HQVT's second HKEX filing highlights its status as a market leader in China's multispectral AI and large model services. While 2025 revenue reached RMB 669 million with improved gross margins, the company faces a 27% dip in net profit and a significant operating cash outflow of RMB 130 million. As the perception intelligence market is projected to reach RMB 412.4 billion by 2029, HQVT's ability to balance aggressive growth with financial risk control will be its defining challenge post-listing.
On March 16, SmartMore Inc. officially filed for a Hong Kong IPO. Founded by Dr. Jia Jiaya and backed by the HKIC, the firm reported 2025 revenue of RMB 1.086 billion. Its proprietary IndustryGPT model now serves over 730 global clients, including Tesla and Zeiss. IPO proceeds will primarily fund R&D for industrial multi-modal models and accelerate international commercial expansion.
Delton Technology (Guangzhou) Inc. (01989.HK) launched its H-share IPO on March 12, 2026. The offer price is HK$71.88 per share, with 100 shares per hand and an admission fee of HK$7,260.49. The Company is expected to list on the Main Board of the Hong Kong Stock Exchange on March 20, 2026.According to Frost & Sullivan, ranked by cumulative revenue from computing server PCB from 2022 to 2024, the Company ranked third globally and first among all manufacturers headquartered in Chinese mainland.
Recently, Jinxin Eldercare Industry Group Limited submitted a listing application to the Hong Kong Stock Exchange, with CICC and GF Securities as joint sponsors.According to Frost & Sullivan, as of September 30, 2025, the Company ranked first among all major participants in China in terms of the proportion of elderly residents with mobility impairments and occupancy rate of integrated medical and elderly care facilities, both standing at 85%.
On March 9, Shenzhen Creality 3D Technology Co., Ltd. submitted a listing application to the Hong Kong Stock Exchange, with CICC as the sole sponsor. According to Frost & Sullivan, in terms of GMV in 2024, the company ranked second globally in the consumer 3D printer market, first globally in the consumer 3D scanner market, and third globally in the consumer laser engraver market. It is the only major player in the global 3D creativity industry that provides consumer-grade 3D printing, 3D scanning and laser engraving products and services simultaneously.
On March 5, Ligent Technologies resubmitted its listing application to the Main Board of the Hong Kong Stock Exchange, with Citigroup Global Markets Asia Limited and CITIC Securities (Hong Kong) as joint sponsors. As a leading global supplier of optical communication and optical connectivity products, the company specializes in the R&D, manufacturing and sales of optical modules, optical chips and optical network terminals.
NewTimeSpace: Ligent Technologies, Inc. submitted a listing application to the Hong Kong Stock Exchange on March 5, with Citigroup and CITIC Securities as joint sponsors. As a global supplier of optical communication and optical connectivity products, the company was ranked 5th among global pure-play players by optical module revenue in 2024.
On March 2, 2026, Glorysoft (Shanghai) Co., Ltd. submitted a listing application to the Hong Kong Stock Exchange, with Guotai Junan International and Minsheng Bank Capital as joint sponsors.As a leading provider of intelligent manufacturing software solutions for China’s pan‑semiconductor industry, Glorysoft focuses on delivering self‑developed computer integrated manufacturing systems to advanced manufacturing sectors including semiconductors, display panels, PCBs and photovoltaics.According to Frost & Sullivan, by revenue in 2024, the company ranked second in China’s pan‑semiconductor IMSS market with a market share of approximately 11.7%, and is also the largest domestic player in the sector.
On March 3, Star Sports Medicine Co., Ltd. submitted a listing application to the Hong Kong Stock Exchange, with CITIC Securities and CCBI International as joint sponsors.According to Frost & Sullivan data, based on 2024 sales revenue, the company was the fourth-largest sports medicine device provider in China, with a market share of approximately 6.5%, and is also the largest domestic brand in the sector.
MeiG Smart Technology Co., Ltd. (03268.HK) officially launched its H-share offering on February 27, 2026. The offer price is HK$28.86 per share, with 100 shares per board lot and an entry cost of HK$2,915.1. The company is expected to list on the Main Board of the Hong Kong Stock Exchange on March 10, 2026.As a globally leading provider of wireless communication modules and solutions, MeiG Smart focuses on intelligent modules and has established profound technological capabilities in the Internet of Everything, intelligent connected vehicles and wireless broadband sectors.
NewTimeSpace News: The International Department of the China Securities Regulatory Commission (CSRC) has recently issued a request for supplementary materials regarding INMYSHOW Digital Technology (Group) Co., Ltd. (600556.SH)’s overseas listing filing. The issuer and its legal counsel are required to conduct a due diligence review and provide a clear legal opinion on the specific operations of the company and its subsidiaries, including advertising publishing, advertising design, socio-economic consulting, and cultural and entertainment brokerage services.
Suzhou ALSCO Pooling Service Co., Ltd. (02649.HK) officially launched its H-share offering on February 27, 2026. The offer price ranges from HK$11 to HK$14 per share, with 500 shares per board lot and an entry cost of HK$7,070.6.As the second-largest circular packaging service provider in China, ALSCO specializes in circular packaging sharing and operation services for the automotive industry. With its unique model of “packaging containers + digital systems + national network”, the company has established strong business barriers in the field of auto parts logistics packaging.
NewTimeSpace News: Shenzhen Zhaowei Machinery & Electronics Co., Ltd. (02692.HK) officially launched its H‑share global offering on February 27, 2026. As China’s largest provider of integrated micro‑transmission and drive systems, Zhaowei has built strong barriers in high‑end manufacturing sectors such as smart vehicles, consumer tech, and medical technology through its “1+1+1” collaborative innovation system integrating transmission, micro‑motor, and electronic control systems.
Nanjing ESTUN Automation Co., Ltd. (02716.HK) officially launched the H-share offering on February 27, 2026, with an offer price range of HK$15.36 to HK$17.00 per share, 200 shares per board lot, and an entry fee of HK$3,434.29. The shares are expected to be listed on the Main Board of the Hong Kong Stock Exchange on March 9, 2026.As a leading enterprise in China’s industrial robot sector, ESTUN has attracted wide market attention for ranking first in industrial robot shipments among domestic manufacturers for consecutive years. In the first half of 2025, the company achieved a historic breakthrough by surpassing foreign brands in industrial robot shipments in the domestic market, becoming the first Chinese robot manufacturer to top China’s market.
Shanghai W-Ibeda High Tech Group Co., Ltd. filed for listing on the Hong Kong Stock Exchange on February 24. As a leading Chinese provider of new energy vehicle powertrain testing solutions, the company operates three business segments: testing services, intelligent driving, and testing equipment. Financial results show sustained revenue growth, while profitability is under short-term pressure due to upfront costs from capacity expansion.
Hangzhou GreenCloud Software Co., Ltd. files for HK IPO backed by Ctrip, serving 37,000 hotels with 16.8% PMS market share. Only profitable player among top 5 peers, yet faces supplier concentration risk. Funds target AI hotel OS R&D.
