Nuobikan Artificial Intelligence Technology (Chengdu) Co., Ltd. (Ticker: 2635 HK) is a Chinese company specializing in industrial AI and digital twin technologies. The company provides integrated software and hardware solutions for transportation, energy, and urban management, serving as a prominent provider of AI-enabled traction power supply inspection systems for rail transit in China. Nuobikan plans to list on the Hong Kong Stock Exchange on December 23, 2025.

The company intends to offer approximately 3.79 million shares priced between HKD 80.00 and HKD 106.00, aiming to raise up to HKD 401.38 million (USD 51.58 million). This pricing implies a market capitalization ranging from approximately USD 389 million to USD 515 million. Reportedly, Nuobikan plans to allocate 80% of the IPO proceeds to R&D and product capacity expansion, with the remaining funds designated for working capital and strategic acquisitions. The offering is sponsored by CICC, with underwriting support from Livermore Holdings and Patrons Securities.