HK Stock Market Move | Mingly Technology-W (02718) fell more than 7% on the day after its market debut. It surged over 100% yesterday.

Ming Intelligence Technology-W (02718) fell more than 7% on its second day of listing, after a 106.1% increase in the previous day. As of the time of writing, it fell 7.23% to 269.6 Hong Kong dollars, with a turnover of 133 million Hong Kong dollars. It is reported that Ming Intelligence Technology's main business is to provide data intelligence products and solutions, focusing on marketing intelligence and operation intelligence, covering both online and offline scenarios. It aims to transform enterprise marketing and operation strategic design and decision-making processes using large models, industry-specific knowledge, and multi-modal data. According to Frost & Sullivan data, the company is considered China's largest data intelligence application software supplier by total revenue in 2024. The company's IPO raised a total of 35.24 billion Hong Kong dollars, with an oversubscription rate of approximately 3462 times. Financially, the company's revenue for 2022-2024 and the first half of 2024 and 2025 are 1.269 billion, 1.462 billion, 1.381 billion, 565 million, and 644 million yuan respectively. The decline in revenue in 2024 was due to strategic adjustments in the operation intelligence business, which saw a recovery in revenue growth in the first half of 2025. On the operation side, the company achieved operating profit of 6.1 million yuan in the first half of 2025, turning losses into profits for the first time; Adjusted net profit (non-Hong Kong financial reporting standards) also improved, with a net profit of 24.9 million yuan in the first half of 2025.