Shenzhen HQVT Technology Co., Ltd. (stock code: 1392.HK) listed on the Main Board of The Stock Exchange of Hong Kong Limited on June 22, 2026, marking its entry into a new stage of global development. The company's shares opened at HKD 29 per share, representing a surge of over 300% from its offer price. Its total market capitalization approached HKD 25 billion, reflecting strong market expectations for the multispectral AI niche sector.

Established in 2013 and headquartered in Shenzhen, HQVT specializes in multispectral AI technology. By integrating sensing capabilities across ultraviolet (UV), infrared, and visible light spectrums with AI algorithms, the company identifies early risk signals such as electrical leakage, equipment aging, and abnormal temperature rises. In 2025, the company was certified by the Ministry of Industry and Information Technology as a National-level Specialised and Sophisticated Key "Little Giant" Enterprise. According to Frost & Sullivan, HQVT ranked first in terms of revenue among multispectral AI enterprises in China in 2025.

HQVT has established full-chain capabilities encompassing optical components, sensing modules, on-device computing, and algorithm models. The company employs an "Edge-Cloud Collaboration" technical system where lightweight AI computing units support real-time identification with speeds as low as 50 milliseconds. In the cloud, the proprietary "Zhiyuan Origin Large Model" serves multi-scenario applications, achieving over 95% accuracy in detecting early fire signatures. Leveraging these capabilities, HQVT has served more than 2,500 customers in high-value scenarios such as data centres and power systems.

The company's commercialization efforts have shown significant growth. From 2023 to 2025, revenue increased from RMB 117.1 million to RMB 668.5 million, representing a compound annual growth rate (CAGR) of 138.9%. HQVT achieved a turnaround to profitability in 2024, and its adjusted net profit (non-IFRS measure) reached RMB 55.2 million in 2025. The company is transitioning from product delivery to solutions and services centered on multispectral AI large models. In 2025, the Multispectral AI Large Model Services segment generated RMB 355.4 million, accounting for 53.1% of total revenue.

Financial Performance

According to Frost & Sullivan, the global multispectral perception market was valued at approximately RMB 85.0 billion in 2025, with North America and Europe accounting for 25% and 28% shares, respectively. The market is expected to reach RMB 305.4 billion by 2030. HQVT plans to use the net proceeds from this offering to enhance R&D capabilities, increase investment in product development, expand production capacity, strengthen business expansion, drive global market penetration, and supplement general working capital.

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

The IPO prospectus cites third-party data forecasting significant market expansion through 2030, driven by demand for multispectral AI applications.