Good News on Listing | Frost & Sullivan Assists Minglue Technology to Successfully Go Public in Hong Kong (2718.HK)

Minglue Technology successfully went public on November 3, 2025, planning to issue 7.219 million H shares, of which 90% will be international offerings and 10% will be public offerings. The issue price per share is HK$141, raising approximately HK$900 million in net proceeds.

During the process of listing in Hong Kong this time, Frost & Sullivan mainly undertook the following tasks: helping the issuer accurately and objectively understand its positioning in the target market, using objective market data to discover, support, and highlight the issuer's competitive advantages, assisting the issuer, investment banks, and other intermediaries in completing the relevant parts of the prospectus (such as overview, competitive advantages and strategy, industry overview, business, and other important chapters), helping the issuer complete communication with the Hong Kong Stock Exchange and investors, assisting investors in quickly understanding the market ecosystem and competitive landscape, and assisting the issuer in completing feedback on various industry-related issues from the Hong Kong Stock Exchange, etc.

Frost & Sullivan has always been a leader in helping companies go public in Hong Kong. According to LiveReport's big data (statistical data as of September 30, 2025), from January to September 2025, as well as during the past 12 and 36 months, Frost & Sullivan provided listing industry advisory services to 47 (market share 72%), 62 (market share 69%), and 162 (market share 70%) Hong Kong-listed IPOs respectively, ranking first in terms of number. It has rich industry experience and communication experience with regulatory authorities, exchanges, investment and financing institutions, and various related agencies.

●Based on the total revenue for 2024, Minglue Technology is China's largest provider of data intelligent application software;

●A pioneer in technology and concepts of data intelligence application software industry, with a successful track record of product innovation spanning 19 years. Relying on two core platforms, the independently developed 'Secondhand Clock System' and 'Intelligent Store Operation System', it provides an integrated marketing and operation intelligence solution covering online and offline scenarios.

• As of June 30, 2025, in terms of the number of major clients, the renewal rate of major clients for the Secondhand Clock System exceeds 90%.

   

• Operational intelligent products and solutions have been deployed in over 30,000 restaurants and more than 53,000 offline retail stores.

●Minglue Technology has taken the lead in introducing multimodal large language models (MLLM) and hypergraph multimodal large language models (HMLLM) into the industry. As of June 30, 2025, Minglue Technology holds a total of 2,322 patents and 596 patent applications.

●With an experienced management team, coupled with profound industry expertise and an encouraging corporate culture, Mr. Wu Minghui, Founder, CEO and CTO, has over 20 years of experience in software development and algorithm research. He holds over 180 patents and has filed for 40 more at home and abroad.

According to the Frost & Sullivan report, in terms of 2024 revenue:

• Minglue Technology is China's largest provider of data intelligence application software.

General AI refers to the stage where artificial intelligence has developed to the point where it exhibits human-like intelligence through broad cognitive and decision-making abilities in different environments and fields. Against the backdrop of future development of general AI, data, generative AI models, and industry knowledge are key factors for enterprises to gain competitive advantage. Enterprises can use data intelligent application software to convert the unique data value accumulated during operations into capital, and then combine this with the capabilities of generative AI and their understanding of specific industries to generate data-driven workflows. This approach can optimize operational efficiency in vertical application scenarios and help enterprises enhance customer experience.

Data intelligence application software leverages artificial intelligence, big data, cloud computing, and the Internet of Things technologies to help customers extract value from data. It provides specific scenario-specific data intelligence capabilities in various scenarios including marketing and operations, empowering enterprises to achieve data-driven decision-making processes and cost reduction and efficiency improvement in operational management. The following diagram illustrates the upstream, midstream, and downstream value chain of the China data intelligence application software market.

Source: Frost & Sullivan report

According to the usage of enterprises in different applications, data intelligence application software can be mainly divided into marketing intelligence, operational intelligence, and others. The market scale of data intelligence application software in China increased from RMB 169 billion in 2020 to RMB 327 billion in 2024, with a compound annual growth rate of 17.9% from 2020 to 2024. With the growing demand for data intelligence application software by enterprises, technological development, and government encouragement policies for the industry, it is expected that the market scale will reach RMB 675 billion in 2029, with a compound annual growth rate of 15.6% from 2024 to 2029.

Source: Frost & Sullivan report

In the ever-changing data utilization environment, enterprises have always faced some key challenges that hinder their ability to fully utilize data to drive business growth and may even lead to compliance issues. The following elaborates on the main pain points faced by enterprises and the value proposition of data intelligent application software:

● Unmet needs in vertical use cases

Despite the rapid development of general-purpose large models in recent years, there are issues such as illusions during model development, inaccurate reasoning, and lack of effective integration with real business scenarios. Data intelligence application software, based on the pain points and needs of real business scenarios, accumulated vertical scenario data, and technical capabilities, helps enterprises improve the accuracy and reliability of their outputs while leveraging the capabilities of general-purpose large models.

● Data silos

In the development of enterprises (especially large ones), different data are often stored in independent systems used by different departments, and the data generated by online and offline businesses are often separated, forming data silos. Such isolated data repositories face the challenge of integration and fully leveraging data value. Data intelligent application software can assist enterprises in overcoming this challenge, integrating data from different sources, including online and offline sources (such as IoT devices), and managing them in a unified manner, thereby enhancing data accessibility and improving their utilization efficiency.

●Data ethics dilemmas

As the importance of data continues to rise, especially in the development of artificial intelligence technology, the ethical dilemmas surrounding data have become more urgent. Data ethics refers to the system of values and moral principles related to the responsible collection, use, and sharing of data. For example, in the context of advertising placement, the interests of participants such as brands/enterprises, advertising agencies, and media platforms may not be aligned, which can undermine trust during the marketing process. The purpose of data intelligent application software is to help customers better unlock the value of data, while also addressing data ethical dilemmas to alleviate problems.

With the continuous advancement of generative artificial intelligence technology, data intelligence application software providers play a key role. Leading AI companies specializing in foundational models use massive computing power and vast datasets to pretrain powerful models. Recently, leading foundational models such as DeepSeek have confirmed that innovative training strategies can effectively reduce costs while maintaining excellent performance. However, since foundational models are primarily designed for general-purpose applications, they often face various challenges in specific industry applications, such as hallucinations and inadequate adjustments to actual workflows.

To bridge this gap, data intelligence application software providers play a key role in transforming the general capabilities of basic models into reliable and professional solutions for specific scenarios. These providers can access data from specific industries and have the ability to process large-scale multimodal datasets, enabling companies to develop vertical multimodal models that can enhance basic models with higher precision and efficiency. In addition, by leveraging domain expertise of application software and continuous data feedback, data intelligence software providers can further refine their models to ensure they better fit real-world use cases and maintain competitive advantage.

Source: Frost & Sullivan report

● Enterprises' demand for data intelligent application software

With the intensification of competition among enterprises, companies increasingly need to adopt data-driven strategies and operational decisions to ensure long-term success in a highly competitive business environment. The rapid development of artificial intelligence, mobile internet, and the Internet of Things has led to a continuous rise in data complexity and an explosive growth in data volume, posing higher challenges to data-driven decision-making capabilities in various application scenarios. Data intelligent application software deeply integrates various heterogeneous data sources, enhancing enterprises' data-driven decision-making capabilities. Looking ahead, data will not only become the foundation for enterprise decision-making but also an important tool for optimizing production processes, improving efficiency, and reducing costs.

● Dramatic increase in multimodal data

With the rapid development of mobile internet and Internet of Things devices, multimodal data processing has become increasingly common and rich. The complexity and heterogeneity of multimodal data pose new challenges and opportunities for micro-data processing and analysis. Enterprises need to utilize data intelligent application software to deeply mine and integrate multimodal data for in-depth analysis, in order to better utilize and extract the value of data from different vertical application scenarios.

● Technological Development

The continuous progress of cutting-edge technologies such as artificial intelligence, big data, cloud computing, and the Internet of Things has provided critical support for the development of data intelligent application software. Among them, artificial intelligence has developed particularly significantly in recent years. With the development of large-scale pre-trained models such as Transformer and Diffusion, artificial intelligence technology is evolving from discriminative to generative techniques. Through pre-training on large-scale datasets, strong content understanding and generative capabilities have been formed, further expanding the application scope and capabilities of data intelligent software and promoting the continuous development of the industry in the new wave of technologies.

● Favorable policies

In recent years, the Chinese government has introduced a series of policies and measures such as the "14th Five-Year Plan" for the development of the digital economy, the "Guiding Opinions on Strengthening Data Asset Management," and the "Three-Year Action Plan for 'Data Elements X' (2024-2026)," vigorously promoting the development of the digital economy. These policies aim to advance data assetization, strengthen the country's digital economy's technological innovation capabilities, drive digital transformation across various industries, cultivate new economic growth points, and thereby expand the market scale for China's data intelligent application software. At the same time, regulations such as the "General Data Protection Regulations," the "Personal Information Protection Law of the People's Republic of China," and the "Data Security Law of the People's Republic of China" have redefined the responsibilities and obligations of enterprises in handling personal data, providing a healthy and sustainable development environment for China's data intelligent application software market.

● The complexity of data has increased, driving up the value of data intelligence application software

With the rapid development of Internet of Things, artificial intelligence, and big data technologies, the volume of data has exploded, and the complexity of data has also been continuously increasing. Various sensors, intelligent devices, and internet applications continue to generate massive amounts of structured and unstructured multimodal data, increasing the complexity of data processing and analysis, and posing higher requirements and demands for intelligent data application software.

● Further integration with large models

The development of large models is paving the way for general artificial intelligence and will become one of the important production factors for enterprises in the future. An increasing number of data intelligence application software providers will further integrate the capabilities of large models and apply them widely in different scenarios, including corporate marketing and operations. As the capabilities of large models become more popular and mature, the value of data in vertical scenarios is likely to increase. Data intelligence application software providers will continue to improve their data accumulation in industry-specific vertical fields and the R&D capabilities of large models for specific industries, providing differentiated services to customers across various industries. In addition, AI intelligent agents for different industry-specific vertical fields will become an important part of the future work processes for enterprises and individuals, connecting to different aspects of the enterprise through APIs to further help reduce costs and increase efficiency.

● The importance of data privacy and security is increasing

With the increasing popularity of data intelligent applications, data privacy and security issues have become increasingly prominent. Governments and enterprises are paying increasing attention to data protection regulations, and privacy protection technologies such as federated learning and blockchain are gradually becoming key technologies for data intelligent application software providers to ensure data security and privacy, playing an increasingly important role.

Based on 2024 revenue, Minglue Technology is China's largest provider of database intelligent application software.

Source: Frost & Sullivan report

Against the backdrop of current global oversupply of goods, the importance of marketing in the entire business environment is becoming increasingly prominent. Marketing is no longer just an auxiliary means for selling products, but one of the core forces driving sustainable development for enterprises. In an increasingly competitive market environment, enterprises need to implement data-driven analysis strategies through effective marketing tools in order to stand out, attract more potential customers, and achieve sales growth.

Marketing intelligent application software refers to application software that uses technologies such as artificial intelligence and big data to solve the business needs of enterprises in marketing scenarios from various aspects such as intelligent insights, intelligent advertising placement, and advertising monitoring. It helps enterprises achieve measurable, attributable, and optimizeable data-driven marketing activities and empower business growth.

The market scale of intelligent marketing application software in China increased from RMB 4.4 billion in 2020 to RMB 9.3 billion in 2024, with a compound annual growth rate of 20.6% from 2020 to 2024. Looking ahead, the market scale of intelligent marketing application software in China is expected to reach RMB 202 billion in 2029, with a compound annual growth rate of 16.8% from 2024 to 2029.

Source: Frost & Sullivan report

Based on 2024 revenue, Minglue Technology is the largest provider of marketing intelligent application software in China.

Source: Frost & Sullivan report

Operational intelligent application software refers to technologies such as artificial intelligence and the Internet of Things that help enterprises meet operational needs in core aspects such as people, goods, and locations. It enables enterprises to make more effective operational management decisions based on data, improve operational efficiency, and optimize the operational process through precise customer management, intelligent store management, and inventory control, thereby optimizing space utilization.

The market scale of operational intelligent application software in China increased from RMB 2.2 billion in 2020 to RMB 5.1 billion in 2024, with a compound annual growth rate of 23.4% from 2020 to 2024. Looking ahead, the market scale of operational intelligent application software in China is expected to reach RMB 115 billion in 2029, with a compound annual growth rate of 17.7% from 2024 to 2029.

Source: Frost & Sullivan report

Based on its revenue in 2024, Minglue Technology is the largest provider of operational intelligent application software in China.

Source: Frost & Sullivan report