4068 times oversubscribed, causing Hong Kong stocks to explode! AI new stock Sea Future Technology (02706) targets quarterly Hong Kong Stock Connect.

In the Hong Kong stock market of 2026, the new wave of AI track IPO frenzy has never cooled down. BIREN TECH (06082) was oversubscribed 2347 times and surged 109% on the first day, MiniMax (00100) was oversubscribed 1837 times and closed 75% higher on the first day, KNOWLEDGE ATLAS (02513) was oversubscribed 1159 times and despite a 13% increase on the first day, it still ignited the enthusiasm of investors - as computational power and investment dividends from large models gradually unleash, the market is urgently looking for the next definitive target. With top institutions such as Junlian Capital, BAI, and Hillhouse Capital backing it multiple times, Haizhi Technology, sprinting to become the "first stock of graphical model integration" in the Hong Kong stock market, just launched its IPO and instantly became the NEW FOCUS AUTO of the capital market. As of February 10, Haizhi Technology has accumulated a total of 319.331 billion Hong Kong dollars in subscription, based on the public offering fund-raising amount of 78.49 million Hong Kong dollars, oversubscribed 4068 times. From star institutions in the primary market stacking bets to secondary market investors eagerly awaiting, the new wave of Haizhi Technology is by no means accidental. In 2026, when the AI investment logic shifts from computational power frenzy to value validation, this enterprise that uses graphical model integration technology to solve industrial-grade AI core pain points not only hit the windfall of the track explosion but also become a scarce and reliable target in the eyes of institutions with solid technological barriers and pragmatic commercialization. As funds shift from concept speculation to actual value realization, the heat of Haizhi Technology is a triple resonance of industry trends, technological strength, and capital consensus. 1. Institutional Endorsement: Smart money votes with real gold and silver, why bet collectively? In the Hong Kong IPO market, institutions have always been the most effective barometer of value. Since its establishment in 2013, Haizhi Technology has completed a total of 13 rounds of financing, with a lineup of investors that can be described as "luxurious". Junlian Capital, as the largest institutional shareholder, holds a combined stake of 13.62% through 5 affiliated entities, accompanying the company from technology iteration to commercial explosion; BAI, Hillhouse Capital holds 6.5% and 2.55% respectively, confirming their long-term optimism about AI through capital voting; the participation of state-owned background institutions such as China Internet Investment Fund and Beijing Artificial Intelligence Industry Fund highlights the compliance and industrial value of its technological route. It is worth noting that although the cornerstone ratio of Haizhi Technology is only 15.52%, its inclusiveness and strategic value are strong, uniting industry capital, leading AI-related capital, and professional venture capital forces. Before its listing, the recently strong market momentum of the top large model company KNOWLEDGE ATLAS (02513) is controlled by JINGSHENG HENGXING as a cornerstone investor, indicating confidence in Haizhi Technology's technical direction. With the deep integration of the two parties' subsequent businesses, the synergistic empowerment of ToC large models and ToB industrial-grade AI is expected; In terms of financial investors, Infini, a well-known international long-term fund active in the technology track in recent years, covering investment themes such as artificial intelligence, humanoid Siasun Robot & Automation, intelligent manufacturing, actively participates. In the strategic emerging technology industry, this well-funded institution plays a pivotal role, and the market refers to it as "Middle Eastern old money"; In addition, among the cornerstone investors is the Mega Prime Fund, which has a high success rate in past investments and the Beijing Yizhuang Investment Platform. These four cornerstone investors combine resource strength and investment insight, providing the company with solid capital endorsement and strategic support for post-IPO development. What can attract these smart institutional funds will definitely not be the "small profit for short-term gains" that individual investors are scrambling for. As the AI era progresses to the present, the investment logic has fundamentally changed, with the market shifting from chasing computational power infrastructure to verifying real returns from application landing. Data from PwC shows that only 30% of global CEOs are still optimistic about blind investment in AI, and capital tends to bet on quantifiable value-based vertical applications. Do you remember Palantir, a super bull stock that rose 35 times in the U.S. market from 2023 to 2025? The reason why Palantir has been favored by capital for a long time lies in its anchoring of top-notch demand in the U.S. government and enterprises, high barriers to entry tracks, converting scattered data into structured logical signals, solving complex decision-making and risk control issues with traceable and highly accurate AI logical reasoning capabilities, overlaying a high-gross margin, strong customer stickiness business model, and rare global political and enterprise-level data intelligent service capabilities, making it an irreplaceable core target. The reason why Haizhi Technology can attract continuous institutional capital is also due to the same reason. Although there are still significant differences in business scale, globalization layout, and customer level, Haizhi Technology and Palantir share the same focus - not on generalized AI applications, but on data structuring applications as the technological core, focusing on strong compliance sectors such as government and finance, providing customers with precise logic reasoning, risk control, and business optimization services for core businesses through data intelligence. Both companies cut into high-value, high-barrier government-enterprise service tracks through data intelligence and have taken the lead in realizing "quantifiable value vertical applications". 2. Track Heat: AI graphical model integration is a hundred-billion-dollar just need, the king of 140% growth rate The heat of Haizhi Technology is also an early appearance of track dividends. In the AI industry of 2026, the "race for large general models" and the "scarcity of industrial-grade AI" form a sharp contrast - as giants such as ByteDance and Alibaba engage in price wars in the field of large general models, the "graphical model integration" track that Haizhi Technology is deeply cultivating has become a blue ocean market due to its high technological barriers and strong scenario needs. Frost & Sullivan data reveals the enormous potential of the track: the market for industrial-grade AI solutions in China is projected to grow from 65.4 billion yuan in 2025 to 286.1 billion yuan in 2029, with a compound annual growth rate of 44.6%; the "AI intelligent body based on graphical core" sub-track where Haizhi Technology is located has an even more astonishing growth rate - soaring from 200 million yuan in 2024 to 13.2 billion yuan in 2029, with a compound annual growth rate as high as 140%. Behind this growth rate is the urgent demand in industries such as finance, government, and energy for "trustworthy AI": in the financial industry alone, the annual risk control losses caused by AI illusions exceed billions of yuan, and Haizhi's solutions can increase fraud detection accuracy and reduce false positive rates by double-digit percentages, this quantifiable value makes customers willing to pay for high-priced services. What is even more scarce is that Haizhi Technology has already formed a discontinuous leading edge in this golden track. Based on revenue in 2024, it holds a 50% market share in China's AI intelligent body market with a graphical core, far exceeding the 15% of the second-ranked company and 10% of the third-ranked company, making it an absolute industry leader. At a time when AI investment is shifting from "casting a wide net" to "grabbing the dragon's head," this monopolistic position in a sub-track means stronger bargaining power, more stable revenue growth, and has attracted new fund investments - after all, in a track with a 140% growth rate, occupying half of the territory, such targets are few and far between in the Hong Kong stock market. 3. Company Strength: Triple hard barriers, building irreplaceable core value If track dividends are Haizhi Technology's "right time," institutional endorsement is the "right place," then its own hard strength is the "right people" that ignite the IPO frenzy. From technology, commercialization to the team, Haizhi Technology's triple barriers make it difficult to be replaced in the industrial-grade AI track. 1. Technological hard barriers: Reshaping the visualization model, the ultimate solution to AI illusion Haizhi Technology's core competitiveness lies in pioneering the unique technical path of "graphical model integration", which tackles the problem of model hallucination from the source. Haizhi's graphical model integration is a "native endogenous" solution - deeply integrating the "structured logic" of knowledge graphs with the "semantic understanding ability" of large models, allowing AI to have verifiable factual basis for each output. Behind this technological advantage are two strong supports: one is the performance crushing of the AtlasGraph graph database, breaking the world record in 2023 with a 45% advantage over the existing record, supporting real-time analysis of tens of trillions of data points, far exceeding the industry average; the other is the full-process integration capability, integrating knowledge graphs into all stages of pre-training, inference, and retrieval of large models, achieving traceable answers and explainable logic. Test data shows that in the complex logic reasoning MuSiQue benchmark test, Haizhi's graphical model integration technology scored over 50%, while traditional large models scored below 10%, and RAG technology scored below 40%, this precision advantage allows it to handle "zero-error" core business such as financial risk control and government decision-making. More rare is that Haizhi Technology's technological barriers have formed a patent matrix, its "trinity" core capabilities - leading graph computation, forward-looking graphical model integration, and ten years of application expertise - form a competitive advantage like a "polygon warrior", making it difficult for competitors to replicate. 2. Commercialization hard gains: High growth + high gross margin, clear inflection point in profitability As of now, Haizhi Technology has achieved solid commercialization, proving the value of its technology with performance. In 2024, the company's total revenue reached 503 million yuan, with a compound annual growth rate of 26.8% from 2022 to 2024, and a further increase in year-on-year growth rate to 38.4% in the first half of 2025, strengthening growth momentum. The performance of the core growth engine Atlas Intelligent Body is even more explosive: revenue was only 9 million yuan in 2023, soaring to 87 million yuan in 2024, an 872.2% year-on-year growth, with revenue accounting for 24.7% in the first three quarters of 2025, becoming the core DRIVE of the company's growth. Revenue quality is also impressive. Haizhi Technology's 100% pure AI software revenue, with no low-margin businesses such as hardware or outsourcing, has continuously improved gross margins: in the first three quarters of 2025, the gross margin of Atlas graph solution was 36.8%, and the gross margin of Atlas intelligent body was as high as 48.6%, with an overall gross margin of about 40%. As of September 30, 2025, the company has served over 360 corporate and government clients, covering large and medium-sized financial institutions such as BANKCOMM, BANK OF CHINA, China Merchants Bank, state-owned telecommunications companies, as well as public security, market supervision, and other government departments, forming a virtuous cycle of "high price per customer + strong willingness to pay + high renewal rate". Although the company is still in a strategic loss stage at present, with the scale expansion of the intelligent body business and the release of scale effects, the inflection point in profitability is clearly visible. Adjusted net profit had turned positive in 2024 (16.93 million yuan), coupled with the optimization of financial structure after IPO fundraising, Haizhi Technology is expected to quickly enter the profitability channel and achieve a dual breakthrough of "high growth + high profitability". 3. Team hard endorsement: Baidu gene + Academician endorsement, a double guarantee of strategy and execution Haizhi Technology's management team is a dream configuration, bringing both the commercial ability of the Baidu gene and the technical foresight of the academician-level research team. Founder and chairman Ren Xuyang is a Baidu veteran, leading Baidu's acquisitions, public relations, and new business development, spearheading the founding of iQiyi, and accumulating deep resources in the internet and technology investment fields, formulating a clear strategy of "graphical integration + industrial landing" for the company; CEO Yang Zaifei, with experience as a CCTV reporter, public relations entrepreneur, and corporate management, excels in resource integration and business implementation, forming a golden partnership of "strategy + execution" with Ren Xuyang. Of particular note is the "academician-level" endorsement of the research team. The company's chief scientist Zheng Weimin is an academician of the Chinese Academy of Engineering and a leader in the field of high-performance computing, co-founded the Haizhi High-Performance Graph Computing Academician Expert Workstation in 2021, overcoming the core technological bottlenecks in graph computing. The combination of the Baidu gene's abilities in technology, commercialization, and resource integration, coupled with the research endorsement of the academician team, allows Haizhi Technology to accurately grasp industrial demand while maintaining technological leadership, laying a solid foundation for long-term development. 4. Market restlessness: Funds are poised to strike, rapid inclusion in the Hong Kong Stock Connect is within reach When track dividends, technological barriers, institutional endorsements, and performance growth resonate, Haizhi Technology's IPO frenzy has far exceeded expectations. Its oversubscription of 4068 times in the public offering has pushed the current AI new stock subscription frenzy to new heights. Many brokerages are facing quota shortages, and retail funds are pouring in, with Futu Securities alone lending out a staggering HK$207.099 billion in subscription quota! After all, in the 2026 Hong Kong stock market AI new stock market, a target that simultaneously possesses the four labels of "scarce track leader + heavy institutional holding + explosive growth + technological monopoly" is rare. With the groundwork laid by the profitable effects of predecessors such as BIREN TECH and MiniMax, and the tailwind of the industry turning towards AI investment logic, the timing of Haizhi Technology's IPO is just right. For new fund investors, this is not just a short-term arbitrage opportunity, but a long-term opportunity to lay out the industrial landing of AI: as the IPO funds are used for technology iteration, new scenario expansion, and overseas market layout, its monopolistic advantage in the AI track will be further consolidated, and it is expected to explore more high-value scenarios in fields such as intelligent manufacturing and industrial internet, opening up the second curve of revenue growth. Furthermore, Haizhi Technology's IPO actually has many eye-catching design highlights: on the one hand, the company did not set up a greenshoe mechanism, which demonstrates its full confidence in the post-IPO market performance; on the other hand, the public fundraising scale is only 78 million Hong Kong dollars, with high concentration of chips, and the company's static price-to-sales ratio is only around 18 times, putting the valuation in a reasonable range. In simpler terms, even if the market has different views on its fundamentals, Haizhi Technology accurately grasped the key to Hong Kong IPO: an excellent issuance chip structure, laying a good foundation for its post-listing performance. More importantly, Haizhi Technology is expected to become a "dark horse target" quickly included in the Hong Kong Stock Connect this quarter. According to the Hong Kong Stock Connect's "quarterly rapid admission mechanism," stocks listed in the first quarter that meet the standards for inclusion in the Hang Seng Composite Index Review (see below), i.e., rank among the top 77% by market value in the Hang Seng Large Cap Index or top 93% in the Hang Seng Mid Cap Index Buffer Zone, can be swiftly included in the Hang Seng Composite Index, with the effective date usually being the next trading day after the first Friday of June of that year. Given the market's enthusiasm, Haizhi Technology is likely to meet the conditions for rapid inclusion in the Hong Kong Stock Connect. (The information source is the Hong Kong Stock Exchange.) Hong Kong Stock Connect funds have always favored AI hard tech targets, and Haizhi Technology, as the "first stock of graphical model integration in AI," with its scarcity, growth potential, and certainty, aligns with the logic of Hong Kong Stock Connect funds' portfolio. If its stock price performs well after listing, coupled with the expectation of subsequent inclusion in the Hong Kong Stock Connect, it is expected to attract sustained inflows of incremental funds, forming a positive cycle of stock price increase and fund inflow. In short, Haizhi Technology's listing not only ignited a new round of AI IPO frenzy but also has the potential to impact the quarterly Hong Kong Stock Connect, becoming the core anchor point for capital layout in the industrial landing of AI. For investors, this may be an opportunity not to be missed - at a key juncture when AI is moving from technology frenzy to industrial landing, betting on scarce leaders that can truly create value is the only way to seize certain dividends in the waves of the era.