According to multiple media reports, a domestic AI company with the highest market share is currently in the B+ funding round and has entered what’s being called the “fast track†after passing initial trials. This company, often referred to as a “National Team,†aligns with four key industries: Internet, artificial intelligence, biomedicine, and environmental protection. It complies with existing laws and regulations and is preparing for an IPO under the current regulatory framework.
Yunsong Technology is recognized as the only national team in the computer vision sector. The company has been involved in major projects by the National Development and Reform Commission, including the “Artificial Intelligence Basic Resource Public Service Platform†and the “Face Recognition System Industrialization Application Platform.â€
Collaborations with the Ministry of Public Security, four major banks, Zhengtong, and the Civil Aviation Administration have helped Yunsong establish joint laboratories aimed at developing AI product standards. It stands out as the only AI company that simultaneously contributes to national, ministry-level, and industry standards.
As the only head enterprise without a VIE structure, Yunsong has confirmed its intention to list on the A-share market since its inception, while other leading companies are targeting the U.S. market. This strategic move highlights its unique position in China's tech landscape.
In the financial sector, Yunsong is the largest supplier of face recognition solutions for Bank of China and serves over 100 financial institutions, including ABC, CCB, and Bank of Communications. Its technology is widely used in bank head office platforms.
In the security domain, Yunsong collaborates with the Ministry of Public Security to develop intelligent systems like the Fire Eyes Big Data Platform. It also partners with the Public Security Research Institute and the Public Security University to advance security technologies across 24 provinces, driving transformation in the public safety industry.
In civil aviation, Yunsong works with the Chongqing Institute of Green Intelligent Technology, securing 80% of hub airports. With security checkpoints as entry points, it expands into more than 20 application scenarios, reinforcing its leadership in the sector.
Currently, no AI startup has matched Yunsong’s market share in critical industries such as finance, security, and transportation. While many startups chase trends and expand broadly, they lack deep industry influence. An analyst noted that this strategy often leads to limited impact and difficulty in deepening sector-specific expertise.
Despite the growing interest in AI, no pure AI technology firm has yet gone public successfully. Although BAT dominates the field, they are not considered true AI companies. If Yunsong becomes the first AI startup to achieve an IPO, it could trigger a wave of similar listings, potentially creating an AI IPO boom.
China emphasizes two core principles: “AI must be done†and “AI must be done quickly.†Yunsong aligns with these goals, maintaining strong control over key industries. Its strategy involves rapid industry entry, capturing market positions, and expanding comprehensively. Today, it holds significant market shares in finance, security, and transportation sectors.
Most AI companies rely on selling software or hardware packages, lacking long-term industry control. However, Yunsong goes beyond this by integrating platforms, participating in standard-setting, and using its AI university to cultivate talent. Through this approach, it transforms customers’ industry knowledge into intelligent systems.
For example, in banking, Yunsong enters through the IBIS platform, covers more business scenarios, and modifies offline equipment. It also participates in setting ATM/VTM standards and develops AI courses to train professionals. Ultimately, it integrates resources and connects 5G and IoT to build “everywhere omnipotent finance.â€
This step-by-step process gives Yunsong a strong grip on key industries. In 2017, it achieved revenue of 836 million yuan, rising to 200 million yuan in 2016, with an estimated 1.5 billion yuan in 2018. Security and banking sectors accounted for the largest portion.
Renowned academicians, technical executives, and IEEE, SPIE, IAPR fellows from Chinese Academy of Sciences, Apple, Facebook, and top overseas universities have confirmed their intention to join Yunsong, with announcements expected soon.
Another report suggests that Yunsong is helping the Ministry of Public Security develop a facial recognition authority evaluation system. Once completed, this platform will be the world’s first authoritative evaluation system for facial recognition, enabling systematic assessments in security applications and allowing China to set its own criteria.
Recently, sources indicated that the China Securities Regulatory Commission (CSRC) has provided guidance to brokerages, encouraging immediate reporting for companies in AI, biomedicine, and other sectors. Those meeting requirements can complete the IPO process within two to three months, bypassing the usual queue.
At the 2018 CSRC work conference, it was emphasized that the commission aims to support new technologies and industries, reform the listing system, and serve the national strategy. However, companies must still comply with existing laws and regulations during the review process.
Even if VIE structures can be declared without dismantling, companies in the queue must wait until legal frameworks are updated before proceeding. Otherwise, they may face prolonged delays, making immediate IPOs difficult.
Historically, A-share markets have been dominated by traditional industries, making it challenging for high-tech firms to list. This led many to seek listings in Hong Kong or the U.S., creating a situation where profits are made abroad. Last year, tech stocks surged, but A-share investors were left out, highlighting the need for greater inclusion of innovative companies.
With 360 returning to A-shares via Jiangnan Jiajie, and Yunsong now on the “fast track,†the future looks promising. This shift shows the regulatory authorities are opening up China’s capital markets further, ensuring that high-quality local tech firms are not overlooked, which is crucial for maintaining investor confidence.
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