特斯联、群核科技等AI公司IPO提速：谁将成今年港股最大标的

Core Viewpoint - The Hong Kong stock market is experiencing unprecedented enthusiasm this year, driven by a surge in AI companies seeking IPOs, with significant policy support and improved liquidity attracting these firms to the market [1][3][4]. Group 1: AI Companies Going Public - Several AI companies, including Teslin, CloudWalk, and others, are actively pursuing IPOs in Hong Kong, indicating a trend towards increased market participation from the AI sector [1][2][4]. - The emergence of DeepSeek has led to a reevaluation of the value of Chinese tech companies, creating new opportunities for AI firms in the Hong Kong market [1][3]. - The introduction of new listing rules, particularly sections 18A and 18C, has made it easier for biotech and specialized tech companies to go public, with 18C allowing for a focus on R&D and technology barriers rather than traditional profit requirements [3][4]. Group 2: Market Conditions and Opportunities - The liquidity in the Hong Kong market has significantly improved since the beginning of the year, boosting confidence among investors and encouraging startups to list [3][4]. - The performance of consumer stocks has shown signs of recovery, with notable companies like Bubble Mart and Mixue Ice Cream gaining attention, which may also reflect positively on the broader market [3]. - AI companies are increasingly recognized for their potential, with significant market interest in firms like Horizon Robotics and Yujing Technology, which have seen their valuations rise dramatically post-IPO [3][6]. Group 3: Financial Performance and Growth - Teslin is projected to be the largest AI IPO in Hong Kong this year, with a valuation exceeding 20 billion RMB and a compound annual growth rate of 58% in revenue from 2022 to 2024 [6][7]. - Other AI companies, such as CloudWalk and Yujing Technology, have also reported substantial valuations, with CloudWalk nearing 9 billion RMB and Yujing Technology at 7.3 billion RMB prior to their IPOs [7][8]. - The R&D investment by Teslin is significant, with a team of 363 researchers making up over 52% of its workforce, reflecting the company's commitment to innovation and technology development [8][9].