-- On June 9, 2026, the Hong Kong Stock Exchange (HKEX) disclosed that Beijing Wenge AI Technology Co., Ltd. (“Wenge AI”) had published its post-hearing information pack, confirming that the company had successfully cleared the listing hearing process.
According to its prospectus, Wenge AI was founded in 2017 by a team of scientists from the Institute of Automation of the Chinese Academy of Sciences (CAS). The company focuses on developing enterprise-grade large-model-driven decision intelligence operating systems and services. Based on data from China Insights Consultancy (CIC), Wenge AI ranked first among China's enterprise large-model-driven decision intelligence service providers by revenue in 2025, with a market share of 10.2%.
Recently, Wenge AI launched Decitron, a general decision-making foundation model designed for complex and open-ended scenarios. The product offers capabilities ranging from problem modeling and variable identification to pathway simulation and outcome verification, aiming to help users understand events, compare alternatives, and support decision-making under uncertainty. With the launch of Decitron, the concept of a “general decision-making foundation model” has become a new keyword through which the market interprets Wenge AI’s decision intelligence business.
Gross Margin Increased to 51.2%, NRR Reached 139.5%
According to information disclosed in the prospectus, Wenge AI’s core business has long centered on decision intelligence. Through its proprietary DIOS (Decision Intelligence Operating System), the company provides decision-support services to government and enterprise clients.
Financial data show that Wenge AI’s revenue increased from RMB 249.7 million in 2023 to RMB 405.3 million in 2025, representing growth of more than 60%. Gross margin improved from 44.0% in 2023 to 51.2% in 2025 and remained stable above 50%.
Notably, the company achieved a net revenue retention (NRR) rate of 139.5% in 2025, indicating that spending from existing customers increased by 39.5% compared with the previous year.
In addition, the average delivery cycle for product deployment projects was shortened from 185.0 days in 2023 to 80.2 days in 2025. According to the prospectus, leveraging the DIOS platform enables developers to flexibly configure and customize AI solutions through a low-code, highly scalable approach.
A Leader in General Decision-Making Foundation Models
Wenge AI’s strong research heritage is closely tied to its founding team’s background at the Institute of Automation, Chinese Academy of Sciences. The company was co-founded by three scientists: Wang Lei, Luo Yin, and Zeng Dajun.
Chairman Wang Lei is a researcher at the Institute of Automation, CAS, and has received honors including the National Young Professional Excellence Award and the Wu Wenjun Artificial Intelligence Innovation Award. CEO Luo Yin is also a researcher at the institute, holding the title of Senior Engineer and recognized under Beijing’s Science and Technology Rising Star Program. Co-founder Zeng Dajun is a veteran expert in artificial intelligence and decision science, as well as a Fellow of IEEE and AAAS.
As of December 31, 2025, Wenge AI’s R&D team consisted of 250 employees, accounting for 43.9% of its full-time workforce, including more than 30 senior AI scientists.
The prospectus shows that in July 2025, Yayi AI Scientist, developed by Wenge AI, ranked first globally in both the GAIA and SimpleQA benchmarks and second domestically in the HLE benchmark. Earlier, it ranked second in the C-EVAL benchmark in January 2025 and seventh overall in the SuperCLUE benchmark in March 2025.
In the AI for Science (AI4S) field, Wenge AI is also a key participant in ScienceOne (“Panshi”), a scientific foundation model initiative of the Chinese Academy of Sciences. According to official information, ScienceOne adopts a heterogeneous Mixture-of-Experts (MoE) architecture that integrates general intelligence with specialized scientific knowledge. It is capable of understanding and modeling multimodal scientific data such as waves, spectra, and fields, and has demonstrated application value in materials science, medicine, astronomy, and other disciplines. The model has achieved two global first-place rankings and one global second-place ranking in benchmark evaluations, highlighting Wenge AI’s technical expertise and model capabilities in AI4S.
Wenge AI continues to independently develop and upgrade the Yayi large model, which supports 55 languages and demonstrates strong performance in ultra-long-context understanding, multimodal content analysis, and complex information extraction.
Building upon the Yayi large model and the DIOS decision intelligence operating system, Wenge AI launched Decitron in June, a general decision-making foundation model designed for complex and open decision scenarios.
Unlike traditional conversational large models that primarily focus on information comprehension and content generation, Decitron emphasizes the ability to model, reason through, and validate complex problems. This reflects Wenge AI’s effort to extend large-model capabilities beyond understanding information and generating content toward reasoning through pathways and supporting decision-making. For capital markets, the launch of Decitron also provides a new perspective for evaluating Wenge AI’s differentiated competitiveness and future commercialization potential.
As of December 31, 2025, the company held 154 registered patents in China and had filed 108 additional patent applications. Wenge AI has also published more than 120 AI-related papers in internationally recognized journals and conferences, including TMM, ACL, EMNLP, and AAAI.
In terms of R&D investment, the company spent RMB 179.5 million, RMB 131.0 million, and RMB 187.5 million on research and development in 2023, 2024, and 2025, respectively, accounting for 71.9%, 41.2%, and 46.3% of annual revenue.
Serving More Than 650 Clients, Backed by National-Level Funds
During the track-record period, Wenge AI provided professional AI services to more than 650 enterprise and government clients. The number of clients served annually increased from 262 in 2023 to 342 in 2024 and 404 in 2025. Within the commercial enterprise segment, the number of clients grew from 131 in 2023 to 184 in 2025, representing an increase of approximately 40%.
According to the prospectus, Wenge AI plans to further expand AI applications into commercial and industrial sectors while continuing to incubate new scenarios in science and education, energy and sustainability, and healthcare.
In healthcare, the company collaborated with the China Academy of Chinese Medical Sciences to develop “Dayi Jinkui,” a traditional Chinese medicine large model that has received the highest-level Trusted AI certification from the China Academy of Information and Communications Technology (CAICT).
The company also plans to launch cloud-based DIOS services to further enhance product standardization and scalability. For international expansion, Wenge AI will initially focus on Hong Kong, the Middle East, and Southeast Asia.
Prior to its IPO, the company completed ten rounds of financing. Investors include national-level funds such as the National Manufacturing Transformation and Upgrade Fund, the China Internet Investment Fund, and the CCTV Integrated Media Industry Investment Fund, as well as prominent investment institutions including the Beijing Artificial Intelligence Industry Investment Fund, Zhongke Chuangxing, Shenzhen Capital Group, and Infotech.
Contact Info:
Name: Best xue
Email: Send Email
Organization: Beijing Zhongke Wenge Technology Co., Ltd
Website: https://www.wenge.com/
Release ID: 89194672
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