Xiao-i Robot (小i机器人), a Shanghai-based tech startup providing AI chatbot products, updated its prospectus on February 13 that had been filed with the Securities and Exchange Commission (SEC) late last year.
The company first submitted its Form F-1 on December 20, 2022, planning to list on Nasdaq under the tick symbol “XI.”
The revised prospectus shows that Xiao-i looks to issue 6 million American Depositary Shares (ADS) priced at US$6.8 to US$8.8 apiece.
With warming ties between the US and China, and a key agreement reached on access to the audit papers of US-listed Chinese companies, Chinese companies are again mulling IPOs in the US stock market.
Xiao-i Robot’s renewed interest in a US listing, which promises more liquidity and a potentially higher valuation to tech startups, has partly mirrored the trend.
The company, founded in 2001, develops products and solutions powered by its so-called Cognitive Intelligence Artificial Intelligence Platform.
It has deployed them over the years to areas including call center operation, finance, urban public service, architecture, the metaverse, manufacturing and healthcare.
According to its prospectus, Xiao-i reported a net profit of -US$7.05 million, US$3.36 million and US$590,000 on net revenue of US$13.86 million, US$32.52 million and US$12.86 million in 2020, 2021 and the first six months of 2022.