HQVT (01392) has officially commenced its public offering on June 11, 2026. The subscription period will close at 10:00 AM on June 16, with the company planning to issue 85.1625 million H shares at an offer price of HK$7.2 per share. Each board lot consists of 500 shares, requiring an approximate minimum investment of HK$3,636.31. Trading on the Main Board of the Hong Kong Stock Exchange is expected to commence on June 22, with CMBC Capital and SPDB International as joint sponsors.
Positioned as the first company on the Hong Kong market focused on multi-spectral AI, HQVT is drawing significant attention as a new listing with its distinct identity as the pioneer in "physical AI". It also carries impressive credentials, including being the national industry leader and a state-level specialized and sophisticated "little giant" enterprise.
Founded in Shenzhen in 2013, the company has over a decade of deep expertise in multi-spectral sensing and AI algorithms. It is recognized as China's first benchmark enterprise to achieve full-chain R&D and application of multi-spectral AI, integrating light sensing, imaging, and computing. According to Frost & Sullivan data, it secured two top industry rankings in 2025: first in China's multi-spectral AI industry and first in multi-spectral AI large model services, solidifying its leading position. The company is also designated as a national-level specialized and sophisticated key "little giant" enterprise, benefiting from multiple policy supports. It holds 158 patents and 46 software copyrights and has led or participated in the formulation of nearly ten national and industry standards, highlighting its strong technical influence.
Financially, the company has demonstrated robust growth. Its operating revenue for 2023, 2024, and 2025 was RMB 117 million, RMB 523 million, and RMB 669 million, respectively, representing a three-year compound annual growth rate of 138.9%. Gross profit margin improved steadily from 12.2% in 2023 to 22.3% in 2025, indicating continuous enhancement in operational quality. In 2025, revenue from multi-spectral AI large model services accounted for 53.1%, becoming the largest revenue stream. Furthermore, its adjusted net profit attributable to owners for 2024 and 2025 was RMB 43 million and RMB 55 million, respectively, marking a successful turnaround to profitability. The short-term fluctuation in 2025's reported net profit was primarily due to the one-time inclusion of listing-related expenses; excluding this factor, the core adjusted profit maintained a steady upward trend, demonstrating strengthening profitability in its main business.
The prospectus indicates that HQVT's core competitive advantage stems from its self-developed "Zhiyuan Origin" multi-spectral AI large model. This model is specifically designed for multi-scenario security applications and is trained on tens of millions of multi-spectral perception data points. It has completed algorithm registration with the Cyberspace Administration of China, been included in Guangdong Province's first list of AI industry large models, and achieved scaled commercial deployment in 2024.
Technologically, HQVT innovatively employs an edge-cloud hybrid operation model. Its self-developed lightweight computing unit achieves an edge-side inference speed of approximately 50 milliseconds, significantly faster than the industry average of 100-200 milliseconds. Even in offline or low-bandwidth environments, its products can identify hidden hazards such as electric arcs, abnormal temperature rises, and early-stage fires.
Leveraging this leading technology, HQVT's business comprehensively covers key areas including smart cities, smart campuses, internet data center security optimization, industrial and commercial safety, and IoT facility management. Its products act as AI-powered "super eyes" for the physical world, automatically and comprehensively capturing various safety risks, with clear and demonstrable application value.
Looking ahead, the company plans to allocate part of the raised funds to develop sectors such as urban safety, beauty, and food safety, while accelerating overseas customer expansion and brand deployment in regions like North America. Through its "super vision" technology, HQVT is poised to illuminate more corners of the globe with Chinese innovation.