On August 28th, the 19th Frost & Sullivan Global Growth, Innovation and Leadership Summit and the 4th New Investment Conference (hereinafter referred to as '2025 Frost & Sullivan New Investment Conference') - AI Evolution Theory - Physical World Intelligent Systems Sub-forum, hosted by the world-leading growth consulting firm Frost & Sullivan (Frost & Sullivan, abbreviated as 'Frost & Sullivan'), successfully concluded. The forum was co-hosted by Frost & Sullivan and LeadLeo.
At the AI Evolution Theory - Physical World Intelligent Systems Sub-forum, Mr. Wan Yong, Chairman of SULLIVAN TELE-TREND CLOUD TECHNOLOGY and Chief Executive Officer of TradeGo, was invited to attend the forum and delivered a keynote speech titled 'Observations on IPOs and Refinancing in the Hong Kong AI Industry'.
The presentation content mainly focuses on providing an in-depth yet easy-to-understand interpretation and sharing of the IPO issuance, corporate refinancing, and listed companies in the Hong Kong AI industry.
1. AI companies are showing a high enthusiasm for listing in Hong Kong, with a diverse range of application types
Mr. Wan Yong pointed out that since the second half of 2023, 25 AI-related companies have gone public on the Hong Kong Stock Exchange. Five AI companies were successfully listed in the first half of 2025, although the number is less than the nine in the same period of 2024, each with its own unique features in application areas, covering multiple fields such as warehousing and logistics, solutions, and unmanned mining trucks.
The five AI companies listed in 2025 raised approximately HK$4.282 billion, a decrease of HK$1.27 billion compared to the same period last year. This change is mainly due to the cooling of speculation in the secondary market and the focus on A+H new listings in the Hong Kong IPO market during the first half of the year.
II. Investors remain enthusiastic, and institutional recognition is high
From the subscription data, investors' enthusiasm for AI stocks remains high. Companies such as CloudWalk have seen impressive public subscription multiples, with over 10,000 subscribers. Among them, the national allocation subscription for JizhiJia-W reached as high as 30.17 times, far exceeding the level of other companies in the industry, indicating the high recognition of institutional investors for high-quality AI enterprises.
III. The refinancing market is active, and IPOs are just the starting point
Mr. Wan Yong particularly emphasized the importance of refinancing in the Hong Kong capital market. As of July 31, 2025, at least 11 AI companies have undergone refinancing, raising a total amount of approximately HK$21.313 billion, accounting for 153.41% of the IPO proceeds of AI companies.
UBTECH has conducted 5 refinancing operations within the past year, securing a total financing of HK$4.541 billion, which is more than 4 times the amount raised through its IPO, setting a benchmark for AI companies in Hong Kong in terms of refinancing.
Mr. Wan Yong stated: 'An IPO is just the beginning, it is a 'funding' and an 'entrance ticket', not an 'end point' or 'guarantee'. The subsequent stages determine whether a company can truly establish itself in the capital market, develop, and realize long-term value.'
IV. There are a large number of-based enterprises, mostly in the application layer
According to LiveReport's big data statistics, as of July 24, 2025, there are 214 companies that have submitted listing applications to the Hong Kong Stock Exchange but have not yet gone public. Among them, 48 companies from the AI industry have submitted their filings, accounting for 22.43%. It is worth noting that among the 48 AI concept companies planning to go public, 11 are A+H companies, accounting for 22.92% of AI filing enterprises.
(Some excerpts)
From the perspective of AI attributes, current RNN-based companies mainly focus on the AI application layer, such as various types of terminal robots and AI applications in various industries.
Terminal robots include Estun, Stand, and Yifei Intelligence for industrial robots, Stone Technology for household robots, KELO for indoor logistics robots, and Yunji Technology for service robots used in various scenarios.
·AI+ industry applications include Innovent Biologics for AI drug research, Desy Biotech for AI medical imaging, Dongxin Marketing for AI marketing, and Guoxing Aerospace for AI satellite technology.
At the AI technology level, there are only two companies developing large AI models, namely Dipu Technology and Norbikan; there are also two companies focusing on visual perception, namely Ruiwei Technology and LD Robotics; and only HZTE Technology is engaged in knowledge graphs.
At the basic level of AI, there are two AI chip suppliers: Liantech and Megvii Innovation; as well as the memory computing company Lichip Memory.
At the end of his speech, Mr. Wan Yong summarized the development opportunities for AI companies in the Hong Kong capital market, emphasizing the important role of professional service institutions in helping enterprises maximize their capital value. This provided participants with a valuable perspective to gain a deeper understanding of the current investment and financing situation in the Hong Kong AI industry.
