Haiqing Zhiyuan (01392) will conduct a public offering from June 11th to June 16th, aiming to globally sell 85.1625 million H shares.

Kaiqing Zhiyuan (01392) will be listed from June 11 to June 16, 2026, and the company plans to globally issue 85.1625 million H shares, of which approximately 10% will be sold in Hong Kong and approximately 90% internationally. The offer price will be HK$7.2 per share, with a minimum subscription of 500 shares, and the H shares are expected to start trading on the Stock Exchange of Hong Kong on June 22, 2026, at 9:00 am. The company is a Chinese multi-spectral AI technology enterprise specializing in acquiring, processing, and analyzing optical information in multiple specific spectral bands to provide more detailed information than visible light imaging. With its proprietary technologies in multi-spectral sensing and AI algorithms, the company offers products and services that can detect both visible and invisible spectral information, including multi-spectral AI modules, multi-spectral AI sensing terminals, and multi-spectral AI macro service. According to Frost & Sullivan, the company's multi-spectral AI modules and services are a subset of the multi-spectral AI market, which is a part of the broader perceptual intelligence market. In 2025, the Chinese multi-spectral AI module and macro service industries accounted for approximately 27.5% and 7.5% of the total Chinese multi-spectral AI industry, respectively. The Chinese multi-spectral AI industry accounted for approximately 5.9% of the total Chinese perceptual intelligence industry. In the past reporting periods, in the fiscal years 2023, 2024, and 2025, the company's revenue was approximately RMB 117 million, RMB 522.6 million, and RMB 668.5 million, respectively, with a compound annual growth rate of approximately 138.9%. It is worth noting that the company had a net loss of approximately RMB 18.4 million in the fiscal year 2023, but turned a profit in the fiscal years 2024 and 2025, with net profits of approximately RMB 40.4 million and RMB 29.4 million, respectively. Assuming an offer price of HK$7.2 per share, the company estimates that the net proceeds from the global offering will total approximately HK$536.8 million. Approximately 50.0% is expected to be used to enhance the company's research and development capabilities and increase product development investment; approximately 25.0% will be used to expand the company's production capacity to meet growing demand; approximately 15.0% will be used to increase the company's business expansion efforts and accelerate global market penetration; and approximately 10.0% will be used to provide funds for the company's general operating expenses and for general corporate purposes.