Physical AI "Eyes and Brain" Lands on HKEX! Huanchuang Technology (06802) Surges on Debut, Unlocking New Space in Smart Manufacturing with Tens-of-Millions-Scale Mass Production Capability

On September 30, Huanchuang Technology (06802), the leader in physical AI perception and "the first high-precision AI spatial positioning stock," officially listed on the Main Board of the Hong Kong Stock Exchange. On its first day of trading, it carried over the strong sentiment from the grey market and delivered an even hotter performance. Its earlier ultra-high margin financing multiple of 3,546.91 times refreshed the oversubscription rankings for Hong Kong IPOs in the second half of 2026, and the enthusiasm was fully realized. On the first day of listing, the stock's order book performance was striking: the issue price was HK$58.85, and it opened today at HK$168, up 185.47%; intraday it peaked at HK$195, surging 231.35%. After only a brief pullback, it rebounded after touching a low of HK$158, then continued to climb and remain in high-level volatility. As of press time, the share price was HK$173.5, up 194.82% from the offer price, with turnover of HK$409 million and a turnover rate of 2.63%, indicating clear market reluctance to sell. According to the latest allotment announcement, Huanchuang Technology delivered a phenomenal subscription result: nearly 160,000 investors participated in the Hong Kong public offering, with a subscription level as high as 3,546.91 times. The hard-to-get situation left a large amount of unsuccessful IPO subscription funds waiting to enter after listing. During the grey market stage, the share price had already risen sharply, with Futu's grey market intraday high reaching HK$179, up more than 204%, fully confirming the market's intense pursuit of physical AI spatial perception hardware. Looking at the global industry, the wave of physical AI and embodied intelligence is accelerating, and spatial perception hardware, as the "eyes" and "brain" for intelligent agents to understand the real world, is an indispensable underlying component for the implementation of physical AI. Huanchuang Technology is one of the few hardware manufacturers to achieve full-stack in-house development across ASIC chips, AI algorithms, optical design, and tens-of-millions-scale mass production. The market often simply categorizes it as a consumer Siasun Robot&Automation component supplier, but its spatial perception technology foundation has cross-scenario reuse capability and can extend to multiple high-value fields such as industrial Siasun Robot&Automation, automotive smart manufacturing, and XR. On the fundamentals level, Huanchuang has crossed the profit-and-loss inflection point and begun to sustain profitability. It achieved an annual turnaround in 2025. In the first quarter of 2026, revenue was RMB 196 million, up 48.7% year on year, with single-quarter net profit of RMB 7.757 million, and profitability continued to improve. BYD Company Limited (01211) and Jiaxing ZMAX Optech (688307.SH) serve as cornerstone investors as industrial capital, and expectations for industrial synergy have become an important market highlight. This fundraising will focus on investing in the iteration of 3D spatial perception algorithms and the research and development of next-generation embodied Siasun Robot&Automation perception solutions, helping the company open up a second growth curve. From a longer-term perspective, Huanchuang holds multiple advantages: full-stack in-house technical barriers, tens-of-millions-scale mass production engineering capability, and industrial capital synergy. The market is currently completing a value re-rating of Huanchuang Technology. As demand from the physical AI, embodied intelligence, and smart manufacturing industries continues to be released, Huanchuang is expected to open up greater growth space based on this general-purpose perception foundation.