Shares of HQVT (01392) surged dramatically on their first day of trading, opening significantly higher.

The company had set its IPO price at HK$7.2 per share, issuing a total of 85.1625 million shares in lots of 500. The net proceeds from the offering amounted to approximately HK$537 million.

As of the latest update, the stock was up 302.78%, trading at HK$29 with a turnover of HK$337 million.

Public information indicates that HQVT is a dual leader in China's multispectral AI industry, holding the top position in both the overall sector and in multispectral AI large model services. The company has established a complete, closed-loop system from multispectral sensing modules to end-cloud collaborative solutions, built on its fully self-developed technology stack, creating a significant technological barrier.

Market research data shows that HQVT currently commands a 3.3% market share in China's multispectral AI market, ranking first. The combined market share of the top five companies is only 8%, highlighting HQVT's dominant position secured by its first-mover advantage and pointing to substantial potential for future market consolidation and share growth.

Financially, the company has demonstrated impressive growth. Its operating revenue for the years 2023 to 2025 was RMB 117 million, RMB 523 million, and RMB 669 million, respectively, representing a three-year compound annual growth rate of 138.9%.

Its gross profit margin improved consistently, rising from 12.2% in 2023 to 22.3% in 2025, indicating ongoing enhancement in operational quality.

In 2025, revenue from multispectral AI large model services constituted 53.1% of total revenue, establishing it as the company's primary source of income.