New stock analysis | Chinese version of Palantir ignited the market, DiPu Technology (01384) with an oversubscription of 7590 times set a new record on the main board of the Hong Kong stock market, becoming the king of IPO subscriptions.

Since the implementation of the new pricing rules for IPOs on August 4, the Hong Kong stock market for new listings has seen a significant revival. Not only has the subscription enthusiasm reached unprecedented levels, but oversubscription of new stocks has become a common phenomenon, and the performance of new stocks on their first day of listing has been impressive. From August 4 to October 22, a total of 24 companies have listed on the Hong Kong stock market, with 22 of them recording gains on the first day. The probability of an increase on the first day is nearly 92%, and 10 companies have seen their stock prices rise by over 100%, accounting for 41.66% of the total. In the midst of this hot new stock market, the record-breaking performance of DiPu Technology (01384) has taken the Hong Kong stock market to a new peak. It is reported that market subscriptions for DiPu Technology were extremely popular, with a total of 239,000 participants subscribing, oversubscription ratio reaching a staggering 7590 times, involving HK$272.1 billion, making it the most oversubscribed company in the history of the Hong Kong Stock Exchange Main Board. Behind the rush of investors to subscribe to DiPu Technology lies the company's high-quality fundamentals and its possession of core elements and huge potential to replicate Palantir (PLTR.US). The consensus that DiPu Technology has the potential to become the "Chinese version" of Palantir is rapidly forming in the market, and with Palantir's current market value surpassing 3 trillion RMB, this means that DiPu Technology is also poised to embark on a journey to greatness, with its future prospects filled with imagination and anticipation. The dual drive of "Data+AI" leads to high growth in performance, significant improvement in profit quality highlights high-quality fundamentals In 2018, Zhao Jiehui, a technology veteran who spent eleven years at Huawei and later headed Alibaba Cloud's enterprise business department, co-founded DiPu Technology with his former colleague Yang Lei in Beijing. This founding team, with deep technical expertise and extensive experience in practical applications in large enterprises, has keen insights into industry trends, enabling DiPu Technology to quickly stand out in the field of data governance. Just one year after its establishment, DiPu Technology launched the FastData enterprise-level data intelligence solution. This solution aims to transform complex data into intuitive business insights and helps enterprises improve their real-time data analysis capabilities through standardized management, enabling more agile decision-making and cost efficiency. By 2021, DiPu Technology, anticipating the trend of artificial intelligence, began to focus on the deep integration of data governance and AI, creating the FastData Foil data fusion platform, which integrates functions such as lake storage, real-time and offline data processing, and unified governance. This platform covers the entire chain from data storage, analysis to value realization, continuously empowering enterprises to transform into data-driven organizations. Based on the FastData Foil data fusion platform, DiPu Technology continuously upgrades the FastData solution to help enterprises achieve real-time governance and analysis of multi-modal, multi-dimensional data. More importantly, this platform can convert raw data into formats recognizable by large models, laying a solid foundation for AI training. When the wave of generative AI swept the world in 2023, DiPu Technology, which had already laid the foundation, introduced the FastAGI enterprise-level artificial intelligence solution, forming a business layout driven by the dual wheels of "Data+AI". Subsequently, leveraging the data and experience accumulated through in-depth cooperation with industry-leading enterprises, DiPu Technology developed the Deepexi enterprise-level large model platform. This platform integrates vertical industry knowledge and customizes high-precision, low-bias exclusive large models for enterprises through techniques such as supervised fine-tuning (SFT) and reinforcement learning. Based on the FastAGI solution of the Deepexi enterprise-level large model platform, DiPu Technology's AI solutions cover the entire process from knowledge base construction, model management to AI intelligent application, greatly simplifying the complexity of AI deployment and accelerating enterprises' optimization of decisions and operational efficiency. With the two major technical foundations of the FastData Foil data fusion platform and the Deepexi enterprise-level large model platform, DiPu Technology has established two core solutions of FastData enterprise-level data intelligence and FastAGI enterprise-level artificial intelligence. Together, they provide enterprises with a full-cycle closed-loop service from multi-modal data governance to intelligent decision-making, becoming a solid "new infrastructure" driving enterprise digital transformation. According to the prospectus, DiPu Technology's two solutions have deeply empowered industry intelligence upgrades and have been scaled into multiple vertical industries, including consumer retail, manufacturing, medical, and transportation. As of June 30, 2025, DiPu Technology has provided services to a total of 283 enterprise users in various industries, with 94 repeat customers, accounting for 33.2% of the company's customer base, reflecting the high customer stickiness and satisfaction of DiPu Technology. The solid progress of the business has brought strong growth momentum to DiPu Technology. From 2022 to 2024, DiPu Technology's revenue increased from 100 million to 243 million RMB, with a three-year compound growth rate of 55.5%. The high-speed growth trend further strengthened in the first half of 2025, with revenue more than doubling year-on-year to 132 million RMB, demonstrating strong growth potential. A deeper analysis reveals that the FastAGI enterprise-level artificial intelligence solution is undoubtedly the biggest highlight behind DiPu Technology's accelerated growth. This business became the second growth curve for the company shortly after its launch in 2023: revenue surged from approximately 6.55 million in 2023 to around 90.4 million RMB in 2024, and in the first half of 2025, this business revenue reached 73.07 million RMB, a whopping 191% year-on-year increase, with its share of total revenue rising to 55.3%, surpassing the traditional strength of the FastData solution. This signifies that DiPu Technology has entered a new stage of coordinated development with a dual drive of "Data+AI". While expanding its scale, DiPu Technology's profitability quality has also significantly improved. Data shows that from 2022 to 2024, DiPu Technology's gross profit margin was 29.4%, 40.1%, and 51.9% respectively, and rose to 55% in the first half of 2025. This is mainly due to the maturity of the company's business and technology, the usability and adaptability of its solutions bringing significant economies of scale, which also reflects the strong competitive and pricing power of DiPu Technology's products in the market. Based on the rapid growth in revenue and significant improvement in profitability, DiPu Technology's aggressive approach in the IPO was somewhat expected. However, it is important to note that investor interest in DiPu Technology did not start overnight. Since its establishment, DiPu Technology has completed about 9 rounds of financing, with a total financing amount of around 2 billion RMB, with major institutions such as Hillhouse Capital, IDG Capital, Shanghai AI Investment Fund, Industrial Fund Management, BOCOM INTL providing strong support for the development of DiPu Technology. Multiple dimensions highly similar to Palantir, strong growth momentum expected to continue If high-quality fundamentals are seen as an advantage for DiPu Technology, then in key dimensions such as core business model, technological architecture, commercialization path, financial performance, and growth momentum, DiPu Technology exhibits a high degree of similarity with Palantir, the global enterprise-level AI application giant, completely opening up the market's imagination about the future growth of DiPu Technology. The success of Palantir lies in its "Data+AI" dual drive mode. Through its Foundry platform, Palantir achieves multi-modal data governance, then empowers business intelligence through the AIP platform, together forming a complete "AI operating system". This full-stack capability of "data governance + AI application" is the core trump card that has earned Palantir a premium position in the global market. DiPu Technology intuitively follows a similar technological path, with its self-developed FastData Foil data fusion platform capable of processing complex enterprise data like long texts, formulas, tables, and drawings, converting them into formats understandable by large models. At the AI application layer, DiPu Technology's Deepexi enterprise-level large model platform uses supervised fine-tuning and reinforcement learning to combine basic models with customer private data, forming exclusive models with high domain knowledge understanding and minimal bias for enterprises. With a similar technological architecture and a commercial model of "Data+AI" shared with Palantir, DiPu Technology provides a complete solution from the bottom of data to the top of applications for enterprises. In terms of commercialization path, both Palantir and DiPu Technology have adopted the "lighthouse customer radiation" model, forming resonance at the commercial level. Palantir started by serving large institutions and government clients, using its unique "forward deployment engineer" model to deeply integrate into customer business scenarios, develop industry-specific solutions, and then replicate them to other clients in the same field. DiPu Technology has done the same, collaborating with a leading fashion footwear company headquartered in Shenzhen, rapidly gaining 32 new customers in the consumer retail industry in just four years. The advantage of this "lighthouse customer radiation" model lies in its ability to refine solutions with top customers, secure high-quality customer resources in the industry, and leverage its industry impact to lower customer acquisition costs, gradually building vertical industry competitive barriers. On the financial performance level, Palantir has shown continuous growth since going public, with a compound annual growth rate of 30.38% from 2020 to 2024. DiPu Technology's performance is equally impressive, with a compound annual growth rate of 55.5% from 2022 to 2024, and achieving doubling revenue in the first half of 2025, showcasing strong growth momentum. A more detailed comparison shows that both companies' growth engines come from the explosion of AI solutions. Palantir's growth in the second quarter of 2025 was driven by the AIP platform, while DiPu Technology's FastAGI enterprise-level AI solution had already accounted for 55.3% of total revenue in just two years. This similarity indicates that both Palantir and DiPu Technology have successfully transformed AI applications into the main drivers of growth, transitioning from data services to AI value. Currently, it is widely believed in the industry that DiPu Technology's growth pace is expected to continue to outperform Palantir after listing. This is because DiPu Technology has a significant first-mover advantage in the unique market environment of China. Domestic enterprises generally face challenges such as low data quality and difficult model adaptation. The demand for solutions that can build custom models for enterprises and corresponding business scenarios, while also considering data privacy, specificity, and higher cost-effectiveness, is very strong. In order to encourage the accelerated development of the domestic AI industry, the "Opinions on Deepening the Implementation of the Action of 'AI+'", sets a quantitative goal of AI application penetration rate exceeding 70% in key areas by 2027. According to Frost & Sullivan data, from 2024 to 2029, the market size of enterprise-level large model AI applications in China will grow from 5.8 billion to 52.7 billion RMB, with a compound annual growth rate of up to 55.5%. In the face of this rapidly growing blue ocean market, DiPu Technology, through deep data governance and its own large model capabilities, can solve pain points such as low data quality and difficult model adaptation for customers. The company is already the fifth largest participant in the Chinese enterprise-level large model AI application solution market, having an early-mover advantage. This advantage is not only reflected in market share but also stems from its deep understanding of local enterprise needs and full-stack technical capabilities. The dual defense of "deep understanding + full-stack technology" can build an intelligent foundation for the future for clients, allowing DiPu Technology to potentially achieve growth rates beyond the industry average in this high-growth market. In summary: When DiPu Technology set a record-breaking oversubscription of 7590 times and achieved an aggressive IPO on the Hong Kong main board, a crucial question arose: how to price an AI company with such fast growth? In fact, Palantir's performance in the capital markets has already provided a reference point, making its valuation level the best anchor. At the close of trading on October 24, Palantir's market capitalization was $438.0 billion, corresponding to a PS valuation of approximately 105 times in 2025, indicating that once an AI company validates the effectiveness and high growth potential of its business model, the capital market is willing to give it a valuation premium far beyond that of traditional software companies. In comparison, DiPu Technology's market value is approximately 8.7 billion Hong Kong dollars, with strong momentum of doubling revenue expected by the end of 2025. Based on this calculation, DiPu Technology's current market value corresponds to a 2025 PS of only 17.9 times. Clearly, if DiPu Technology's true value is anchored to Palantir's valuation level, it may be significantly undervalued. This is also the key reason why DiPu Technology was aggressively oversubscribed by the market. As one of the few domestic service providers that bridges the entire process from "data governance-data model training-business application," enjoys a premium valuation is reasonable. With the accelerated release of DiPu Technology's future performance, it is possible that the company will undergo a value reevaluation and replicate Palantir's impressive performance in the capital markets.