Baker McKenzie Advises on Beijing Zhongke WengeAI Science and Technology’s HKD 900.5 Million IPO

Baker McKenzie has acted as Hong Kong and US legal counsel to the sole sponsor and underwriters on the global offering and listing of Beijing Zhongke WengeAI Science and Technology Co., Ltd. ("Zhongke Wenge" or the "Company") on the Main Board of the Hong Kong Stock Exchange. The transaction underscores Baker McKenzie's strong track record in Hong Kong specialist technology listings and innovative technology companies.

Zhongke Wenge offered a total of 14,834,600 H Shares at an offer price of HKD 60.70 per H Share, raising gross proceeds of approximately HKD 900.5 million, subject to the over-allotment option. Shares (stock code: 1956) commenced trading today.

Zhongke Wenge was founded and incubated by scientists from the Institute of Automation at the Chinese Academy of Sciences. The Company has independently developed a Decision Intelligence Operating System (DIOS), which integrates the X-Data data infrastructure, the Yayi large language model, and the DI-Brain AI agent development platform, forming a full-stack capability covering data governance, knowledge management, large model training, decision automation, and AI application development.

The Baker McKenzie team was led by Partner Dan Ouyang, Co-Chair of the Firm's Asia Pacific and China Capital Markets Practice, and Partner Winfield Lau, together with Ronnie Li from FenXun's International Capital Markets practice*. Other team members include Chen Haoqian (Registered Foreign Lawyer), Celia Li (Registered Foreign Lawyer), Aileen Xu, Lia Liu, Kody Yan, Claire Wu and Irene Luk.

Commenting on the transaction, Dan Ouyang said: "We are pleased to have supported the underwriters on Zhongke Wenge's Hong Kong listing. The transaction reflects increasing investor focus on companies applying artificial intelligence to enterprise and public-sector decision-making. Zhongke Wenge's focus on decision intelligence reflects an important area of growth within China's AI ecosystem."

With one of the world's largest capital markets practices, Baker McKenzie advises issuers, investment banks, financial sponsors, selling shareholders and other market participants across the full spectrum of equity, debt and public and private market solutions, including IPOs, rights issues and other follow-on offerings, debt issuances and complex, multijurisdictional acquisitions and divestitures.

Over the past three years, the Firm has advised on capital-raising matters across more than 40 stock exchanges worldwide and has been ranked for capital markets in more jurisdictions than any other by Chambers.

*Baker McKenzie established a joint operation office with FenXun in China as Baker McKenzie FenXun, approved by the Shanghai Justice Bureau in 2015.