Haiqing Zhiyuan Technology Co., Ltd. has obtained a filing notice from the China Securities Regulatory Commission (CSRC) for its overseas issuance and listing, as well as the conversion of its domestic unlisted shares for full circulation. The company plans to issue up to 139,835,000 ordinary shares for listing on the Hong Kong Stock Exchange. Additionally, 23 shareholders intend to convert a total of 670,981,440 domestic unlisted shares into overseas listed shares, which will then be traded on the Hong Kong Stock Exchange.

According to its prospectus, Haiqing Zhiyuan submitted its listing application to the main board of the Hong Kong Stock Exchange on August 6, 2025, with Minyin Capital and SPDB International serving as joint sponsors. The company has developed a comprehensive product and service portfolio that includes multi-spectral AI modules, multi-spectral AI perception terminals, and multi-spectral AI large model services. Its technical expertise spans a wide range of fields, including artificial intelligence, optoelectronics, integrated circuits, embedded systems, security engineering, and cloud computing.

A Frost & Sullivan report indicates that in 2024, based on revenue, Haiqing Zhiyuan ranked first in China's multi-spectral AI industry with a market share of approximately 3.5%. It also held the third position in China's embedded multi-spectral AI module sector with a market share of around 6.6%, and ranked first in the country's multi-spectral AI large model services industry with a market share of about 11.8%.