HK Stock Connect Insight | HQVT (01392.HK) First-Half Revenue Up 84.5% YoY, Down 23.78% Since Stock Connect Inclusion

NewTimeSpace News: On October 20, 2026, HQVT closed at HKD 18.08, up 5.24% for the day, with turnover of HKD 84.5177 million.

According to publicly available information, HQVT listed on the Main Board of HKEX on June 22, 2026 at an offer price of HKD 7.20, with a global offering of approximately 85.1625 million H shares and net proceeds of approximately HKD 537 million. The Hong Kong public offering was oversubscribed 7,181.21 times.

The share price has ranged from a high of HKD 40.60 to a low of HKD 12.36 over the past year. As of October 20, 2026, the stock closed at HKD 18.08, about 151.1% above the offer price of HKD 7.20. Since its inclusion in Stock Connect, the share price has fallen from HKD 23.72 at the close on September 7, 2026 to HKD 18.08, a decline of about 23.78%.

Hang Seng Indexes Company announced on August 21, 2026 the results of its quarterly review of the Hang Seng Index series for the period ended June 30, 2026, under which HQVT was included in the Hang Seng Composite Index with effect from September 7, 2026. The Shanghai and Shenzhen stock exchanges subsequently adjusted their respective lists of eligible securities under Stock Connect, and the company's shares were included in the list of eligible securities for Stock Connect with effect from September 7, 2026.

Founded in 2013, HQVT is a Chinese multispectral AI technology enterprise with three business segments, namely Multispectral AI Modules, Multispectral AI Perception Terminals and Multispectral AI Large Model Services. Powered by its proprietary Zhiyuan Origin Large Model, the company provides integrated hardware and software intelligent perception solutions for industries including security, energy, telecommunications and industrial.

On the financial front, the company's revenue for the first half of 2026 was RMB 410.5 million, up 84.5% year on year, of which revenue from Multispectral AI Large Model Services was RMB 320 million, up 382.5% year on year. Gross margin was 20.3%, and net profit attributable to shareholders was RMB 7.7 million, down 24.7% year on year, mainly due to an increase in R&D investment of RMB 19.5 million and higher listing expenses. As of June 30, 2026, the company's cash and cash equivalents amounted to RMB 595.6 million.

A research report by Soochow Securities International noted that the short-term pressure on the gross margin of the large model services business mainly stems from the hardware costs of initial investment in new scenarios, and that the gross margin of this business is expected to recover gradually as the proportion of repeat-purchase projects increases.