HONG KONG, Jun 18, 2026 - (ACN Newswire) - Shenzhen HQVT Technology Co., Ltd. (1392) has completed its Hong Kong IPO and announced its allotment results, pricing its shares at HK$7.2 each to raise net proceeds of approximately HK$537 million. HQVT is set to officially debut on the Main Board of the Hong Kong Stock Exchange (HKEX) on June 22, with CMBC Capital and SPDB International acting as joint sponsors.The company commenced grey market trading today (June 18) and delivered a strong performance across multiple trading platforms. In early trading, the stock briefly touched HK$27, surging 275% above its offering price of HK$7.2. As one of the leading enterprises in China's multispectral AI industry, HQVT has been dubbed the "First Multispectral AI Stock" in the Hong Kong market. This successful listing underscores its market leadership and robust capabilities in the field of multispectral perception and AI algorithms.

As one of the first China multispectral AI industry leaders to list on the Hong Kong market, the Company’s revenue achieved a compound annual growth rate (CAGR) of 138.9% over the last three years. In 2024 and 2025, the Company’s adjusted net profit (non-IFRS measure) was RMB 42.9 million and RMB 55.2 million, respectively, representing a year-on-year growth of 28.7%. According to Frost & Sullivan, HQVT ranked first in China’s multispectral AI industry and first in China’s multispectral AI large model services industry by revenue in 2025.

Breaking Through Bottlenecks of Traditional Perception Technologies

HQVT has deeply cultivated multispectral AI technology since its establishment in 2013. Distinguishing itself from traditional perception models that rely on the human eye or single visible light, the Company incorporates non-visible spectra into its perception system. By leveraging feature identification information of materials across different spectra and performing intelligent analysis and decision-making, the Company transforms multi-scenario safety solutions from "post-event alerts" to "early identification and warning of potential risks".

Its proprietary "Zhiyuan Origin Large Model" utilizes a hybrid deployment of on-device and cloud computing: front-end devices perform real-time signal identification on-site, while the back-end model continuously optimizes algorithm strategies by combining risk characteristics, alert results, and disposal feedback.

HQVT has registered 101 invention patents and has been certified as a National-level Specialised and Sophisticated Key "Little Giant" Enterprise. The Company was also shortlisted for the first batch of "Robot +" typical application scenario cases in Guangdong Province. Its self-developed "Zhiyuan Origin Large Model" was selected for the first batch of AI industry models in Guangdong Province and has passed the Generative AI Service (Large-Model) Filing with the Cyberspace Administration of China (CAC), achieving both technical certification and industry recognition.

Booming Demand for Perceptual Intelligence Drives a New Wave of Growth 

Demand for multispectral AI products and services in high-value multi-scenario safety sectors continues to upgrade, and the multispectral AI industry is in a phase of rapid growth. The Frost & Sullivan Report shows that the size of China's multispectral AI market grew from RMB 6.3 billion in 2020 to RMB 20.0 billion in 2025 and is expected to exceed RMB 79.4 billion by 2030, with a CAGR of 31.8%.

HQVT’s multispectral AI products and services have been widely applied across various fields such as new energy, power systems, and energy storage. Its multispectral AI large model services achieved large-scale commercialization in 2024 and gained widespread market recognition in 2025. Several large service contracts were successfully implemented, causing the revenue contribution from this segment to increase from 21.8% in 2024 to 53.1% in 2025.

Driven by both the upgrading demand in high-value multi-scenario safety and continuous technical innovation, the multispectral AI track is seeing high-speed development opportunities. As the first listed leader in this field, HQVT is poised to leverage its triple advantages in technology, market, and capital to capture industry dividends and expand into the global multispectral AI market.

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