As the global race for artificial intelligence leadership intensifies, a specialized player in the industrial sector has officially made its move toward the public markets. On March 16, SmartMore Inc. (SmartMore) formally submitted its listing application to the Hong Kong Stock Exchange (HKEX), with Morgan Stanley, CICC, and Deutsche Bank serving as joint sponsors.

Founded by world-renowned computer vision scientist Dr. Jia Jiaya, SmartMore has carved out a unique niche with its focus on "Industrial AI Agents." The company has not only secured backing from marquee investors like IDG, Sequoia, and Lenovo but also gained significant prestige in June 2024 as the first-ever investment made by the Hong Kong Investment Corporation (HKIC). This filing marks SmartMore's bid to become the first publicly traded "Industrial AI Agent" stock.

Backed by HKIC "Patient Capital" and Scientific Pedigree

SmartMore's competitive edge is rooted in the deep academic and technical background of its leadership. Founder Dr. Jia Jiaya has over 25 years of experience in computer vision. A former tenured professor at the Chinese University of Hong Kong (CUHK) and current Chair Professor at the Hong Kong University of Science and Technology (HKUST), Dr. Jia is also a Fellow of both the IEEE and ACM.

Unlike many peers chasing general-purpose Large Language Models (LLMs), SmartMore, founded in 2019 at the Hong Kong Science Park, pivoted early toward the manufacturing sector. This strategic focus has attracted $565 million across seven rounds of financing from top-tier institutions including IDG Capital, Hidden Hill Capital, Lenovo Capital, Sequoia China, and ZhenFund. Its pre-IPO valuation stood at $1.23 billion.

The company's profile rose sharply in June 2024 when it signed a landmark strategic cooperation agreement with the HKIC. As the first project for Hong Kong's government-backed "patient capital" vehicle, the partnership was described by HKSAR Chief Executive John Lee as a "milestone" for Hong Kong's ambition to become an international innovation and technology hub.

Decoding the "Industrial AI Agent": From Automation to Autonomy

SmartMore defines its core business through three pillars: Robotics, Edge AI Sensors, and Agent Software Systems. According to CIC (China Insights Consultancy), SmartMore was China's largest provider of Industrial AI Agents by revenue in 2025 and the first to achieve large-scale, cross-regional deployment.

The technical backbone of this ecosystem is IndustryGPT, the world's first proprietary industrial multi-modal large model series. According to the prospectus:

The Mission: IndustryGPT enables machines and entire production lines to perceive, reason, and execute tasks with increasing levels of autonomy.

The Goal: Transitioning industrial manufacturing from simple "automation" to intelligent "autonomy."

Practical Breakthroughs: SmartMore has pioneered visual inspection for highly reflective and complex curved surfaces and developed edge AI sensors capable of identifying "invisible" QR codes on precision optical lenses.

As of December 31, 2025, the company has deployed approximately 140,000 industrial AI agents globally. Its robotics solutions have inspected over 17 billion products or components for a blue-chip clientele that includes Tesla, Carl Zeiss, Luxshare Precision, Goertek, BOE, CRRC, CALB, and Kedali.

High Revenue Growth and Narrowing Adjusted Losses

Financial data reveals a company in a high-growth phase. SmartMore's revenue climbed from RMB 485 million in 2023 to RMB 1.086 billion in 2025, representing year-on-year growth of 55.9% and 43.7% respectively. Profitability at the gross level is also improving, with margins rising from 30.5% in 2023 to 37.3% in 2025.

The "Industrial AI Agent" segment has become the primary revenue driver, accounting for 78.5% of total turnover in 2025. Specifically:

Robotics: RMB 436 million

Agent Software: RMB 342 million

Edge AI Sensors: RMB 75 million

While the company reported net losses due to changes in the fair value of preferred shares and heavy R&D spending, its adjusted net loss (a more accurate reflection of core operations) has narrowed significantly from RMB 394 million in 2023 to RMB 272 million in 2025. The company maintains that it prioritizes technical leadership and scale over short-term profitability.

Future Outlook and Industry Growth

Proceeds from the IPO are earmarked for four key areas:

R&D Expansion: Continuous iteration of IndustryGPT and core technologies over the next five years.

Commercialization: Driving global market penetration.

Strategic M&A: Integrating industry resources through partnerships and investments.

Working Capital: General corporate purposes.

The macro environment remains favorable. Global market size for Industrial AI Agents grew from RMB 14.6 billion in 2023 to RMB 36.7 billion in 2025, with expectations to reach RMB 162 billion by 2030. As China pushes its "AI + Manufacturing" initiatives, SmartMore's IPO will serve as a critical bellwether for the commercial viability of industrial AI on a global scale.

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