HQVT (SEHK: 01392), based in Bao'an District, Shenzhen, Guangdong, has commenced its public offering today, which will run until next Tuesday, June 16. The company is scheduled to list on the Hong Kong Stock Exchange on June 22, 2026, with joint sponsorship by CMBC Capital and SPDB International.
The company plans to issue 85.1625 million H shares globally, representing 11% of the total shares post-offering. The offering comprises 90% for international placement and 10% for the public subscription. The offer price is set at HK$7.20 per share, with a board lot size of 500 shares, requiring a minimum subscription amount of HK$3,636.31. The offering could raise up to approximately HK$613 million.
The IPO is structured under the "Placing B" mechanism, with an initial allocation of 10% for the Hong Kong public offering and no clawback mechanism in place.
Based on the offer price of HK$7.20 per share, the total estimated listing expenses amount to approximately HK$76.3 million. These expenses include a 4% underwriting commission, a 2% discretionary bonus, and other costs such as HKEX listing fees, SFC transaction levy, HKEX trading fee, Financial Reporting Council transaction levy, legal and professional fees, printing, and miscellaneous expenses.
The net proceeds from the IPO are estimated to be around HK$537 million. Approximately 50.0% is earmarked for enhancing research and development capabilities and increasing product development investment. About 25.0% will be allocated to expanding production capacity to support business growth and new product development. Roughly 15.0% will be used to strengthen business expansion efforts and accelerate global market penetration. The remaining 10.0% is intended for general working capital and corporate purposes.
According to the prospectus, the post-listing shareholder structure shows Mr. Zhou Bo directly holding 5.31% of the shares. Through control of three employee incentive platforms—Zhongcheng Tianying, Zhongzheng Tianying, and Zhongzhi Tianying—he holds 34.12%, 2.48%, and 1.59% respectively, resulting in an aggregate holding of 43.50%, making him the controlling shareholder. Other shareholders include Langke Investment, Zheshang Venture Capital (834089.NQ), Gaoxintou Group, Xiaohe Venture Capital, Fuquan Investment, and Yingke Worth.
HQVT was founded in 2013 and is a leading Chinese multispectral AI technology company. It specializes in acquiring, processing, and analyzing optical information from multiple specific spectral bands, providing more comprehensive data than visible light imaging. Leveraging its proprietary technology in multispectral sensing and AI algorithms, the company offers products and services capable of detecting physical information visible and invisible to the human eye. These include multispectral AI modules, multispectral AI perception terminals, and multispectral AI large model services. According to a Frost & Sullivan report, in 2025, HQVT ranked first in the Chinese multispectral AI industry by revenue, with a market share of approximately 3.3%. The company ranked fourth in the Chinese multispectral AI module industry with about a 3.8% share. It held the top position in the Chinese multispectral AI large model services sector with a market share of around 23.0%. In the Chinese multispectral AI perception terminal industry, it ranked fourth with a share of approximately 0.7%.
A link to the HQVT prospectus is available.