18C特专科技专题：2025年仍无一单18C企业上市 希迪智驾估值90亿亏损却高达5.8亿元

Core Viewpoint - The market for 18C specialized technology companies in Hong Kong has shifted dramatically from a period of high demand in 2024 to a current state where no IPOs have been completed in 2025, highlighting the challenges these companies face in commercial validation and market expectations [1][9]. Group 1: Market Dynamics - In 2024, 18C specialized technology companies like Jingtai Technology and Hezhima Intelligent were highly sought after, but by 2025, the market has seen no completed IPOs among the 12 companies that have submitted applications [1][9]. - The Hong Kong Stock Exchange implemented reforms on September 1, 2024, lowering the minimum market capitalization requirements for specialized technology companies, with commercialized companies' thresholds reduced from HKD 60 billion to HKD 40 billion [1][9]. Group 2: Company Performance - Three listed 18C companies have shown varied performance, with Jingtai Technology's stock price increasing by 93% since its IPO, while Hezhima Intelligent has seen a decline of 31% [2][6]. - Jingtai Technology raised a total of HKD 32.2 billion through two rounds of financing, significantly exceeding its IPO fundraising of HKD 10.4 billion [4]. - Hezhima Intelligent's stock price fell sharply after a secondary offering at a discount to its IPO price, reflecting concerns over its financial performance and lack of clarity in earnings forecasts [6]. Group 3: Financial Metrics - Jingtai Technology's R&D spending was substantial, with 2024 expenditures at HKD 4.18 billion, representing 157% of its revenue [8]. - Hezhima Intelligent reported a revenue of RMB 4.74 billion for 2024, but also disclosed a significant adjusted net loss of RMB 13.04 billion, raising questions about its profitability despite revenue growth [6][11]. - The company Yujiang, despite being the smallest at IPO with a market cap of HKD 75 billion, has seen its stock price rise by 188%, although its financial performance remains weak with a net loss of RMB 0.95 billion [7][10]. Group 4: Future Outlook - The 12 companies that have submitted IPO applications in 2025 have met the commercial revenue threshold of HKD 2.5 billion, but many are struggling with weak fundamentals and unclear commercialization paths [11]. - Companies like Xidi Zhijia and Wuyi Vision are facing regulatory pressures and have yet to receive feedback from the securities regulatory authority, indicating potential challenges in their IPO processes [12].