The first listed pure play in all-scenario AI risk control — architecturally, China’s Palantir.
Scenario-based transaction services are the entry point for accumulating high-frequency real-world risk data (9bn+ records, 220k+ risk-assessment reports, 80+ scenarios), on which the Qingluan MoE vertical LLM and a six-model MaaS matrix are trained.
Beneath Qingluan sits an ontology — a knowledge graph mapping subject, scenario, behaviour and risk into one decision layer — the same architectural idea that underpins Palantir’s Foundry. The company is transitioning to “scenario transactions + industry AI technology provider”, with pricing switching from projects to a platform model.
Full circulation and governance are advancing in parallel.
The board approved the H-share full-circulation proposal on September 28 (169,657,160 domestic shares, 52.91% of capital, converting to H)x; the EGM approved it on October 16; only the CSRC filing and HKEX approval remain — each step narrows the liquidity discount and opens the path to Stock Connect. The reshuffle launched the same day brings in Zhu Tao (Deputy Party Secretary of New Hope Group, Chairman of its Group Finance Committee and of Sichuan Xinwang Bank) as non-executive director, and Lu Weidong as independent director and audit committee chair.
MaaS is scaling fast.
9M26 MaaS revenue was ~RMB62.1mn, +730.4% YoY, with QoQ growth accelerating from +18.6% to +29.3% and September alone exceeding July and August combined. We forecast RMB140/740/2,150/4,100mn over 2026-29E, MaaS share rising from 6.8% in 2026E to cross 50% in 2029E; combined digital share reaches 53.7% in 2026E — revenue and profit structures upgrade in tandem.