"The First AI De-hallucination Stock" HaiZhi Technology Group (2706.HK) surged over 200% on its first day! Futu acted as the underwriter to support the company's IPO

On February 13, "The First AI De-hallucination Stock" and China's leading industrial-grade artificial intelligence solutions provider, Beijing HaiZhi Technology Group Co., Ltd. (referred to as "HaiZhi Technology"), successfully listed on the Main Board of the Hong Kong Stock Exchange, officially entering the Hong Kong stock capital market, marking a new phase of technological deepening and global expansion.

During this IPO process, Futu served as the joint bookrunners (JBR) and joint lead managers (JLM), fully leveraging its technology trading platform advantages to introduce diversified high-quality investors for the company, laying a solid foundation for subsequent market liquidity.

According to publicly available information, HaiZhi Technology’s cornerstone investor lineup includes numerous well-known investment institutions and industrial capital. HaiZhi Technology brought in JSC International Investment Fund SPC (representing Etown SP), JINGSHENG HENGXING (wholly owned by Zhipu (02513)), Infini, and Mega Prime as cornerstone investors, accounting for approximately 15.52% of the total number of shares issued globally, providing strong assurance for the company’s long-term strategic stability.

According to the prospectus, HaiZhi Technology is China’s leading industrial-grade AI solutions provider, especially holding a leading position in the AI agent field centered around graphs. Based on 2024 revenue calculations, the company ranks fifth among domestic industrial-grade AI agent providers; it firmly holds the top position in the AI agent service market centered around graphs, with a market share of up to about 50%, becoming the benchmark enterprise in this niche track, and also the first company in the industry to effectively reduce the 'hallucination' problem of large models through knowledge graphs. As of September 30, 2025, HaiZhi Technology has cumulatively served more than 360 clients, covering key areas such as financial institutions, telecommunications operators, energy groups, and public service providers.

According to a Frost & Sullivan report, China’s industrial-grade artificial intelligence solutions market is in a period of rapid growth. The market size is expected to increase from approximately RMB 65.4 billion in 2025 to about RMB 286.1 billion by 2029, with a compound annual growth rate (CAGR) of 44.6%. Among this, the market for industrial-grade AI agents integrated with knowledge graphs, which serve as a key track in addressing the 'hallucination' problem of large models, is projected to surge from RMB 200 million in 2024 to RMB 13.2 billion by 2029, reflecting a CAGR as high as 140.0%.

Financial data from the prospectus shows that Haitu Technology has demonstrated strong performance growth in recent years, with both revenue scale and profitability improving simultaneously. From 2022 to 2024, the company's operating revenues were RMB 313 million, RMB 376 million, and RMB 503 million respectively, representing a CAGR of 26.8%. In terms of profitability, the company's ability to generate profits continued to improve, achieving an adjusted net profit (non-IFRS measure) of RMB 16.9 million in 2024, successfully realizing a phase of turning losses into profits.

In terms of the use of proceeds, Haitu Technology plans to strategically allocate the net proceeds from this IPO as follows:

- 45%: Research and development to strengthen graph-model fusion technology

- 20%: Optimization of the Atlas intelligent agent

- 15%: Deepening cooperation with customers, exploring new application scenarios, and expanding into the Hong Kong and Singapore markets

- 10%: Strategic investments, mergers, and acquisitions

- 10%: Working capital and general corporate purposes

-------------------------------------------------------------------------------------- As a leading digital financial technology company, Futu, relying on an investor ecosystem of over 28 million and a comprehensive enterprise service system, is able to provide companies with full-process services spanning pre-IPO, IPO, and post-IPO stages. These include core services such as one-stop ESOP stock option management solutions, Hong Kong and US stock IPO distribution*, investor relations (IR) and PR, financial public relations services, international placement*, and secondary trading services*.

As of Q3 2025, six out of the top ten companies in terms of Hong Kong IPO fundraising have collaborated with Futu. Nearly half of the Hong Kong IPO projects in Q3 involved cooperation with Futu. In Q3, on the Futubull platform, 12 new stocks had subscription amounts exceeding 100 billion Hong Kong dollars. Futu’s capability in US IPOs has been highly regarded, with popular new stocks like Bullish, Figure, and Gemini achieving full allocation for all subscribing US clients.

As of Q3 2025, Futu's corporate service clientele reached 1,112 companies, providing IPO distribution and IR services to 561 enterprises. It has successfully assisted 358 companies such as Meituan, Kuaishou, Xiaomi, Baidu, KE Holdings, JD Health, and Bilibili in going public in Hong Kong and the US. A total of 804 ESOP clients have signed up cumulatively, and 1,300 listed companies are now hosted on the Futu platform.

In the future, Futu will fully leverage its resources and market influence to provide more professional and efficient services to a wider range of clients!

*Securities-related businesses such as IPO distribution are provided by licensed subsidiaries under Futu.

*Data source: Market value calculated based on the first day of listing.

*Data source: Futu's Q3 2025 earnings report.

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