Multispectral AI leader HQVT Technology passes Hong Kong listing hearing

Multispectral AI technology company Shenzhen HQVT Technology Co. Ltd. on Tuesday passed its listing hearing with the Hong Kong Stock Exchange, paving the way for its IPO to proceed in the coming weeks. CMBC Capital and SPDBI are co-sponsoring the deal.

The company is the leader in China’s rapidly growing multispectral AI market, with 3.3% share last year, according to its IPO prospectus. That overall market is expected to grow 31.8% annually between 2026 and 2030 to reach 79.4 billion yuan ($11.7 billion) in annual sales by the end of that period, according to third-party market data in the prospectus.

HQVT’s AI products and services have applications within the visible light spectrum, and can also be used for non-visible wavelengths such as infrared and ultraviolet. Founded in 2013 in the Southern city of Shenzhen, the company’s portfolio includes multispectral AI modules, multispectral AI perception terminals and multispectral AI large model services.

Its revenue rose from 117 million yuan in 2023 to 669 million yuan last year, averaging nearly 140% annual growth over that time. Of its three main segments, the most promising has been its multispectral AI large model services, which were launched in 2024 and rapidly climbed to account for 53% of its revenue last year. New orders for the segment continued to grow rapidly this year, surging 427.8% year-on-year in January alone.

The company has been profitable for the last two years, including an adjusted net profit of 55.2 million yuan in 2025.

By Doug Young

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