Shenzhen HQVT Technology Co., Ltd. (01392.HK), a leader in China's multispectral AI sector, reported its first interim results since listing on the Hong Kong Stock Exchange on June 22, 2026. For the six months ended June 30, 2026, the company posted consolidated operating revenue of RMB 410.5 million, an 84.5% increase year-over-year, driven primarily by a 382.5% surge in multispectral AI foundation model services to RMB 320.0 million. Adjusted net profit, excluding listing expenses, rose 21.9% to RMB 27.6 million, while cash and cash equivalents stood at RMB 595.6 million, indicating a sound financial position.
The company's growth is underpinned by its proprietary 'Super Eye' perceptual platform, which extends vision beyond visible light into ultraviolet and thermal infrared bands, enabling early detection of micro-arcing and thermal anomalies. This technology is processed by the 'Zhiyuan Origin Large Model', which has completed CAC filings and secured Shenzhen's official model service provider qualification. Deployed via a three-tier defense matrix, HQVT's solutions are critical for physical space safety in data centers, power systems, and new energy infrastructure. During the period, HQVT secured contracts with a Shanghai state-owned enterprise and a Shenzhen-listed firm for large-scale AI foundation model deployments in IDCs, and partnered with Deep Robotics to integrate multispectral AI into quadruped robotic inspection platforms for high-voltage substations and battery storage facilities.
A key technical milestone was the migration of HQVT's foundation model to Edge AI terminals using the NVIDIA Jetson AGX Orin platform. This shift eliminates the need for expensive on-premise servers and reduces latency, significantly lowering capital expenditures for clients and expanding HQVT's addressable market to include SMEs. Soochow Securities initiated coverage with a 'Buy' rating and a target price of HK$58.57, citing the company's scarcity value as the only Hong Kong-listed multispectral physical AI pure-play and the industry's 40%+ CAGR. The Edge AI breakthrough is seen as a major near-term catalyst, with commercialization orders being a key verification point.
In a significant development for investor access, Hang Seng Indexes announced on August 21, 2026, that HQVT will be included in the Hang Seng Composite Index, effective September 7, 2026. This inclusion is expected to trigger the addition of HQVT to the Shanghai-Hong Kong and Shenzhen-Hong Kong Stock Connect programs, allowing mainland Chinese investors to trade the stock from that date. The Stock Connect channel is anticipated to broaden HQVT's investor base and materially enhance trading liquidity, providing access to mainland China's substantial capital pools.
Looking ahead, HQVT plans to use IPO proceeds to expand production capacity, advance edge-model iterations, and execute an international go-to-market strategy. The company has partnered with Singapore-based LINKWISE to accelerate deployments in Southeast Asian data centers and is preparing channel rollouts in the Middle East and Europe. By combining standardized edge perception hardware with cloud-based SaaS subscription tiers, HQVT aims to build recurring, high-margin international revenue streams in the global physical AI safety sector. The interim results and the Stock Connect effective date on September 7 are the two immediate catalysts for investor attention.
