New stock first day | HQVT (01392) first listing in the early session opened up 302.78%, ranking first in market share in China's multi-spectrum AI industry.

HQVT(01392) listed on the market, the announcement shows that the price per share is HK$7.2, with a total of 85,162.5 million shares issued and 500 shares per board lot, with a net amount of HK$537 million. As of the time of writing, it has risen by 302.78%, reaching HK$29, with a turnover of HK$337 million. Public information shows that HQVT, as the leader in China's multispectral AI industry and the top multispectral AI large model service provider, has built a complete closed-loop solution from multispectral perception module to end-cloud collaborative solution based on a full-stack self-developed technology system, with significant technological barriers. Data from Frost & Sullivan shows that HQVT currently holds a market share of 3.3% in the China multispectral AI market, ranking first, while the market share of the top five companies combined is only 8%. It can be seen that HQVT, with its first-mover advantage, firmly holds a leading position in the industry, with ample room for market consolidation and share increase in the future. Financially, its performance is impressive: from 2023 to 2025, its operating income will be 117 million yuan, 523 million yuan, and 669 million yuan respectively, with a three-year compound growth rate of 138.9%. The gross profit margin has increased from 12.2% in 2023 to 22.3% in 2025, showing a continuous improvement in operating quality. In 2025, the proportion of revenue from multispectral AI large model services reached 53.1%, becoming the largest source of income.