Written by: Yunfeng Financial
On June 22, Shenzhen Haiqing Zhiyuan Technology Co., Ltd. (referred to as "Haiqing Zhiyuan," stock code: 1392.HK), a Chinese multispectral AI technology company, was officially listed on the Hong Kong Stock Exchange, entering a new stage of development in the capital market. The company issued a total of 85,162,500 H shares in this global offering, with an offer price of HKD 7.20 per share, raising approximately HKD 613 million; after deducting underwriting fees and other estimated expenses, the net proceeds amount to approximately HKD 537 million. Yunfeng Financial (stock code: 00376.HK) subsidiary Yunfeng Securities Limited ("Yunfeng Securities") acted as joint bookrunner and joint lead manager in this offering. 6.22
Haiqing Zhiyuan (HQVT)
Established in 2013, Haiqing Zhiyuan focuses on the research and development and commercialization of multispectral perception and AI algorithms. Relying on its self-developed multispectral perception and AI algorithm technologies, the company provides multispectral AI modules, multispectral AI perception terminals, and multispectral AI large model services, which can acquire, process, and analyze information across multiple spectral bands including visible light, infrared, and ultraviolet, applied in various scenarios such as smart cities, smart campus management, internet data center security optimization, industrial and commercial security, and IoT facility management.
According to Frost & Sullivan data, by revenue in 2025, Haiqing Zhiyuan ranks first among multispectral AI companies in China, with a market share of 3.3%; at the same time, the company ranks first in the market for multispectral AI large model services, with a market share of 23.0%. The "Optical Sensation Computing" technology architecture developed by the company covers the integration of multispectral sensation and computing, lightweight edge AI computing, and large model platforms, promoting the closed-loop application of multispectral AI from perception and recognition to real-time decision-making. Figure: The company's prospectus
In recent years, Haiqing Zhiyuan has maintained rapid growth. In the fiscal years 2023, 2024, and 2025, the company's revenues are approximately RMB 117 million, RMB 523 million, and RMB 669 million, respectively, with a compound annual growth rate of about 138.9%; the company will achieve profitability in the fiscal years 2024 and 2025, with net profits of approximately RMB 40.41 million and RMB 29.35 million, respectively. As of the last feasible date of the prospectus, the company had registered 101 invention patents and 46 software copyrights, and had been recognized as a national-level "Little Giant" enterprise and a national-level key "Little Giant" enterprise. The funds raised from this listing will mainly be used to enhance R&D capabilities and increase investment in product development, expand production capacity, accelerate global market penetration, as well as for general working capital and corporate purposes. The company will continue to promote the expansion of multispectral AI in scenarios such as general security, industrial inspection, food safety, skin diagnostics, and embodied intelligence, focusing on large model solutions, chip business, next-generation intelligent perception products, and overseas R&D capabilities.
Project Highlights:
In this issuance process, Yunfeng Securities participated in the IPO issuance and listing work of Haiqing Zhiyuan as a joint bookrunner, joint lead manager, and capital market intermediary. The team collaborated closely with the issuer and various intermediary agencies on the company's multispectral AI technology roadmap, commercialization progress, and industry development space, assisting the company in effective communication with the capital market, supporting the smooth advancement of the issuance work. Yunfeng Securities continues to leverage its service experience in the Hong Kong capital market and its network of overseas investors, supporting technology companies with innovative capabilities and industrial growth to connect with the Hong Kong capital market. Haiqing Zhiyuan's listing on the Hong Kong Stock Exchange further showcases the long-term development potential of Chinese AI technology companies in intelligent perception and edge AI application fields.
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About Yunfeng Securities
Yunfeng Securities Limited (referred to as "Yunfeng Securities") is a licensed broker recognized by the Hong Kong Securities and Futures Commission (Central Number: AYT670) and is a subsidiary of Yunfeng Financial. Leveraging its professional advantages and extensive experience in the overseas financial and internet industries, it provides investors with a rich, diverse, efficient, convenient, and reliable service experience, allowing more people to enjoy the joys of global investment. Yunfeng Securities and its group subsidiaries hold licenses for regulated activities of classes 1, 4, and 9 from the Hong Kong Securities and Futures Commission, and Yunfeng Securities is also a participant in the China Connect exchanges (i.e., a licensed broker for the Shanghai-Hong Kong and Shenzhen-Hong Kong stock connects), adhering to the strict supervision of the Securities and Futures Commission to ensure the safety of every transaction and account funds for investors. The self-developed market and trading platform "Yunfeng Youyu" offers a one-stop service for Hong Kong and U.S. stock trading and fund management, providing users with a smooth and efficient operational experience.
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