Shenzhen HQVT Technology Co., Ltd. (“HQVT” or the “Company”), a market leader in China’s multi-spectral AI technology sector, has recently passed the Hong Kong Stock Exchange listing hearing and is now in the middle of its share offering. The company plans to place 85.1625 million H shares globally, with about 10% allocated to the Hong Kong public offering and the remainder to the international tranche. The offer price is HK$7.20 per share, raising up to approximately HK$613 million. The company is expected to debut on the Main Board of the Hong Kong Stock Exchange on June 22, with CMB International and SPDB International acting as joint sponsors. Through the listing, the company aims to accelerate its global expansion and further strengthen its leading position in the rapidly growing perceptual intelligence market, where multi-spectral AI represents a key niche segment.
Driving Growth with Full-Chain Innovation
HQVT is a specialized multispectral AI enterprise that excels in capturing and analyzing optical information across electromagnetic spectrum—including visible light, infrared, and ultraviolet—delivering detailed insights that traditional visible-light imaging cannot provide. Focusing on the early detection of fire, electrical faults, and thermal anomalies, HQVT moves safety management from “post-event response” to “pre-incident prevention.”
According to Frost & Sullivan, HQVT is the No. 1 multispectral AI enterprise in China by 2025 revenue. The Company also holds the top market position in multispectral AI large model services.
At the heart of HQVT’s success is its comprehensive “Optics-Sensor-Imaging-Computing” technology architecture, which enables a full-chain product portfolio. This includes:
- Multispectral AI Modules: High-precision embedded hardware components that collect and process multispectral data through AI algorithms for integration into third-party devices;
- Multispectral AI Perception Terminals: Intelligent devices combining spectral imaging with on-device AI processing for real-time analysis, recognition, and reasoning; and
- Multispectral AI Large Model Services: The services deliver a large model, platform-based solution with our proprietary “Zhiyuan Origin Large Model”, which processes multispectral data to provide advanced analytics and predictive insights for safety management across diverse industries.
Revenue Rises 138.9%; Adjusted Net Profit Reaches RMB55.2 Million
HQVT’s revenue surged from RMB 117.1 million in 2023 to RMB 668.5 million in 2025, representing a compound annual growth rate (CAGR) of 138.9%. Notably, the Company achieved a financial turnaround in 2024 and continues to see robust earnings. Its adjusted net profit (non-IFRS) grew from RMB 42.9 million in 2024 to RMB 55.2 million in 2025, reflecting the strong market demand for its large model services.
Global Expansion and Technology Upgrades
As AI shifts from the digital realm to the physical world, HQVT’s multispectral technology serves as the “intelligent senses” for critical infrastructure. With nearly 100 registered invention patents and a suite of proprietary AI models, the Company provides intelligent solutions for a wide range of industries, such as data centres, power systems and new energy sectors. The Company has served over 2,500 customers, achieving extensive penetration in the field of multi-scenario safety sector.
According to Frost & Sullivan, the multispectral AI market in China is projected to reach RMB 79.4 billion by 2030, growing at a CAGR of 31.8%. HQVT is strategically positioned to capture this growth by leveraging its status as a National-level Specialised and Sophisticated Key“Little Giant” Enterprise.
Proceeds from the proposed IPO are intended to fuel several high-impact initiatives:
- R&D Acceleration: Investing in next-generation multispectral AI large models and specialized MEMS chip designs to reduce supply chain reliance and enhance performance;
- Production Scaling: Expanding manufacturing capacity in its Shenzhen and Quzhou, Zhejiang bases;
- Global Penetration: HQVT plans to enter North America, Europe, Southeast Asia, and the Middle East, hiring localized experts to drive adoption in sectors like industrial safety and smart infrastructure; and
- New Frontiers: Expanding multispectral applications into high-potential fields such as robotics (embodied intelligence), food safety, and advanced healthcare.