HQVT Technology clears Hong Kong listing hearing
Shenzhen HQVT Technology Co. Ltd. passed its Hong Kong Stock Exchange listing hearing, setting the stage for its IPO. Revenue surged to 669 million yuan in 2025, with multispectral AI large model services comprising 53% of total revenue. The company achieved an adjusted net profit of 55.2 million yuan in 2025.
*this image is generated using AI for illustrative purposes only.
Shenzhen HQVT Technology Co. Ltd. passed its listing hearing with the Hong Kong Stock Exchange on Tuesday, paving the way for its IPO to proceed in the coming weeks. The company, a leader in China's multispectral AI market with a 3.3% share last year, is co-sponsored by CMBC Capital, SPDBI and China Harbour. The overall market is projected to grow 31.8% annually between 2026 and 2030 to reach 79.4 billion yuan ($11.7 billion) in annual sales by 2030.
HQVT's AI products and services operate across visible and non-visible light spectrums, including facial recognition, infrared and ultraviolet applications. Founded in 2013 in Shenzhen, its portfolio includes multispectral AI modules, perception terminals and large model services. The company has been profitable for the last two years, recording an adjusted net profit of 55.2 million yuan in 2025.
Revenue growth has been rapid, rising from 117 million yuan in 2023 to 669 million yuan in 2025, averaging nearly 140% annual growth. The most promising segment, multispectral AI large model services launched in 2024, accounted for 53% of revenue in 2025. New orders for this segment surged 427.8% year-on-year in January alone.
Financial Performance
| Metric | Value |
|---|---|
| Revenue (2023) | 117 million yuan |
| Revenue (2025) | 669 million yuan |
| Adjusted Net Profit (2025) | 55.2 million yuan |
| Market Share (2024) | 3.3% |
The IPO prospectus cites third-party data forecasting significant market expansion through 2030, driven by demand for multispectral AI applications.
How will HQVT allocate the capital raised from the IPO to support its projected growth against competitors?
Can the 427.8% surge in new orders for large model services be sustained throughout the remainder of the year?
What impact will intensifying competition have on HQVT's ability to maintain its 3.3% market share through 2030?
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