On May 25, 2026, AISpeech Technology Co., Ltd. filed its application for an Initial Public Offering (IPO) on the STAR Market with the Shanghai Stock Exchange, aiming to raise 1.555 billion yuan in capital.

The company is sponsored by Dongwu Securities, with Beijing King & Wood Mallesons serving as its legal advisor, and PwC Zhong Tian LLP (Special General Partnership) as its accounting firm.

Notably, this represents AISpeech's second attempt to list on the STAR Market. The company previously sought a listing in 2022 but was unsuccessful during the IPO approval process.

Over the past three years, Alibaba Network Technology and Legend Capital's TusStar Innovation have significantly reduced their stakes in AISpeech. Alibaba's ownership has decreased from an initial 18% to approximately 5% as of today.

Headquartered in Suzhou, Jiangsu Province, AISpeech is a leading domestic conversational AI enterprise. It focuses on the independent research and development of full-stack conversational AI and edge intelligence technologies, as well as the design, development, and sales of intelligent human-computer interaction products.

In this renewed pursuit of a STAR Market listing, the company has raised its fundraising target to 1.555 billion yuan, further boosted its overall valuation, and shifted its listing criteria from the second set to the fourth set. During the reporting period (2023-2025), AISpeech's revenues were 539 million yuan, 601 million yuan, and 688 million yuan, respectively, with net losses of 136 million yuan, 158 million yuan, and 79.7088 million yuan, indicating persistent unprofitability.

During the reporting period, revenue from the smart mobility segment increased from 162 million yuan to 276 million yuan, with its revenue share rising from 30.04% to 40.08%, surpassing other segments to become AISpeech's largest revenue source. Revenue from the smart office segment grew from 180 million yuan to 243 million yuan, with its share slightly increasing from 33.33% to 35.40%.

Revenue from the smart IoT segment initially declined and then stabilized, dropping from 197 million yuan in 2023 to 169 million yuan in 2025, with its revenue share continuously declining from 36.63% to 24.51%, becoming AISpeech's smallest business segment.

AISpeech's overall gross profit margin showed a consistent and significant increase from 53.69% in 2023 to 57.81% in 2024 and 63.24% in 2025, indicating continuous optimization of its overall profitability.

From a segment perspective, the gross profit margin of the smart mobility segment consistently ranked first among the three major segments, reaching 70.07% in 2023, surging to 82.83% in 2024, and slightly declining to 81.30% in 2025 while maintaining a high gross profit margin of over 80%, serving as the core support for AISpeech's overall gross profit margin.

The gross profit margin of the smart office segment showed a trend of initial decline followed by increase, standing at 43.78% in 2023, dropping to 39.82% in 2024, and then significantly rebounding to 48.59% in 2025, reaching its highest level in three years and becoming an important contributor to AISpeech's gross profit margin improvement.

The gross profit margin of the smart IoT segment maintained a steady and continuous growth trend, increasing from 49.27% in 2023 to 51.35% in 2024 and 54.86% in 2025, demonstrating robust and improving profitability.

During the reporting period, sales to AISpeech's top five customers accounted for 20.17%, 22.14%, and 24.32%, respectively.

During the reporting period, purchases from AISpeech's top five suppliers accounted for 25.57%, 22.73%, and 27.81%, respectively.

According to the rankings of in-vehicle voice supplier installations released by Gasgoo Automotive Research Institute, based on domestic vehicle terminal sales data, iFLYTEK ranked first with a 41.9% market share in 2025, followed by AISpeech with 22.0%, and Cerence with 12.8% rounding out the top three.

Compared to comparable companies in the same industry, AISpeech's core strengths lie in its implementation capabilities and localized technological accumulation in the domestic in-vehicle voice interaction sector. In 2025, it ranked second in the domestic in-vehicle voice interaction market in terms of installation volume, forging deep collaborations with leading automakers and consumer electronics brands such as BYD, Mercedes-Benz, and Huawei.

At the same time, AISpeech has undertaken the construction of national-level R&D platforms such as the National New Generation AI Open Innovation Platform for Language Computing. It holds a cumulative total of 925 authorized patents and has led or participated in the formulation of over 70 international, domestic, and industry standards, wielding significant influence and technical adaptability in the field of voice and language technologies.

However, it also faces significant competitive disadvantages. Firstly, at the operational level, it has yet to achieve profitability, with consistent negative non-recurring profits and losses from 2023 to 2025, showing a clear gap in profitability compared to iFLYTEK, which has achieved stable profits, and Cerence, which turned profitable in FY2025.

Secondly, its revenue scale and market coverage are insufficient. In 2025, its revenue was only 688 million yuan, significantly lagging behind industry leaders such as iFLYTEK, which has revenue exceeding 10 billion yuan, as well as globally positioned companies like Cerence, Shure, and Sennheiser. Its business is primarily concentrated in the domestic market, with a weak global layout and overseas market influence.

Thirdly, its R&D investment scale is relatively limited. Compared to the global R&D investments and patent portfolios of companies like Cerence and Sennheiser, there is still significant room for improvement in terms of R&D funding support and global technological coverage capabilities.

In terms of equity structure, as of the date of signing this prospectus, AISpeech has no controlling shareholder. The actual controllers are Gao Shixing and Yu Kai. Gao Shixing directly holds 10.5397% of AISpeech's shares, while Yu Kai directly holds 7.2760% of the shares.

Additionally, Gao Shixing, Yu Kai, Lin Yuandong, and Dazi Jihui have signed a unanimous action agreement. As of the date of signing this prospectus, Gao Shixing and Yu Kai indirectly control 15.302% of the voting rights of AISpeech's shares through Lin Yuandong and Dazi Jihui, and collectively control 33.1177% of the voting rights of AISpeech's shares through direct holdings and indirect control, making them the actual controllers of the company.

Gao Shixing, born in 1976, is a Chinese citizen without permanent residency abroad. He graduated from Northeastern University in 2002 with a bachelor's degree in composite materials and a master's degree in computer science. In 2006, he graduated from the University of Cambridge with a master's degree in technology policy. From September 1999 to April 2004, he served as a counselor and head of the science and technology department of the Youth League Committee at Northeastern University. From May 2004 to May 2005, he worked at Neusoft Group Co., Ltd. He began preparing for entrepreneurship in 2006 and officially founded AISpeech in 2007. He currently serves as the company's chairman and general manager.

Yu Kai, born in 1976, is a Chinese citizen without permanent residency abroad. He graduated from the Department of Automation at Tsinghua University in 1999 and 2002 with a bachelor's degree in automation and a master's degree in pattern recognition and intelligent systems, respectively. In 2006, he graduated from the Department of Engineering at the University of Cambridge with a Ph.D. in speech recognition. From October 2006 to March 2012, he served as a senior researcher in the Department of Engineering at the University of Cambridge. Since March 2012, he has served as a special researcher and professor in the Department of Computer Science at Shanghai Jiao Tong University, as well as the director of the Institute of Machine Intelligence at Shanghai Jiao Tong University. Since joining AISpeech in November 2007, he has served as a director and chief scientist of the company.

AISpeech's shareholders include well-known venture capital firms, industrial capital, and listed companies such as Alibaba, Lenovo, Shenzhen Capital Group, Midea Smart, and PCI Tech. Prior to this issuance, Hangzhou Haoyue, an Alibaba affiliate, holds 5.42% of the company's shares, ranking as the fourth-largest shareholder. TusStar Innovation holds 4.76% of the shares, ranking fifth, while Suzhou Legend Star holds 3.79% of the shares, ranking sixth. Additionally, the company has three state-owned shareholders: China-Singapore Venture Capital, Zhuhai Da Heng Qin, and Shenzhen Capital Group, with shareholdings of 2.08%, 2.02%, and 1.18%, respectively.

Source/Dawan Technology

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