The Shenzhen Stock Exchange updated Yunbao Intelligent's IPO prospectus; the company plans to raise 3.035 billion yuan and aims to become the first listed Chinese DPU stock at a valuation of 14.273 billion yuan. Its revenue grew from 173,200 yuan in 2023 to 940 million yuan in H1 2026, with Tencent contributing 97.86% of revenue. Cumulative losses from 2023 to 2025 reached 2.466 billion yuan, and the company faced two rounds of regulatory inquiries over related-party transactions and customer concentration.