"AI Leading First" triggers Hong Kong stock market speculation, with Haitian Technology (02706) receiving over 3300 times oversubscription for financing subscription.

With the iteration of AI technology and the deepening of industrial implementation, the AI sector in A shares and Hong Kong stocks continues to strengthen. On February 9th, A-share AI application concept stocks such as COL Group Co.,Ltd. (300364.SZ), Hicon Network Technology (301262.SZ), and IReader Technology (603533.SH) all hit the daily limit up, with Dawei Technology (Guangdong) Group (600589.SH) in the computing power concept hitting the limit up during trading. Suzhou TFC Optical Communication (300394.SZ) and Business-intelligence Of Oriental Nations Corporation (300166.SZ) also rose by over 15%. In Hong Kong stocks, KNOWLEDGE ATLAS (02513) rose by over 36% throughout the day, while KINGSOFT CLOUD (03896) and MINIMAX-WP (00100) both rose by over 10% during trading. It is noted that the heat of the AI market has spread to the new stock market. As of the time of writing, known as the "AI First Stock" HAI Speech Technology (02706) has received a subscription multiple exceeding 3300 times, with an expected subscription multiple exceeding 5600 times and a subscription amount of over 262 billion Hong Kong dollars, breaking recent records for AI-related new stock subscriptions in the Hong Kong stock market. On the funding structure level, online brokers such as Futu and Tiger have contributed over 80% of the financing, demonstrating individual investors' high confidence in the AI sector and the concept of "AI First Stock". In addition, HAI Speech Technology has attracted four cornerstone investors including JINGSHENGHENGXING and Infini, with a total subscription of approximately 15 million US dollars, further strengthening market confidence. Behind the high recognition of investors in HAI Speech Technology is the strong support of the booming AI industry and the company's unique positioning and core strength in the "AI First Stock". Currently, the explosive growth of the AI industry has become a certain trend, but the issue of large-scale model "illusions" has always been a key bottleneck restricting the industrial-scale landing. Problems such as false information output and inaccurate logical deductions have deterred the financial, government, and other fields requiring high information accuracy. HAI Speech Technology addresses this pain point in the market, with its core technology of "graph and model fusion", deeply integrating the structured logic of knowledge graphs with the reasoning ability of large models to generate illusions from the source through traceable and verifiable "true value anchors". As the first Chinese company to effectively reduce large-scale model illusions through knowledge graphs, HAI Speech Technology has received authoritative recognition for its technical strength. In 2023, the company's AtlasGraph graph database broke the world record by 45%, demonstrating leading global graph computing technology. In a specific field, in 2024, the company is expected to occupy about 50% of the market share in the industrial-grade AI intelligent body market centered on graphs, securing its position as an industry leader and laying a solid foundation with its core strength to capture the market. According to Frost & Sullivan data, the market size of industrial-level AI solutions in China is expected to increase from approximately 65.4 billion yuan in 2025 to about 286.1 billion yuan in 2029, with a compound annual growth rate of 44.6%; among them, the industrial-level AI intelligent body integrated with knowledge graphs is expected to increase significantly from 200 million yuan in 2024 to 13.2 billion yuan in 2029, with a compound annual growth rate as high as 140%, reflecting the strong market demand for "illusion suppression" technology and confirming the forward-looking nature of HAI Speech Technology's market choice. The dual advantages of technology and market have translated into solid commercial results and performance growth. The company has built a full-chain capability from data governance to intelligent decision-making, with products serving over 360 government and enterprise clients, covering areas with strong payment capabilities such as government affairs, finance, and telecommunications, with average unit prices at a higher level in the industry. This has formed a virtuous cycle of "technology barriers and customer willingness to pay". In terms of performance, HAI Speech Technology achieved total revenue of 503 million yuan in 2024, with a compound annual growth rate of 26.8% from 2022 to 2024. The year-on-year growth rate in the first half of 2025 further increased to 38.4%, strengthening the growth momentum. The performance of the core growth engine, the Atlas intelligent body, has been particularly impressive, becoming a key variable in optimizing the revenue structure. This business only achieved revenue of 9 million yuan in 2023, but soared to 87 million yuan in 2024. By the first half of 2025, its revenue contribution had increased to 28%. This explosive growth further confirms the commercial potential of graph and model fusion technology, demonstrating the market's urgent demand for core business-level AI solutions. Currently, there are signs of marginal improvement in liquidity in the Hong Kong stock market, coupled with the high vitality of the AI sector. The frenzy of oversubscription of HAI Speech Technology is expected to become a benchmark for new stock offerings in the segmented field. As the "AI First Stock", its listing not only provides investors with high-growth dividend targets but also promotes the upgrade of the industrial AI towards precision and trustworthiness. With HAI Speech Technology as a leading player possessing the ability to solve core pain points and implement solutions, it is poised to lead long-term value growth.