Mininglamp Technology (02718.HK) has officially begun its IPO process from October 23 to October 28, planning to globally offer 7.219 million Class A shares at an issue price of HKD 141 per share. The minimum investment for a board lot of 40 shares is approximately HKD 5,696.88, with the company expected to be listed on November 3.

At the set issue price, the company aims to raise up to approximately HKD 1.018 billion. Of the 7.219 million shares being offered, 10% is allocated for public offering in Hong Kong, while 90% is for international placement. The issue price has been fixed at HKD 141 per share with no price range set.

Investors will be able to trade a minimum of 40 shares per board lot, costing approximately HKD 5,696.88. The company plans to officially commence trading on November 3, with China International Capital Corporation acting as the sole sponsor.

Mininglamp Technology expects to net around HKD 902 million from this global offering. The company has a clear plan for fund allocation: approximately 35% (around HKD 316 million) will be used to enhance R&D capabilities over the next three years; about 40% (around HKD 361 million) will be devoted to product development to diversify its product offerings; around 15% (around HKD 135 million) will go towards marketing, brand promotion, and the expansion of its sales team, while about 10% (HKD 90.2 million) will be allocated for working capital and general corporate purposes.

The IPO has secured strong support from multiple cornerstone investors. Seven major cornerstone investors have collectively subscribed approximately USD 59 million (around HKD 460 million), accounting for about 45.1% of the shares offered. Tencent, through Huang River Investment Limited, participates as the largest external shareholder of Mininglamp Technology, holding a 25.96% stake.

Other cornerstone investors include individual investor Guo Minfang, Hundreds Capital, Baolina, Treasure-stone Investment Group Limited, GFH Financial Group B.S.C., and QuantumPharm Limited associated with Jingtai Holdings.

On the first day of the offering, the public portion recorded a subscription of HKD 188 million in half a day, achieving full coverage of the public offering amount of HKD 102 million. As of October 24, the subscription amount further increased to HKD 950 million, oversubscribing by 8.3 times.

Core Business: Driven by Marketing Intelligence and Operational Intelligence Mininglamp Technology is a leading data intelligence application software provider in China. According to total revenue in 2023, it ranks as the largest data intelligence application software supplier in the country. According to data from Frost & Sullivan, it is expected to maintain this market position based on total revenue in 2024.

The company's core business is divided into two main segments: marketing intelligence and operational intelligence, supplemented by industry-specific solutions.

The marketing intelligence segment is Mininglamp Technology's primary revenue source, encompassing three core products. The second of these is the company's flagship product, the Miaozhen System, which is one of China's earliest advertising monitoring tools and a significant revenue contributor. In 2024, the Miaozhen System is expected to generate revenue of HKD 657 million, accounting for 47.57% of total revenue.

The system integrates media spending optimization, social media management, and user growth software to enhance the effectiveness of marketing in digital and offline channels.

Jin Data is a no-code data collection and management platform that enables businesses to improve operational efficiency across various use cases such as surveys, registrations, and online ordering through customized forms and automated workflows.

WeChat Assistant is a private domain tool based on Tencent's ecosystem, serving as a comprehensive platform to help businesses manage customer interactions in both private and public domains through WeChat.

The operational intelligence segment mainly includes an intelligent store operation system, which intensely digitalizes and automates the service processes related to three key elements of store management and operation – people, goods, and the environment – achieving end-to-end smart operations.

Industry solutions provide customized artificial intelligence solutions for clients in sectors like finance, manufacturing, and rail transit, utilizing knowledge graphs to centralize and analyze multi-source data, unveil hidden patterns within the data, and improve decision-making.

As of June 30, 2025, the company had served 135 Fortune Global 500 companies, covering industries such as retail, consumer goods, food and beverage, automotive, 3C products, cosmetics, and baby products.

Performance: Revenue Growth Under Pressure, but Profitability Improves Mininglamp Technology's financial performance presents a complex situation where revenue growth is under pressure, but profitability is improving.

From 2022 to 2024, the company's revenues were HKD 1.269 billion, HKD 1.462 billion, and HKD 1.381 billion, with total revenue in 2024 decreasing by 5.5% year-on-year. In the first half of 2025, the company's revenue reached approximately HKD 644 million, a year-on-year increase of 13.9%, indicating signs of business recovery.

From a revenue structure perspective, the marketing intelligence segment's revenue decreased from HKD 803 million in 2022 to HKD 731 million in 2024, with its proportion of total revenue falling from 63.3% to 52.9%.

Revenue from operational intelligence peaked in 2023 at HKD 595 million before declining to HKD 523 million in 2024. The industry solutions segment, however, exhibited stable growth, increasing from HKD 103 million in 2022 to HKD 128 million in 2024.

Regarding gross profit margin, the company's overall gross profit margin remained relatively stable, recorded at 53.2%, 50.1%, and 51.6% from 2022 to 2024. In the first half of 2025, the gross profit margin went up to 55.9%, a significant increase from 50.6% in the same period last year, demonstrating the optimization of the company's business structure and effectiveness in cost control.

The improvement in profitability is a highlight of Mininglamp Technology's recent financial performance. From 2022 to 2024, the company's adjusted net losses were HKD 1.099 billion, HKD 174 million, and HKD 45.113 million, with the loss margins considerably narrowed. Notably, in the first half of 2025, the company achieved an operating profit of approximately HKD 6.14 million, with an adjusted operating profit of around HKD 26.88 million, successfully moving into profit.

This profit improvement primarily results from the company's stringent cost control measures. From 2022 to 2024, Mininglamp Technology reduced R&D expenses from HKD 751 million to HKD 353 million, administrative expenses from HKD 580 million to HKD 362 million, and sales and marketing expenses from HKD 282 million to HKD 127 million.

Shareholder Structure: Tencent as the Largest External Shareholder Mininglamp Technology has an impressive lineup of shareholders, including numerous well-known domestic and foreign investment institutions. Tencent is the largest external shareholder, holding approximately 26.96% of the company through Imagery Architecture Investments (Hong Kong) Limited, Grace Gate Holding Limited, and Master Power Holding Limited.

In addition to being a financial investor in Mininglamp Technology, Tencent collaborates closely with the company on business operations. The crucial product WeChat Assistant is based on Tencent's ecosystem, enabling businesses to manage customer interactions in private and public domains through WeChat.

The company's founder, Wu Minghui, holds all of the Class B shares, representing a stake of 11.32%, but through a different voting rights structure, he owns a total of 56.83% of the voting rights, ensuring control over the company's strategic direction. Wu Minghui serves as the executive director, chairman, and CEO.

Besides Tencent, other institutional shareholders of Mininglamp Technology include several notable investment institutions. Sequoia China holds 7.46%, Temasek has around 4.14%, and Kuaishou holds 2.48%. The backing from these star shareholders not only provides financial support but also brings rich industry resources and strategic guidance.

Since its establishment, Mininglamp Technology has completed 27 rounds of financing, raising over USD 627 million. However, the company’s valuation has experienced some fluctuations. In 2020, the pre-IPO valuation during the E round of financing reached as high as USD 2.918 billion (approximately RMB 21 billion), while in November 2023, the pre-IPO valuation during the F1 round of financing was only USD 500 million. The last round of financing, completed in March 2024, resulted in a post-money valuation estimated at around USD 1.5 billion, a decline from its peak valuation.

Directors and Executives: Founder Maintains Control Mininglamp Technology's board of directors and executive team is led by founder Wu Minghui, who possesses extensive industry experience and a background in major internet companies. As the founder, executive director, chairman, and CEO, Wu Minghui is the soul of the company.

Owning all Class B shares, he controls 56.83% of the voting rights due to a special voting rights structure, ensuring control over the company's strategic direction. With rich experience in the field of data intelligence, he has been leading the company's development and transformation since its establishment in 2006.

Yao Leiwen, managing director of Tencent’s investment department, serves as a non-executive director at Mininglamp Technology. His involvement represents Tencent's participation in the strategic direction and oversight of the company, reflecting Tencent's renewed interest in this investment.

The board and executive team also include several senior industry professionals, each specializing in areas such as R&D, product management, and corporate operations, forming the core management structure of the company. Furthermore, according to early business registration information, other key personnel include Jiang Ping, Dong Bin, Zhai Jia, Zhang Yumeng, Feng Shicong, Ren Yunan, and Zou Yanshu, who have played important roles in the company’s development.

Intermediary Team: CICC as the Sole Sponsor Mininglamp Technology's IPO advisory team consists of top-notch professional institutions in the industry, providing comprehensive support for the IPO process. China International Capital Corporation (CICC) serves as the sole sponsor for this listing on the Hong Kong Stock Exchange, playing a key role in guiding the entire listing process.

As a leading domestic investment bank, CICC has extensive experience in Hong Kong IPOs and has provided listing services for many well-known technology companies in the past. Over the course of its financing history, Mininglamp Technology has also received support from several renowned investment institutions, including Sequoia China, Temasek, Huaxing Capital, and Kuaishou's strategic investment arm. These institutions have provided not only financial backing but also industry resources and managerial expertise.

Regarding the use of funds from the IPO, the prospectus reveals that Mininglamp Technology plans to utilize the net proceeds from this IPO for several key areas: enhancing technological R&D capabilities, particularly in large model development, industry-specific knowledge, and multimodal data; developing products to enrich its product offerings, continuously improving its marketing and operational intelligence product lines; expanding its marketing, brand promotion, and sales teams to further broaden the customer base and strengthen its position in the data intelligence industry; and supporting working capital and general corporate purposes to facilitate daily operations and long-term development.

With the advent of big data and artificial intelligence technologies, especially the rapid development of general-purpose large models, industries and businesses are increasingly prioritizing digitalization and intelligent operations. According to Frost & Sullivan, the market for data intelligence application software in China is expected to grow from HKD 32.7 billion in 2024 to HKD 67.5 billion in 2029, with a compound annual growth rate of 15.6%. Against this backdrop, Mininglamp Technology, as a leading player in the industry, aims to secure capital support through its Hong Kong listing to further consolidate its leading position in the rapidly expanding market.

As of June 30, 2025, the company holds 2,322 patents and has 596 patent applications, demonstrating a deep technological moat. This IPO will provide significant financial support for the next stage of the company's development and help it maintain its leadership in the data intelligence sector.