Following a lapsed application in August 2025, Shenzhen HQVT Technology Co., Ltd. (HQVT) officially resubmitted its listing application to the Main Board of the Hong Kong Stock Exchange (HKEX) on March 16, 2026. CMBC Capital and SPDB International are serving as joint sponsors. The updated prospectus from the multispectral AI specialist, founded in 2013, reveals a high-growth trajectory tempered by emerging financial pressures.

Dominating the Multispectral AI Sector

HQVT specializes in multispectral AI technology—acquiring and analyzing optical information across specific spectral bands to provide depth beyond visible light imaging. The company utilizes a proprietary "optical-sensing-imaging-computing" full-stack architecture. Its core offerings include multispectral AI modules, perception terminals, and AI model services powered by its self-developed "Zhiyuan Qiyuan" Large Model.

According to Frost & Sullivan, HQVT holds a dominant position in several niche segments:

#1 in China's Multispectral AI Industry: 3.5% market share by 2024 revenue.

#1 in China's Multispectral AI Large Model Services: 11.8% market share.

#3 in China's Embedded Multispectral AI Modules: 6.6% market share.

While the company leads these categories, the industry remains highly fragmented; the top five players combined for only 10.9% of the total market share in 2024.

Surging Revenue Driven by AI Models

Financial data indicates explosive top-line growth. From 2023 to 2025, revenue rose from RMB 117 million to RMB 523 million and finally RMB 669 million, representing a CAGR of 138.9%.

After a net loss of RMB 18.4 million in 2023, HQVT turned profitable in 2024 with a net profit of RMB 40.4 million. However, 2025 net profit retreated to RMB 29.4 million, a year-on-year decline of 27.36%.

The revenue mix has shifted significantly:

2023: AI modules accounted for 84.6% of revenue.

2025: Large Model Services became the primary engine, contributing RMB 355 million (53.1% of total revenue), while module revenue contracted to 31.3%.

Profitability: This shift toward high-margin software services boosted overall gross margins from 12.2% in 2023 to 22.3% in 2025.

Negative Cash Flow and Liquidity Risks

Despite revenue expansion, operating cash flow remains a concern. Net cash flow from operating activities was -RMB 6.49 million in 2024 and worsened to -RMB 130 million in 2025.

The company attributed this to slower collections, with trade receivable turnover days increasing from 60 to 95 days. As of late 2025, notes and trade receivables grew by 26.6%, while short-term borrowings surged by 432.72%, signaling heightened working capital pressure during rapid expansion.

The client base remains concentrated, featuring major state-owned telecom operators and leading listed AI firms. In 2025, the top five customers accounted for 46.8% of total revenue.

Series D Valuation and Ownership

Proceeds from the IPO are earmarked for R&D enhancement, production capacity expansion, strategic acquisitions, global market penetration, and general working capital.

Prior to filing, the company completed a Series D funding round in July 2025. A private equity fund invested RMB 50 million, valuing HQVT at RMB 3.55 billion.

Mr. Zhou Bo, the company's founder, remains the controlling shareholder, wielding 48.87% of the voting rights through direct holdings and employee incentive platforms.

NewTimeSpace Disclaimer: All content herein is the original work of NewTimeSpace. Any reproduction, reprinting, or use of this content in any other manner must clearly indicate the source as "NewTimeSpace". NewTimeSpace and its authorized third-party information providers strive to ensure the accuracy and reliability of the data, but do not guarantee the absolute correctness thereof. This content is for reference only and does not constitute any investment advice. All transaction risks shall be borne by the user.