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New stock party kicks off! Over 80% of new listings in 2026 rose on their debut day
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joined discussion · Jun 22 07:32 ·

New IPO Pricing | 'Multispectral AI Technology Company' Haiqing Zhiyuan debuts today, receives over 7,100x subscription, gains HK$9,500 per lot in the grey market

Futu News, June 22:$HQVT (01392.HK)$announced its allotment results, pricing shares at HK$7.2 each, issuing a total of 85,162,500 shares, with a board lot size of 500 shares, officially listing today.
On the previous trading day, Haiqing Zhiyuan rose 263.89% to close at HK$26.20. With a board lot size of 500 shares and excluding transaction fees, one lot generated a profit of HK$9,500.
During the public offering phase, Haiqing Zhiyuan received 7,181.21 times subscription. The final number of shares allocated to the public offering was 8.5165 million shares, representing approximately 10% of the total offering. A total of approximately 252,600 valid applications were received, with around 17,033 applications processed. The approximate percentage of applicants who applied for one lot and were allocated shares was 2% of the total number of shares applied for.
Additionally, during the international placement phase, Haiqing Zhiyuan received 4.81 times subscription. The final number of shares allocated to the international offering was 76.646 million shares, equivalent to 90% of the total offering. Futu compiled the relevant data in the table below:
Futu News, June 22:$HQVT (01392.HK)$announced its allotment results, pricing shares at HK$7.2 each, issuing a total of 85,162,500 shares, with a board lot size of 500 shares, officially listing today. On the previous trading day, Haiqing Zhiyuan closed up 263.89% at HK$26.2 per share. With a board lot of 500 shares, investors gained HK$9,500 per lot excluding transaction fees. During the public offering phase, Haiqing Zhiyuan received 7,181.21x subscription. The final number of shares allocated to the public offering was 8,516,500 shares, representing approximately 10% of the total offering. A total of around 252,600 valid applications were received, with approximately 17,033 applications processed. The proportion of applicants who applied for one lot and were successfully allotted shares was approximately 2% of the total number of shares applied for. Additionally, during the international offering phase, Haiqing Zhiyuan received 4.81x subscription. The final number of shares allocated to the international offering was 76,646,000 shares, equivalent to 90% of the total offering. Futu News has compiled the relevant data in the table below: Company Overview Haiqing Zhiyuan is a Chinese multispectral AI technology company specializing in acquiring, processing, and analyzing optical information across multiple specific spectral bands, providing more detailed insights than visible-light imaging. The company’s solutions enable higher-dimensional perception and security monitoring, serving clients primarily engaged in software and information technology services, electronic products, internet data centers, autonomous driving systems, telecommunications operators, Internet of Things (IoT)...
Futu News, June 22:$HQVT (01392.HK)$announced its allotment results, pricing shares at HK$7.2 each, issuing a total of 85,162,500 shares, with a board lot size of 500 shares, officially listing today. On the previous trading day, Haiqing Zhiyuan closed up 263.89% at HK$26.2 per share. With a board lot of 500 shares, investors gained HK$9,500 per lot excluding transaction fees. During the public offering phase, Haiqing Zhiyuan received 7,181.21x subscription. The final number of shares allocated to the public offering was 8,516,500 shares, representing approximately 10% of the total offering. A total of around 252,600 valid applications were received, with approximately 17,033 applications processed. The proportion of applicants who applied for one lot and were successfully allotted shares was approximately 2% of the total number of shares applied for. Additionally, during the international offering phase, Haiqing Zhiyuan received 4.81x subscription. The final number of shares allocated to the international offering was 76,646,000 shares, equivalent to 90% of the total offering. Futu News has compiled the relevant data in the table below: Company Overview Haiqing Zhiyuan is a Chinese multispectral AI technology company specializing in acquiring, processing, and analyzing optical information across multiple specific spectral bands, providing more detailed insights than visible-light imaging. The company’s solutions enable higher-dimensional perception and security monitoring, serving clients primarily engaged in software and information technology services, electronic products, internet data centers, autonomous driving systems, telecommunications operators, Internet of Things (IoT)...
Futu News, June 22:$HQVT (01392.HK)$announced its allotment results, pricing shares at HK$7.2 each, issuing a total of 85,162,500 shares, with a board lot size of 500 shares, officially listing today. On the previous trading day, Haiqing Zhiyuan closed up 263.89% at HK$26.2 per share. With a board lot of 500 shares, investors gained HK$9,500 per lot excluding transaction fees. During the public offering phase, Haiqing Zhiyuan received 7,181.21x subscription. The final number of shares allocated to the public offering was 8,516,500 shares, representing approximately 10% of the total offering. A total of around 252,600 valid applications were received, with approximately 17,033 applications processed. The proportion of applicants who applied for one lot and were successfully allotted shares was approximately 2% of the total number of shares applied for. Additionally, during the international offering phase, Haiqing Zhiyuan received 4.81x subscription. The final number of shares allocated to the international offering was 76,646,000 shares, equivalent to 90% of the total offering. Futu News has compiled the relevant data in the table below: Company Overview Haiqing Zhiyuan is a Chinese multispectral AI technology company specializing in acquiring, processing, and analyzing optical information across multiple specific spectral bands, providing more detailed insights than visible-light imaging. The company’s solutions enable higher-dimensional perception and security monitoring, serving clients primarily engaged in software and information technology services, electronic products, internet data centers, autonomous driving systems, telecommunications operators, Internet of Things (IoT)...
Company Overview
Haiqing Zhiyuan is a Chinese multispectral AI technology company specializing in acquiring, processing, and analyzing optical information across multiple specific spectral bands, delivering more detailed insights than visible-light imaging. The company’s solutions enable higher-dimensional perception and security monitoring, providing enhanced decision-making intelligence related to broad-spectrum security and intelligent sensing for clients primarily engaged in software and IT services, electronic products, internet data centers, autonomous driving systems, telecom operators, IoT, system integration, and related construction businesses.
The company’s multispectral AI technology focuses on multispectral imaging and processing, designed to capture and analyze data across various wavelengths of the electromagnetic spectrum. This technology integrates perceptual intelligence with edge AI into a unified system that facilitates spectral data acquisition and inference. Its perceptual intelligence precisely captures multispectral signals through spectral fusion—covering ultraviolet, infrared, and visible spectra—while its edge AI delivers real-time, low-latency decision-making via locally optimized performance in offline or low-bandwidth environments, ensuring uninterrupted security protection in latency-sensitive or communication-constrained scenarios.
Financial Summary
During the historical period, Haiqing Zhiyuan’s revenue increased from RMB 117.1 million in fiscal year 2023 to RMB 522.6 million in fiscal year 2024, and further rose to RMB 668.5 million in fiscal year 2025, representing a compound annual growth rate (CAGR) of 138.9%. Gross profit for fiscal years 2023, 2024, and 2025 was RMB 14.3 million, RMB 98.2 million, and RMB 149.4 million, respectively. The company’s gross margins were 12.2%, 18.8%, and 22.3% in fiscal years 2023, 2024, and 2025, respectively.
Futu News, June 22:$HQVT (01392.HK)$announced its allotment results, pricing shares at HK$7.2 each, issuing a total of 85,162,500 shares, with a board lot size of 500 shares, officially listing today. On the previous trading day, Haiqing Zhiyuan closed up 263.89% at HK$26.2 per share. With a board lot of 500 shares, investors gained HK$9,500 per lot excluding transaction fees. During the public offering phase, Haiqing Zhiyuan received 7,181.21x subscription. The final number of shares allocated to the public offering was 8,516,500 shares, representing approximately 10% of the total offering. A total of around 252,600 valid applications were received, with approximately 17,033 applications processed. The proportion of applicants who applied for one lot and were successfully allotted shares was approximately 2% of the total number of shares applied for. Additionally, during the international offering phase, Haiqing Zhiyuan received 4.81x subscription. The final number of shares allocated to the international offering was 76,646,000 shares, equivalent to 90% of the total offering. Futu News has compiled the relevant data in the table below: Company Overview Haiqing Zhiyuan is a Chinese multispectral AI technology company specializing in acquiring, processing, and analyzing optical information across multiple specific spectral bands, providing more detailed insights than visible-light imaging. The company’s solutions enable higher-dimensional perception and security monitoring, serving clients primarily engaged in software and information technology services, electronic products, internet data centers, autonomous driving systems, telecommunications operators, Internet of Things (IoT)...
Use of Proceeds
Regarding the use of proceeds, Haiqing Zhiyuan expects net proceeds from the global offering to amount to approximately HK$537 million (based on an issue price of HK$7.20). According to the prospectus, Haiqing Zhiyuan intends to allocate the proceeds from the global offering to the following purposes:
Approximately 50% is expected to be used to enhance the company’s research and development capabilities and increase investment in product development; approximately 25% will be allocated to expand production capacity to meet growing manufacturing demand; approximately 15% will be used to intensify business expansion efforts and accelerate global market penetration; and approximately 10% will be used to fund general working capital and for general corporate purposes.
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Futu News, June 22:$HQVT (01392.HK)$announced its allotment results, pricing shares at HK$7.2 each, issuing a total of 85,162,500 shares, with a board lot size of 500 shares, officially listing today. On the previous trading day, Haiqing Zhiyuan closed up 263.89% at HK$26.2 per share. With a board lot of 500 shares, investors gained HK$9,500 per lot excluding transaction fees. During the public offering phase, Haiqing Zhiyuan received 7,181.21x subscription. The final number of shares allocated to the public offering was 8,516,500 shares, representing approximately 10% of the total offering. A total of around 252,600 valid applications were received, with approximately 17,033 applications processed. The proportion of applicants who applied for one lot and were successfully allotted shares was approximately 2% of the total number of shares applied for. Additionally, during the international offering phase, Haiqing Zhiyuan received 4.81x subscription. The final number of shares allocated to the international offering was 76,646,000 shares, equivalent to 90% of the total offering. Futu News has compiled the relevant data in the table below: Company Overview Haiqing Zhiyuan is a Chinese multispectral AI technology company specializing in acquiring, processing, and analyzing optical information across multiple specific spectral bands, providing more detailed insights than visible-light imaging. The company’s solutions enable higher-dimensional perception and security monitoring, serving clients primarily engaged in software and information technology services, electronic products, internet data centers, autonomous driving systems, telecommunications operators, Internet of Things (IoT)...
Editor/Vincent
Risk Disclaimer: The above content only represents the author's view. It does not represent any position or investment advice of Futu. Futu makes no representation or warranty.Read more
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