Dialog-based AI company Sibichi's application for a Science and Technology Innovation Board IPO has been accepted, with plans to raise 1.55 billion yuan.

On May 25th, Suibichi Technology Co., Ltd. (referred to as Suibichi) IPO on the Shanghai Stock Exchange's Sci-Tech Innovation Board has been accepted for review. Soochow is its sponsor institution, planning to raise 1.555 billion yuan. According to the prospectus, the company is a leading domestic conversational AI enterprise, focusing on the independent research and development of full-stack conversational AI and edge intelligence technology, as well as the design, development, and sales of intelligent human-machine interaction products. Based on its self-developed intelligent customization middle platform, the company provides system-level intelligent human-machine dialogue products and solutions for fields such as smart transportation, smart office, and smart IoT, with end-cloud collaboration and software-hardware integration, empowering downstream customers to achieve intelligent upgrades of products and business, creating a more natural and efficient intelligent human-machine interaction experience, promoting the integration of next-generation intelligent terminals and intelligent bodies, and helping industrial upgrades. Conversational artificial intelligence technology is the core entry point for intelligent terminals to achieve convenient and efficient human-machine interaction. Its large-scale implementation has a high systematic requirement for full-stack AI technology capabilities, requiring deep accumulation in algorithm models, edge deployment, and flexible delivery simultaneously. Distinct from model vendors providing single-point AI capabilities, the company has independently developed a full-stack AI technology system around these three dimensions: algorithm model dimensions include auditory perception, language cognition, multimodal interaction, large models, and intelligent body technologies; edge deployment dimensions include chip and edge algorithm technologies, and flexible delivery dimensions include full-link dialogue systems' flexible customization technologies. In doing so, the company has overcome common industry problems such as offline low latency and lightweight deployment on the edge, real-time interaction in complex noisy environments, and distributed intelligent body collaboration, achieving collaborative innovation breakthroughs in "model chip cloud usage," efficiently scheduling and integrating various sizes of models, vertical intelligent bodies, and scenario-based skills under the end-cloud collaboration architecture. The company is one of the very few global system-level AI enterprises with capabilities in both self-developed full-link algorithms, software-hardware collaborative innovation, and large-scale flexible delivery. In the smart transportation field, the company has cooperated with leading domestic car companies such as BYD Company Limited, SAIC, BAIC, Geely, Great Wall, Chongqing Sokon Industry Group Stock, as well as international renowned brands such as Mercedes-Benz, T company, Audi, Volkswagen, Porsche, and Lotus, and expanded customers in the electric bicycle industry such as Yadi. As of the end of the reporting period, the company has empowered nearly 300 car models for customers, with over 25 million vehicles integrated with their technology. According to Gasgoo Automotive Research Institute data, based on domestic terminal sales, the company's car voice installation market share is projected to reach 22% in 2025, ranking second in the industry. This represents an increase of over 15 percentage points from 6.8% in 2023, significantly surpassing international leader Cerence. Meanwhile, the company's multilingual human-machine dialogue technology has been scaled to empower domestic product brands including SAIC, Chongqing Sokon Industry Group Stock, Great Wall, and Avita, assisting them in expanding overseas markets. In the smart office field, the company is focusing on its independent brand business, building a product matrix covering intelligent ceiling microphones, intelligent matrix microphones, AI office laptops, etc., deepening its presence in conference offices and educational classroom scenarios. The core technical indicators of the company's intelligent ceiling microphones, such as full-link delay and ASG gain, have reached international leading levels compared to similar products, and their technology has been successfully applied in high-end conference rooms and classrooms using domestic technology, breaking the long-term dominance of international brands such as Shure in the global high-end audiovisual conference equipment market. Since the launch of the intelligent ceiling microphones at the end of 2023, the product has been deployed by large enterprises such as Huawei, Ali, Xiaomi, JD, Nongfu Spring, and over a hundred domestic and overseas universities such as Peking University, Shanghai Jiao Tong University, Fudan University, Hong Kong University of Science and Technology, and National University of Singapore, as well as more than a thousand large, medium, and small government, enterprise, and public institutions. At the same time, the company has initiated a global expansion strategy, participating in international market competition and gradually entering markets in more than twenty countries and regions. The company's AI office laptop was launched in mid-2024 and according to a Zhishi Consulting report, it is projected to lead in national sales of color screen office laptops in 2025. In the smart IoT field, the company has established deep cooperation with numerous leading enterprises in various segmented industries, covering a wide range of vertical fields including smart home, smart Siasun Robot & Automation, smart wearables, consumer electronics, etc., involving more than 50 categories of smart terminals such as home appliances, kitchen and bathroom products, central control systems for homes, household Siasun Robot & Automation, anthropomorphic Siasun Robot & Automation, artificial intelligence smartphones, and computers, forming a significant industry influence and customer base. Due to the numerous segmented industries in the smart IoT field and the diverse terminal categories, data on market share and other metrics are difficult to accurately quantify. Looking at the customer structure, the company has empowered most of the top brands in major segmented industries: in the field of smart home appliances, it has empowered Midea, Hisense, Haier, Changhong, etc.; in the household Siasun Robot & Automation field, it has empowered Ecovacs Robotics, Robomate, Stone, etc.; in the anthropomorphic Siasun Robot & Automation field, it has empowered Zhiyuan, Galaxy General, Magic Atom, etc.; in the consumer electronics field, it has long-term cooperation with Lenovo, Transsion, OPPO, etc. This fundraising project is closely related to the company's main business and future operational strategies, promoting product iteration and enhancing technological research and development capabilities, expanding the scale of the company's main business, and comprehensively improving core competencies and market share. After deducting the issuance expenses from this fundraising, the proceeds will be invested in the following projects: Financially, for the years 2023, 2024, and 2025, the company's operating income is expected to be approximately 539 million yuan, 601 million yuan, and 688 million yuan respectively; during the same period, net losses are estimated to be approximately 136 million yuan, 158 million yuan, and 79.7088 million yuan.