Minglue Technology-W (02718) will be issuing 7.219 million Class A shares globally from October 23 to October 28, with cornerstone investors subscribing for $59 million USD.

-W (02718) will be open for subscription from October 23, 2025 to October 28, 2025. It plans to globally offer 7.219 million shares of Class A stock, with 10% allocated for public sale in Hong Kong, 90% for international sale, and an additional 15% for oversubscription rights. The offering price is HK$141.00 per share, with 40 shares per lot. Trading of the stocks is expected to begin on November 3, 2025 (Monday) at 9:00 am on the Hong Kong Stock Exchange. The group is a leading data intelligence application software company in China, dedicated to transforming enterprise marketing and operational decision-making processes by integrating large-scale models, industry-specific knowledge, and multimodal data. According to Frost & Sullivan data, based on total revenue in 2024, the group is the largest data intelligence application software supplier in China. Through innovative data intelligence application software, the group helps clients collect, integrate, manage, and analyze multimodal data from online and offline operations to generate actionable business insights to meet business needs, enabling clients to continuously improve operational efficiency and foster innovation. As of June 30, 2025, the group has served 135 Fortune Global 500 companies, with clients spanning various industries including retail, consumer goods, food and beverage, automotive, 3C, cosmetics, and baby products. The group has entered into cornerstone investment agreements with Huang River Investment Limited (Tencent Investors), Guo Minfang, Hundreds Capital, Bao Lina, Treasure-stone Investment Group Limited, GFH Financial Group B.S.C., and QuantumPharm Limited. Under these agreements, the cornerstone investors agree to subscribe, or cause their designated entities to subscribe, to the sale of shares (rounded down to the nearest full trading unit of 40 shares of Class A shares) under certain conditions, at the offering price, for a total amount not exceeding approximately USD 59 million. Based on the offering price of HK$141.00 per share, the group estimates that it will net approximately HK$902 million from the global offering (after deducting underwriting commissions and other estimated offering expenses already paid or payable by the group, assuming oversubscription rights are not exercised). According to the group's strategy, it plans to use the net proceeds from the global offering for the following purposes: (1) Approximately 35% of the net proceeds are expected to be used over the next three years to enhance the group's technological research and development capabilities. Of this, approximately 20% of the net proceeds are expected to be used for recruiting and training high-level talent, including technical architects, software engineers, algorithm experts, product managers, and testing engineers. Approximately 8% of the net proceeds are expected to be used for purchasing R&D-related infrastructure. Approximately 7% of the net proceeds are expected to be used to expand the group's access to data sources through collaborations with enterprises, advertising agencies, media platforms, and other professional third parties. (2) Approximately 40% of the net proceeds are expected to be used for product development to enrich the group's product portfolio. Of this, approximately 35% of the net proceeds are expected to be used for recruiting professional talent such as product managers and technical experts to develop Xiao Ming Assistant, the group's generative marketing platform, operational intelligence hardware development, and upgrading the second-hand system (including launching and developing its overseas version). Approximately 5% of the net proceeds are expected to be used for leasing or purchasing equipment and devices to support the technical infrastructure of the group's product development. (3) Approximately 15% of the net proceeds are expected to be used for marketing, brand promotion, and expansion of the sales team. (4) Approximately 10% of the net proceeds are expected to be used for working capital and general corporate purposes. As of the years ended December 31, 2022, 2023, and 2024, the group achieved revenues of RMB 1.269 billion, RMB 1.462 billion, and RMB 1.381 billion, respectively, with a 15.2% year-on-year increase from 2022 to 2023 and a 5.5% year-on-year decrease from 2023 to 2024. As of the six months ended June 30, 2024, the group's revenue increased from RMB 565 million to RMB 644 million, representing a 13.9% year-on-year growth. During the historical period, marketing intelligence and operational intelligence significantly contributed to the group's revenue. In the years ended 2022, 2023, and 2024, as well as the six months ended June 30, 2024 and 2025, the group generated revenue from marketing intelligence of RMB 803 million, RMB 753 million, RMB 731 million, RMB 323 million, and RMB 354 million, accounting for 63.3%, 51.5%, 52.9%, 57.1%, and 55.0% of the total revenue during the same period, respectively. In the years ended 2022, 2023, and 2024, as well as the six months ended June 30, 2024 and 2025, the group generated revenue from operational intelligence of RMB 3.63 billion, RMB 5.95 billion, RMB 5.23 billion, RMB 2.3 billion, and RMB 2.69 billion, accounting for 28.6%, 40.7%, 37.9%, 40.7%, and 41.7% of total revenue during the same period, respectively.