Visual AI firm Reconova falls by midday in Hong Kong trading debut
Shares of visual AI company Reconova Technologies Co. Ltd. (7656.HK) opened 16.9％lower in their Hong Kong trading debut on Wednesday, before paring losses to stand at HK$20.62 at the midday break, down 4.8% from their IPO price.
The company said it sold 28.07 million shares for HK$21.66 each, raising net proceeds of about HK$529 million ($67.8 million). The Hong Kong public offering for local investors was more than 3,600 times oversubscribed, while the international tranche was 2.08 times oversubscribed.
Reconova provides visual AI and visual embodied intelligence technologies and products for enterprise clients. Built using its self-developed vision large models, deep learning technologies, multi-spectral imaging technologies and software-hardware co-design capabilities, its products are used in civil aviation, commercial spaces and driving safety.
The company’s revenue rose 12.1% last year to 443 million yuan ($65 million). It swung to a net loss of 67.2 million yuan in 2025, compared with a profit of 9.7 million yuan a year earlier.
Reconova said 55.8% of the IPO proceeds will be used to enhance its R&D capabilities and product offerings, 26.3% will go to establish a production base, 10.4% to strengthen its marketing capabilities and expand overseas sales channels, and the remaining 7.5% will be used for general corporate purposes.
By Lee Shih Ta
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