Digital-worker firm Kingwow refiles for Hong Kong IPO, three-year losses hit RMB 531M
Zhuhai Kingwow Artificial Intelligence has filed again for a main-board listing in Hong Kong, after its first application, dated Dec 15, 2025, lapsed at the six-month mark. The prospectus says that, measured by licences, it had deployed more than 2 million AI digital employees by end-June 2026, serving over 1,600 customers including more than 270 banks and over 130 securities firms. Yet it posted cumulative losses of about RMB 531 million in 2023-2025 and a RMB 109 million net loss in the first half of 2026; the article attributes this to a project-based custom-delivery model (76.9% of 2025 revenue, 44.2% gross margin), shrinking subscription revenue, sales costs reaching 92.1% of revenue, and customer retention falling from 74% in 2023 to 60% with average deal size dropping from RMB 380,000 to RMB 150,000.
As a listing case from a leading AI digital-workforce vendor, it shows enterprise AI adoption still lacks verifiable, quantifiable returns.