2025年港股18C收官之作，"Physical AI第一股"五一视界开启招股

Group 1 - The core viewpoint of the news is that 51WORLD is set to launch its IPO on December 18, 2025, aiming to raise up to HKD 841 million through the issuance of 23.975 million shares at a price of HKD 30.5 per share, with a subscription period from December 18 to December 23, 2025, and expected listing on December 30, 2025 [1] Group 2 - 51WORLD, established in 2015, has developed a comprehensive technological capability in Physical AI, creating a closed-loop ecosystem that includes synthetic data, spatial intelligence models, and simulation training platforms, making it one of the few companies globally with all three key components of Physical AI [2] - The company has launched three core business lines: 51Aes (digital twin platform), 51Sim (synthetic data and simulation platform), and 51Earth (digital earth platform), with its products and solutions being widely adopted by over 1,000 large and medium-sized enterprises across 19 countries and regions [2] - 51WORLD's revenue has shown strong growth, increasing from HKD 170 million in 2022 to HKD 287 million in 2024, representing a compound annual growth rate of 30.02%, with HKD 53.82 million in revenue achieved in the first half of 2025, a 62% increase compared to the same period in 2024 [2] Group 3 - The company has attracted significant investment from notable players in the industry, including domestic GPU pioneer Moore Threads and AI leader SenseTime, as well as well-known funds such as Lightspeed, Yunjiu, Star VC, and individual investors like Ge Weidong and Liang Bota [3] - The listing of 51WORLD is expected to fill a value gap in the AI hard technology sector within the Hong Kong stock market, as there are very few Physical AI companies that possess a complete closed-loop ecosystem and commercial validation [3]