New Stock News | Haiqing Zhiyuan Second Resignation Form Listed on the Hong Kong Stock Exchange Ranked First in China's Multi-Spectrum AI Large Model Service Market

According to the disclosure on March 16 by the Hong Kong Stock Exchange, Shenzhen Haiqing Zhiyuan Technology Co., Ltd. (referred to as Haiqing Zhiyuan) submitted its listing application to the main board of the Hong Kong Stock Exchange, with CMBC CAPITAL and Pu Yin International as its joint sponsors. This is the company's second time submitting to the Hong Kong Stock Exchange. Company Introduction According to the prospectus, 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 self-developed technology in multi-spectral sensing and AI algorithms, the company provides products and services that can detect both visible and invisible spectral information, including (1) multi-spectral AI modules, embedded hardware components for collecting and processing multi-spectral data (including visible, infrared, and ultraviolet light) through AI algorithms for integration into third-party devices; (2) multi-spectral AI perception terminals, devices integrating multi-spectral sensors, enhanced multi-spectral AI algorithms, and standard hardware components for providing real-time perception insights; and (3) multi-spectral AI large model services, a large model platform solution loaded with the company's independently developed Genie Origin large model. The company's solutions achieve higher-dimensional perception and security monitoring, providing additional information decision-making regarding universal security and intelligent perception to various customers mainly engaged in software and information technology services, electronic products, Internet data centers (IDCs), intelligent driving systems, telecommunications operators, Internet of Things (IoT), system integration, and construction-related businesses. The company's technology is widely used in various application scenarios beyond traditional security solutions, including smart cities, smart campus management, Internet data center security optimization, industrial and commercial security, and IoT facility management, fully demonstrating the wide applicability of the company's multi-spectral AI solutions. According to Frost & Sullivan data, the company's multi-spectral AI modules and multi-spectral AI large model services are subsets of the multi-spectral AI market, which forms part of the broader perception intelligence market. The company's main customers include leading state-owned telecom operators in China and leading listed AI companies. In recent years, the company has won numerous awards, including the Outstanding Contribution Award, Excellence Innovation Award, and Best Partner Award presented by major telecom operators in China. Since its establishment in 2013, the company has established a comprehensive product and service portfolio covering multi-spectral AI modules, multi-spectral AI perception terminals, and multi-spectral AI large model services. The company's technical expertise covers a wide range of fields, including AI, optical electronics, integrated circuits, embedded systems, security engineering, and cloud computing. Based on more than ten years of technical accumulation in the multi-spectral AI industry, the company has accumulated experience in research and development and product design, and has built a comprehensive light field image processing technology architecture, including the following three core technologies: (1) multi-spectral sensing and calculation integration; (2) lightweight edge AI computing; and (3) multi-spectral AI large model platform. Financial Information Revenue For the fiscal years 2023, 2024, and 2025, the company's revenue is expected to be approximately RMB 117 million, RMB 523 million, and RMB 669 million, respectively. Profit For the fiscal years 2023, 2024, and 2025, the company's net profit and total comprehensive income are expected to be -RMB 18.413 million, RMB 40.412 million, and RMB 29.354 million, respectively. Gross Margin For the fiscal years 2023, 2024, and 2025, the company's gross margins are expected to be 12.2%, 18.8%, and 22.3%, respectively. Industry Overview With the deepening connection and interaction between AI and the physical world, the perception intelligence industry continues to grow rapidly. The market size of China's perception intelligence industry has grown from RMB 140.1 billion in 2020 to RMB 205 billion in 2024, with a compound annual growth rate of 10.0%. With technological progress and deeper commercialization, the overall market growth rate is expected to further increase, with the market size projected to surge from RMB 235.9 billion in 2025 to RMB 412.4 billion in 2029, with a compound annual growth rate of 15.0%. In recent years, the Chinese multi-spectral AI industry market has continued to grow. The market has grown from RMB 6.3 billion in 2020 to RMB 13.5 billion in 2024, with a compound annual growth rate of 21.1%. Driven by technological progress, this trend is expected to accelerate further, with the market size projected to increase from RMB 20 billion in 2025 to RMB 58.8 billion in 2029, with a compound annual growth rate of 31.0%. The Chinese multi-spectral AI module industry market has grown from RMB 2.5 billion in 2020 to RMB 4.5 billion in 2024, with a compound annual growth rate of 16.0%. Driven by technological progress, this trend is expected to accelerate, with the market size projected to increase from RMB 5.5 billion in 2025 to RMB 15.3 billion in 2029, with a compound annual growth rate of 29.0%. The Chinese multi-spectral AI large model service market has experienced rapid development, with the market growing from RMB 300 million in 2020 to RMB 1 billion in 2024, with a compound annual growth rate of 35.7%. Driven by technological progress, this trend is expected to accelerate further, with the market size projected to increase from RMB 1.5 billion in 2025 to RMB 6 billion in 2029, with a compound annual growth rate of 40.3%. Driven by the advancement of AI technology and the expansion of universal security demand, the Chinese multi-spectral AI perception terminal market has grown from RMB 3.5 billion in 2020 to RMB 8 billion in 2024, with a compound annual growth rate of 23.0%. With downstream applications gradually widening, this trend is expected to accelerate further, with the market size projected to increase from RMB 12.9 billion in 2025 to RMB 37.5 billion in 2029, with a compound annual growth rate of 30.6%. Board of Directors Information The board of directors currently consists of nine directors, including five executive directors, one non-executive director, and three independent non-executive directors. The functions and responsibilities of the board of directors include, but are not limited to, convening shareholders' meetings, presenting board reports at shareholders' meetings, executing resolutions passed at shareholders' meetings, determining business and investment plans, and preparing annual budgets and financial reports. In addition, the board of directors is also responsible for exercising other powers, functions, and responsibilities in accordance with the articles of association. Ownership Structure As of the date of the document, Mr. Zhou controls 48.87% of the voting rights at the company's shareholders' meeting, including (1) direct beneficial ownership of 5.96%; (2) Zongcheng Tianying beneficially owned and controlled by Mr. Zhou as its executive partner with 38.34%; and (3) Zongzheng Tianheng beneficially owned and controlled by Mr. Zhou as its executive partner with 2.79%; and (4) Zongzhi Tianying beneficially owned and controlled by Mr. Zhou as its executive partner with 1.79%. Intermediary Team Joint sponsors: CMBC CAPITAL Limited, Pu Yin International Financing Limited; Financial advisor: Zhongwan International Financing Limited; Legal advisor: Jincheng (Hong Kong) Law Firm in association with Stevenson Wong & Co., Stevenson Wong & Co in association with Jincheng (Hong Kong) Law Firm, Jincheng (Shenzhen) Law Firm in Shanghai, Jincheng Law Firm in Shanghai, Beijing Deheng Law Firm; Joint sponsors and editorial legal advisors: Lobo Law Firm Limited Liability Partnership, Jiayuan Law Firm; Auditors and reporting accountants: Tianjian International Certified Public Accountants Limited; Industry consultant: Frost & Sullivan (Beijing) Consulting Co., Ltd. Shanghai Branch; Compliance advisor: Zhongwan International Financing Limited.