Shenzhen HQVT Technology Co., Ltd. (01392.HK), a leader in China's multispectral artificial intelligence sector, has released its first interim financial results since its Main Board listing on the Stock Exchange of Hong Kong on June 22, 2026. The report, covering the six months ended June 30, 2026, reveals a significant acceleration in commercial adoption of its technology, with consolidated operating revenue reaching RMB 410.5 million, an 84.5% year-over-year increase. The growth is largely attributed to a 382.5% surge in multispectral AI foundation model services, which now contribute RMB 320.0 million to total revenue. Adjusted net profit, excluding non-recurring listing expenses, climbed 21.9% to RMB 27.6 million, despite a 125.3% expansion in R&D expenditure. The company maintains a robust balance sheet with RMB 595.6 million in cash and cash equivalents.
The timing of these results is critical, as HQVT is set to 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, opening the door for mainland Chinese investors to trade the stock. The Stock Connect channel is projected to significantly enhance trading liquidity and diversify the investor base, providing access to substantial mainland capital pools. This development follows the company's recognition by Frost & Sullivan as the top multispectral AI provider in China, both overall and in the large model services segment, and its recent inclusion in LeadLeo Research's top 10 benchmark vendors for physical AI industry applications.
HQVT's technological edge lies in its proprietary "Super Eye" perceptual platform, which extends beyond visible light to capture ultraviolet and thermal infrared spectra. This capability enables early detection of electrical faults, such as micro-arcing and dielectric degradation, before they escalate into fires. The platform is powered by the "Zhiyuan Origin Large Model," which has completed filings with the Cyberspace Administration of China and secured Shenzhen's official model service provider qualification. During the first half of 2026, HQVT secured major contracts in the Internet Data Center (IDC) sector, including deals with a prominent Shanghai state-owned enterprise and a Shenzhen-listed company. In the energy sector, the company partnered with Deep Robotics to integrate multispectral AI into quadruped robotic inspection platforms for high-voltage substations and battery storage installations.
A pivotal advancement in the interim period was the migration of HQVT's foundation model to edge AI terminals powered by NVIDIA Jetson AGX Orin. This move reduces reliance on centralized servers, cutting capital expenditures and latency, and enables instantaneous safety responses. The edge AI breakthrough is expected to standardize products and expand HQVT's customer base beyond large enterprises to include small and medium-sized businesses. Soochow Securities, in its inaugural coverage report, assigned a "Buy" rating with a target price of HK$58.57, citing the edge AI shift as a key catalyst and the stock's scarcity value as the only Hong Kong-listed pure-play in multispectral physical AI.
Looking ahead, HQVT plans to use IPO proceeds to expand production capacity, refine edge models, and pursue international growth. The company has partnered with Singapore-based LINKWISE to accelerate deployments in Southeast Asian data centers and is preparing market entries in the Middle East and Europe. By combining standardized edge hardware with cloud-based SaaS subscriptions, HQVT aims to build recurring, high-margin revenue streams in the global physical AI safety market. With the interim results approved on August 28 and Stock Connect inclusion effective September 7, investors have two immediate catalysts to monitor.
