Nuobikan Oversubscribed by Over 187 Times Patrons Acts as Joint Bookrunner and Joint Lead Manager

On the morning of December 23, Nuobikan Artificial Intelligence Technology (Chengdu) Co., Ltd. (hereinafter referred to as "Nuobikan"; Stock Code: 2635.HK) officially listed on the Main Board of the Hong Kong Stock Exchange. The final offer price was determined at HK$80 per share. Patrons acted as the Joint Bookrunner and Joint Lead Manager for this offering. The public offering tranche of the IPO was oversubscribed by over 187 times. According to Patrons, Nuobikan opened high at HK$319.8 on its first day of trading.

Prior to the listing, Nuobikan conducted its global offering from December 15 to December 18, 2025, issuing 36.1 million H Shares. The offer price ranged from HK$80 to HK$106 per share, with estimated net proceeds of approximately HK$400 million.

According to the prospectus, Nuobikan intends to allocate the net proceeds in the following proportions:

• Approximately 40% will be used to strengthen continued research on core technologies, such as the iteration of AI industry models;

• Approximately 40% will be used for the construction of an R&D technology center and a new headquarters base, establishing it as a central hub for operations and innovation activities;

• Approximately 10% will be used to pursue potential strategic investment and acquisition opportunities;

• Approximately 10% will be used for working capital and general corporate purposes.

According to Patrons, Nuobikan focuses on the industrial application of artificial intelligence technology in the transportation sector. It is the first supplier in China to successfully deploy "Ultra-visual range + AI" solutions in rail transit driving assistance scenarios. Currently, the Company's business footprint covers over 80% of railway bureaus across China. Leveraging its leading technological strength, Nuobikan has established itself as an industry leader, building deep technological barriers and core competitive advantages.

On the industry level, China's "AI + Transportation" sector presents vast market potential. According to data from CIC (China Insights Consultancy), the market size is projected to grow from RMB 329.9 billion in 2025 to RMB 600 billion in 2029, representing a Compound Annual Growth Rate (CAGR) of 16.1%. Driven by macroeconomic development, the penetration rate of AI technology across various transportation scenarios continues to rise. As a pioneer deeply rooted in this field, Nuobikan is expected to benefit directly from this explosive market demand. In the foreseeable future, strong demand for its core business segments will serve as a key engine driving the sustained climb of the Company's sales performance.

As the Joint Bookrunner and Joint Lead Manager for this IPO, Patrons fully leveraged its capital market service experience and extensive resource network to provide Nuobikan with full-cycle listing solutions, safeguarding the efficient advancement of the project throughout the process. Patrons anticipates that Nuobikan will use this listing as an opportunity to further consolidate its position as an industry leader, accelerating the innovative breakthrough and commercialization process of its AI technologies through the empowerment of the capital markets.