Nuobikan Launches IPO Patrons Acts as Joint Bookrunner and Joint Lead Manager

Nuobikan Artificial Intelligence Technology (Chengdu) Co., Ltd. (hereinafter referred to as "Nuobikan"; Stock Code: 2635.HK) officially launched its public offering for the period from December 15 to December 18, 2025. Patrons is acting as a Joint Bookrunner and Joint Lead Manager for this IPO project.

According to Patrons, the IPO plans to issue 3.787 million H shares, with an offer price ranging from HK$80 to HK$106 per share. The estimated net proceeds are approximately HK$400 million. The Company is expected to be officially listed on the Main Board of the Hong Kong Stock Exchange on December 23, 2025.

As disclosed in the prospectus, Nuobikan is an enterprise focused on the industrial application of advanced technologies, such as AI and digital twins, in fields including transportation, energy, and urban governance. The Company primarily sells integrated software and hardware solutions based on various AI industry models to customers, applicable across a multitude of scenarios.

Nuobikan operates through three core business segments:

1. Transportation Solutions (Rail Transit): The flagship product is the Overhead Contact System (OCS) suspension status defect identification system ("Rail Transit 4C Product"), used for detecting the suspension status and defects of the overhead contact lines above railways.
2. Energy Solutions (Electric Power): Provides IT operation and maintenance (O&M) and monitoring technologies for power systems. These are applied in projects such as big data processing and analysis for digital computer rooms, power grid integration construction, O&M support, and monitoring management.
3. Urban Governance Solutions: Offers highly customizable scenario-based intelligent products covering industrial parks, campuses, emergency response, and community management. Functions include scenario monitoring, IoT monitoring, emergency response, and big data analysis.

Nuobikan has established a leading position in the rail transit AI sector, with continuously improving performance. Relying on its core AI technologies to empower vertical scenarios, the Company has become the first supplier in China to implement "Ultra-visual range + AI" driving assistance solutions. Its business footprint covers over 80% of railway bureaus across China.

Financially, data shows a clear growth curve in the Company’s net profit. For the years 2022, 2023, and 2024, Nuobikan recorded net profits of RMB 63.2 million, RMB 88.6 million, and RMB 115.4 million, respectively, achieving a three-year Compound Annual Growth Rate (CAGR) of 35.2%. Entering 2025, the Company maintained its profitable momentum, recording a net profit of RMB 40.1 million in the first half of the year.

Throughout Nuobikan’s IPO process, the Patrons team has been deeply involved as a Joint Bookrunner and Joint Lead Manager. Leveraging its mature experience in capital market services and an international resource network, Patrons provided critical support for the smooth advancement of the project.

If there is any inconsistency or ambiguity between these two versions, the Chinese version shall prevail.