AI Vision Firm Haiqing Zhiyuan Lists on HKEX, Early Investors Profit

Haiqing Zhiyuan, a Shenzhen-based firm specializing in multispectral AI solutions, has successfully completed its initial public offering on the Hong Kong Stock Exchange, marking a significant entry into the public markets. The company’s shares surged over 313% on opening day, valuing the firm at approximately HK$23 billion. This debut positions Haiqing Zhiyuan as a notable player in the rapidly expanding AI hardware and services sector.

The company's financial performance leading up to its IPO presents a complex picture. While revenue demonstrated substantial growth, with a compound annual growth rate of 138.9% over three fiscal years, reaching HK$669 million in the most recent period, net profit experienced a dip in the latest fiscal year. Despite a turnaround from a loss in 2023 to a profit of HK$40.4 million in 2024, net profit fell to HK$29.4 million in 2025. Management attributed this decline to increased general and administrative expenses and R&D investments, alongside one-off charges.

A key area of focus for investors is the company's cash flow dynamics. Despite reporting positive net profits, Haiqing Zhiyuan saw a significant outflow of HK$130 million from operating activities in the latest fiscal year. This outflow was largely driven by changes in working capital, including a substantial increase in accounts receivable and inventory. Notably, the company made prepayments of approximately HK$147 million to suppliers for High-Performance Computing (HPC) servers, aiming to secure supply for its burgeoning AI model services.

Haiqing Zhiyuan's strategic pivot towards AI model services, particularly its multispectral AI large model service, has become a central narrative. This segment, commercialized in 2024, rapidly grew to account for 53.1% of total revenue in 2025. However, the gross profit margin for these services declined from 49.5% in 2024 to 30.4% in 2025. Analysis suggests that a significant portion of this revenue is derived from integrated solutions that include hardware, such as HPC servers, procured from third-party suppliers, rather than purely high-margin software offerings. This integration strategy explains the increased reliance on raw material and equipment costs, which now constitute over 91.9% of sales costs.

The company's valuation trajectory has been remarkable. Following a C+ round in December 2024 with a post-money valuation of HK$1.01 billion, a subsequent D round in July 2025 valued the company at HK$3.55 billion post-money, a 3.5-fold increase in just six months. This surge aligns with the rapid revenue growth in its AI model services. The IPO's initial market capitalization of approximately HK$5.57 billion was surpassed significantly in after-hours trading, reaching around HK$20.2 billion.

Early investors stand to gain substantially from this public debut. Zheshang Venture Capital (through its entities Taolue New Energy, Taolue Xinwang, and Jinlan Sunshine), collectively holding 14.86%, and Shenzhen High-Tech Investment Group (part of Shenzhen State-owned Assets, under Shenzhen Investment Holdings), holding 4.54%, were among the earliest backers. Taolue New Energy, entering at approximately HK$0.57 per share during the Series A round, secured a significant discount to the IPO price, realizing substantial unrealized gains. Other investors, such as Zhide Jiuhao, entered at a higher cost basis during the D round in July 2025.

The operational backbone of Haiqing Zhiyuan is built upon a team with deep expertise in computer vision and thermal imaging. Founder and Chairman Zhou Bo, a graduate of Xi'an University of Science and Technology, has extensive experience in the field. He is supported by a core team, including Executive Director and Deputy General Manager Miao Rui, also an alumnus of Xi'an University of Science and Technology, and other long-standing colleagues from previous ventures. Zhou Bo maintains significant control, holding 48.87% of voting rights pre-IPO through employee stock ownership platforms.