%, 62.7%, and 47.4% of total revenue in 2023, 2024, and the first three quarters of 2025, respectively. While this concentration has been decreasing, it remains elevated, with several related parties still among the top five clients. Among the 338 cumulative clients, a significant portion of new clients were introduced through ZhongAn Tech's channels rather than being independently developed. The revenue contribution from truly independent third-party clients remains limited, with client acquisition heavily reliant on 'ZhongAn Group' channels.

Business fluctuations among related parties further undermine its profitability. As a core revenue source, ZhongAn Group's R&D expenses declined year-on-year in 2024, dropping from RMB 1.192 billion in 2023 to RMB 846 million, with R&D expenses accounting for less than 3% of revenue. Although its technology output business has grown, it accounts for a low proportion and has limited profitability, indicating operational pressures. If ZhongAn Group reduces its AI service procurement budget in the future, ZhongAn Xinke, which has long relied on it for nearly half of its revenue, will face pressure on profit growth or even a decline.

Internal and External Pressures: Dual Bottlenecks of Market Competition and Operational Model

Even disregarding related-party dependency, ZhongAn Xinke faces challenges in market competition. The enterprise-level AI solution market is highly fragmented, with a 'crowded field' where being fourth in the industry offers no competitive moat, instead trapping it in a 'squeezed from above and below' dilemma.

Leading companies leverage their substantial capital and ecological advantages to lock in large clients through bundled sales and free trials, while smaller vendors erode the long-tail market with lightweight solutions and low-price strategies. Although ZhongAn Xinke has seen rapid growth in client numbers, the revenue contribution per client has been continuously diluted. Coupled with intensifying industry competition, the sustainability of its revenue growth faces challenges, and its core competitiveness still needs validation in market-driven scenarios.

The inherent flaws in its operational model further constrain its development. The prospectus clearly states that nearly all of the company's revenue is generated through direct sales, employing a service model of 'on-site personnel + remote support,' which requires significant human resources to ensure solution implementation. Meanwhile, although the company adopts a modular and decoupled architecture, its AI solutions still possess a certain degree of customization, limiting the efficiency of scaled replication. Long-term growth necessitates balancing human resource investment with service reach.

Compliance and Technology: Two Major Hurdles on the Path to Listing

The compliance review for listing in Hong Kong is precisely targeting ZhongAn Xinke's weaknesses. As a data-intensive enterprise, it faces dual data regulatory pressures from mainland China and Hong Kong—the Personal Information Protection Law requires security assessments for cross-border data transfers, while Hong Kong's Personal Data (Privacy) Ordinance emphasizes disclosure transparency. The prospectus has already disclosed relevant risks in cross-border data compliance, necessitating further improvements to its compliance framework.

The compliance blemishes of its controlling shareholder may trigger a chain reaction. In December 2025, the Shanghai Municipal Communications Administration took down 38 apps that failed to complete rectifications, including three apps under ZhongAn Online—'ZhongAn Home,' 'Return Shipping Insurance Claim,' and 'ZhongAn Enterprise Insurance'—for violations such as failing to clearly indicate personal information processing rules, difficulties in account cancellation, and unauthorized collection of personal information, exposing loopholes in the group's data governance. Although ZhongAn Xinke is nominally independent, regulatory authorities and investors are likely to associate it with the compliance risks of its controlling shareholder, questioning the effectiveness of its risk isolation measures.

The technological iteration pressure cannot be overlooked. With the rapid pace of AI technology updates, industry competition focuses on vertical large model capabilities and the iteration efficiency of AI agents. Although ZhongAn Xinke has continuously increased its R&D investment, with R&D expenditures of RMB 10.918 million, RMB 26.791 million, and RMB 59.71 million in 2023, 2024, and the first three quarters of 2025, respectively, accounting for 4.8%, 8.7%, and 20.6% of total revenue, and a significant year-on-year increase of 374% in R&D spending in the first three quarters of 2025, ZhongAn Online's R&D expenses declined by 30% year-on-year in 2024. If subsequent R&D resource support is insufficient or its own R&D conversion efficiency falls short of expectations, it may still face the risk of weakening technological competitiveness. (Produced by Zitai)