China's leading multi-spectral AI company Hai Q...

On June 22, Shenzhen Haiqing Zhiyuan Technology Co., Ltd. (hereinafter referred to as "Haiqing Zhiyuan", stock code: 1392.HK), a Chinese multispectral AI technology enterprise, was officially listed on the Hong Kong Stock Exchange, entering a new stage of capital market development. A total of 85,162,500 H shares will be issued in this global offering,The offer price was HK \$7.20 per share, raising a total of approximately HK \$0.613 billion, and net proceeds of approximately HK \$0.537 billion after deducting underwriting expenses and other estimated expenses.

Yunfeng Securities Co., Ltd. ("Yunfeng Securities"), a subsidiary of Yunfeng Finance (stock code: 00376.HK), acted as the joint bookrunner and joint lead manager in this offering.

Haiqing Zhiyuan (HQVT)

Haiqing Zhiyuan was established in 2013, focusing on the research and development and commercial application of multi-spectral sensing and AI algorithms. Relying on self-developed multi-spectral sensing and AI algorithm technology, the company provides multi-spectral AI modules, multi-spectral AI sensing terminals and multi-spectral AI large model services,It is used in smart cities, smart Campus Management, Internet Data Center Security optimization, industrial and commercial security, and IoT facility management.

According to Frost & Sullivan, Haiqing Zhiyuan ranked first among China's multispectral AI companies by revenue in 2025, with a market share of 3.3 percent, while the company ranked first in China's multispectral AI large model service market with a market share of 23.0 percent. The company's "light sense map calculation" technical architecture,Covering multi-spectral sensing, lightweight end-side AI computing and multi-spectral AI large model platform, it promotes the closed-loop application of multi-spectral AI from perception, recognition to real-time decision-making.

Figure: Company's prospectus

In recent years, Haiqing Zhiyuan has maintained rapid growth. In fiscal years 2023, 2024 and 2025, the company's revenue was approximately RMB 0.117 billion, RMB 0.523 billion and RMB 0.669 billion, respectively, with a compound annual growth rate of approximately 138.9; The company achieved profitability in fiscal years 2024 and 2025,Net profit was approximately RMB 40.41 million and RMB 29.35 million respectively. As of the final practical date of the prospectus, the company has registered 101 invention patents and 46 software copyrights, and has been recognized as a national specialized new "little giant" enterprise and a national specialized new key "little giant" enterprise.

The funds raised in this listing will be mainly used to enhance research and development capabilities and increase investment in product development, expand production capacity, accelerate global market penetration, as well as general working capital and corporate purposes. Focusing on large model solutions, chip business, next-generation intelligent perception products and overseas research and development capabilities, the company will continue to promote the expansion of multispectral AI in scenarios such as pan-security, industrial inspection, food safety, skin diagnosis and body intelligence.

Project Highlights:

In the course of the Offering, Yunfeng Securities, as a joint bookrunner, joint lead manager and capital market intermediary, participated in the IPO listing of Haiqing Zhiyuan Hong Kong shares. The team works closely with issuers and intermediaries to focus on the company's multispectral AI technology roadmap, commercialization progress and industry development space,Assist the company to communicate effectively with the capital market and help the issuance work to advance steadily.

Yunfeng Securities continues to leverage Hong Kong's capital market service experience and the advantages of the network of foreign investors to support technology companies with innovation capabilities and industrial growth to connect to the Hong Kong capital market. Haiqing Zhiyuan's landing in Hong Kong stocks this time also further demonstrates the long-term development potential of Chinese AI technology enterprises in the field of intelligent perception and end-side AI applications.

About Yunfeng Securities

Yunfeng Securities Co., Ltd. (hereinafter referred to as "Yunfeng Securities") is a licensed securities company (central number: AYT670) approved by the Hong Kong Securities Regulatory Commission under Yunfeng Finance. With its professional advantages and rich experience in overseas financial and Internet industries, Yunfeng Securities Co., Ltd. provides investors with rich, diversified, efficient, convenient, safe and reliable service experience,Let more people enjoy the fun of global investment. Yunfeng Securities and its subsidiaries hold licenses for regulated activities in categories 1, 4 and 9 of the SFC, and Yunfeng Securities is also a participant in the China Stock Exchange (I. E., a licensed brokerage firm for the Shanghai-Shenzhen-Hong Kong Stock Connect), which follows the strict supervision of the SFC and guarantees the safety of investors' every transaction and account funds.The self-developed market and trading platform "Yunfeng Youyu" provides one-stop Hong Kong and US stock trading and fund wealth management services, providing users with a smooth and efficient operating experience.

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