①Based on an estimated average monthly cash consumption of approximately 5.44 million yuan in the first half of 2026, Gazi Technology’s current cash reserves are limited, and the urgency to raise funds through listing is evident. ②The shareholder base includes various entities such as local state-owned assets, industry players, and investment institutions, including Quzhou State-owned Assets Supervision and Administration Commission, Lenovo Group, Zhongkong Technology, and Quantum Leap, a wholly-owned subsidiary of ByteDance.
Zhejiang Jiazhi Technology Co., Ltd. recently updated its prospectus on the Hong Kong Stock Exchange for its second attempt at IPO, with CICC serving as the sole sponsor. The company’s revenue in 2025 reached 266 million yuan, a year-on-year increase of 131.2%, but it still incurred a net loss of 99.7 million yuan; in the first half of 2026, revenue was 169 million yuan, a year-on-year increase of 25.3%, with the net loss widening to 63.7 million yuan. Based on an average monthly cash expenditure of approximately 5.44 million yuan in the first half of 2026, the time available for existing cash reserves is limited, and the urgency of raising funds through listing is evident. The shareholders include various entities such as local state-owned assets, industry players, and investment institutions, including Quzhou State-owned Assets Supervision and Administration Commission, Lenovo Group, Zhongkong Technology, and ByteDance’s wholly-owned subsidiary Quantum Leap.