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Summary

We are an IT solution provider in China. Based upon our technologies, we provide services for enterprise-level users to improve the level of convenience and intelligence for their information exchanges and business interactions. Our solutions are built upon our technologies comprising core conversational AI technologies, unified communication technologies, and other AI and computer technologies. Our unified communication technologies, core conversational AI technologies and product engine technologies address enterprise-level user’s demand of “communication”, “thinking” and “execution”, respectively, thus facilitating a complete enterprise-level conversational AI experience. According to the iResearch Report, we rank the second in the full-stack(note) enterprise-level conversational AI solution market in China as measured by revenue in 2023, representing a market share of 3.8%, where the first largest solution provider has a market share of 13.1%. According to the same source and by the same measure, we rank the sixth in the enterprise-level conversational AI solution market in China, representing a market share of 1.3%, and have a market share of 1.2% in the entire conversational AI solution market in China that reached RMB67.8 billion in 2023. During the Track Record Period, we primarily offered our solutions to four key end-customer industries where we had accumulated rich industry know-how, engineering experiences and customer insights, i.e., city management and administration, automotive and transportation, telecommunications, and finance. Our solution offerings are enabled by Voicecomm Brain, our technology infrastructure, and Voicecomm Suites, our functional modules. Voicecomm Brain is underpinned by our core technologies in both unified communications and AI. On top of our Voicecomm Brain, we have developed a full set of Voicecomm Suites, the modular combination of which allows us to offer different types of solutions. Depending upon specific users’ concrete needs, our solutions involve core conversational AI technologies, unified communication technologies and/or other technologies to varying extent, and core conversational AI technologies may not be significant in certain applications. During the Track Record Period, core conversational AI technologies had been applied in most of our existing projects, and we also elected to offer solutions to customers currently only demanding the realization of unified communications with a goal to further upsell core conversational AI technologies. To the best knowledge of our Directors, our projects that applied core conversational AI technologies contributed to approximately 89%, 89% and 92% of our revenue generated from offering enterprise-level solutions in 2021, 2022 and 2023, respectively. During the Track Record Period, our research and development expenses amounted to RMB36.3 million, RMB64.0 million and RMB98.8 million in 2021, 2022 and 2023, respectively, among which, technology service fees amounted to RMB20.1 million, RMB29.1 million and RMB46.4 million in 2021, 2022, and 2023, respectively, representing 55.3%, 45.5%, and 47.0% of our research and development expenses in the same years, respectively. Such technology service fees represented outsourcing costs for certain non-core and less sophisticated research and development programs. For details, see “Financial Information – Description of Selected Components of Consolidated Statements of Profit or Loss – Research and Development Expenses” in this document. In addition to such expensed expenditures, we also recorded carrying amount of purchased software, net of accumulated amortization of RMB16.2 million, RMB95.1 million and RMB97.0 million as of December 31, 2021, 2022 and 2023, respectively, primarily in relation to (i) areas that synergize with our technologies to allow speedy offering of solutions catering to enterprise-level users’ demands; (ii) management and optimization of multimodal data, which could improve our efficiency for AI algorithm training; and (iii) other technologies that render coordination in specific application scenarios of our solutions. For details, see “Financial Information – Discussion of Selected Items from Consolidated Statements of Financial Position – Intangible Assets” in this document. Also, we collaborate with Baidu regarding the implementation of ERNIE Bot, its chatbot product, into enterprise-level conversational AI application scenarios. For details, see “Business – Our Technologies – Conversational AI Technologies – Technological Collaboration” in this document. Source: Voicecomm (02495) Prospectus (IPO Date : 2024/06/28)
Listing Market	MAIN
Industry	IT Consulting & Other Services
Background	H Shares
Major Business Area	N/A

Corporate Information

Substantial Shareholders	Tang Jinghua & Associates (Total share: 31.45%); (H share: 0.55%) Zibo Yingke Jiyun Venture Capital Partnership (Limited Partnership) (Total share: 6.76%); (H share: 9.17%) Shi Yerong (Total share: 6.55%); (H share: 11.46%) Jiaxing Shangyu Investment Partnership (Limited Partnership) (Total share: 5.07%); (H share: 9.93%)
Directors	Tang Jinghua (Chairman and Executive Director) Sun Qi (General Manager and Executive Director) Chen Yulei (Non-Executive Director) Ma Tiantian (Non-Executive Director) Tan Xiaobo (Non-Executive Director) Yang Xiaoyuan (Non-Executive Director) Liu Rong (Independent Non-Executive Director) Mu Binrui (Independent Non-Executive Director) Wu Haipeng (Independent Non-Executive Director) Leung Kin Hong (Independent Non-Executive Director)
Company Secretary	Cheung Kai Cheong Willie Liu Yihan
Principal Bankers	Bank of China Limited Agricultural Bank of China Limited
Solicitors	Jingtian & Gongcheng LLP Jingtian & Gongcheng Ashurst Hong Kong
Auditors	KPMG
Registered Office	40th Floor, Dah Sing Financial Centre, 248 Queen’s Road East, Wanchai, Hong Kong, China
Share Registrars	Computershare Hong Kong Investor Services Ltd. [Tel: (852) 2862-8628]
Share Registrars Tel No	(852) 2862-8628
Internet Address	http://www.voicecomm.cn
Email Address
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