On April 13, Nuowa Insight Technology Co., Ltd. officially submitted its application to list on the Main Board of the Hong Kong Stock Exchange, with J.P. Morgan and HSBC acting as its joint sponsors. According to a report by Frost & Sullivan, Nuowa Tech stands out as an independent AI-driven technology firm within the insurance sector. In 2024, the company claimed the top spot in China for the number of insurance cases processed and boasts comprehensive full-stack risk analysis capabilities. As of December 31, 2025, Nuowa Tech's solutions have been embraced by 115 insurance companies, including nine out of the top ten insurers in China. In 2025, the revenue generated from these nine major insurance companies amounted to RMB 163 million, representing 15.9% of the company's total revenue for that year. From 2023 to 2025, the company witnessed a remarkable revenue surge, escalating from RMB 655 million to RMB 1.024 billion, with a compound annual growth rate (CAGR) of 25.1%. Nevertheless, during the same period, it also reported net losses of RMB 240 million, RMB 155 million, and RMB 270 million, respectively.