Shenzhen HQVT offers 85.2M shares in Hong Kong IPO

Shenzhen HQVT Technology Co. Ltd. has advanced its initial public offering plans following the successful clearance of its listing hearing with the Hong Kong Stock Exchange. The company is offering 85.2 million shares as part of its IPO, with CMBC Capital, SPDBI, and China Harbour serving as co-sponsors. The IPO is expected to proceed in the coming weeks.

HQVT, a multispectral AI technology firm founded in 2013, provides AI modules, perception terminals, and large model services that operate across both visible and non-visible light spectrums. Its AI solutions have applications in facial recognition, infrared, and ultraviolet technologies. The company has demonstrated strong revenue growth, with income rising from 117 million yuan in 2023 to 669 million yuan in 2025, reflecting an average annual growth rate of nearly 140%.

The most significant contributor to HQVT’s revenue in 2025 was its multispectral AI large model services, which accounted for 53% of total revenue. New orders surged by 427.8% year-on-year in January 2026, indicating robust demand. The company has also maintained profitability for the past two years, including an adjusted net profit of 55.2 million yuan in 2025.