在AI技术狂飙突进的时代，一场关于"可信AI"的商业竞赛正在悄然展开。2月13日，以"AI除幻"为核心业务的海致科技集团登陆港交所，上市首日股价暴涨 242%，市值突破370亿港元，成为今年港股市场最耀眼的新股。这家由百度前高管任旭阳创立的企业，凭借其独特的技术路线，在AI行业激烈竞争中开辟出 一条新赛道。 AI除幻技术瞄准的是当前行业最棘手的痛点——大模型生成的虚假信息问题。随着ChatGPT等生成式AI的普及，内容真实性危机日益凸显。海致科技通过构 建知识图谱与大模型深度融合的推理平台，有效降低AI输出中的错误率。这项技术已获得金融机构、能源企业等客户的认可，其"海致Atlas LLM图模联合推 理平台"成为国内首个解决该问题的商业化产品。 创始人任旭阳的创业履历堪称互联网行业的教科书。这位百度早期元老在2001年加入公司后，先后主导战略合作、投资并购等核心业务。2009年创立爱奇艺 并引入龚宇担任CEO，2011年又与郑朝晖共创一点资讯。2013年，他携手百度前同事史有才、胡嵩成立海致科技，最初聚焦大数据分析领域，直到2021年与 清华团队研发出高性能分布式图数据库，才正式转型AI赛道。 公司业务呈现明 ...

Core Viewpoint - Haizhi Technology (02706.HK), known as the "first stock to eliminate AI hallucinations," made a strong debut on the Hong Kong stock market, with its share price surging over 260% on the first day, setting a record for the highest opening increase of a new stock in Hong Kong this year [1] Group 1: IPO Details - The company issued a total of 28.03 million H-shares, with 2.803 million shares available for public offering, accounting for 10% of the total, and 25.227 million shares for international placement, accounting for 90% [1] - The IPO price was set at HKD 27.06 per share, raising approximately HKD 760 million [1] - Four cornerstone investors participated in the IPO, with a total subscription amount of about USD 15 million (approximately HKD 117 million) [1] Group 2: Company Overview - Founded in 2013, Haizhi Technology focuses on digital transformation needs across multiple sectors, specializing in developing industrial-grade intelligent agents and providing AI solutions [1] - The company's core business centers around the Atlas graph solution and the research and promotion of industrial-grade intelligent agents [1] Group 3: Market Position and Technology - According to Frost & Sullivan, Haizhi Technology ranks fifth among industrial AI intelligent agents providers in China by revenue for 2024 and holds the first position among graph-centric AI intelligent agents providers, with a market share of approximately 50% [2] - The company's competitive edge lies in its "AI hallucination elimination" technology, which addresses the issue of AI-generated content producing seemingly coherent but factually incorrect information [2] Group 4: Financial Performance - Despite continuous revenue growth, the company has not yet achieved profitability due to high initial investments in technology research and development [2] - Revenue figures for 2022 to 2024 are projected at CNY 313 million, CNY 376 million, and CNY 503 million, respectively, with a compound annual growth rate of 26.8% [2] - Net losses for the same period are expected to be CNY -178 million, CNY -266 million, and CNY -93.73 million, totaling approximately CNY -537 million [2] - The company is gradually reducing its R&D expenses, which were CNY 86.94 million in 2022 (27.8% of total revenue), CNY 72.71 million in 2023 (19.4% of total revenue), and are projected to be CNY 60.68 million in 2024 (12.1% of total revenue) [2]

近年来，北京经开区通过"政策引领+梯队培育+管家服务"相结合的模式，为拟上市企业提供全流程支 持。例如，创新发布新的上市专项政策"群雁计划"，从"结果奖励"转向"过程服务"和"培育赋能"，着力 完善企业上市服务体系，全方位助力企业登陆资本市场。为企业提供分层分类精准服务，打造以头雁企 业为引领、鸿雁企业为中坚、雏雁企业为基石的"雁阵式创新梯队"。为企业配置专人管家，持续跟进企 业上市进展，响应企业诉求；践行"上市服务专家顾问团队"机制，通过专题培训、"一对一"辅导、"走 进交易所"等形式，为企业提供咨询服务。发挥市区协同联动作用，依法合规推进上市相关工作。截至 目前，北京经开区上市企业总数已超60家，涵盖新一代信息技术、高端汽车和新能源智能汽车、生物技 术和大健康、智慧物流等产业领域，形成结构合理、梯次相对完整的上市企业矩阵。 北京亦庄企业北京海致科技集团股份有限公司正式在港交所挂牌上市。 来源：北京亦庄 此次港股IPO，海致科技全球发售2803.02万股H股，其中香港公开发售280.32万股，国际配售2522.7万 股，发行定价为每股27.06港元，募集资金总额约7.6亿港元。本次募集资金将用于强化图模融合 ...

Core Viewpoint - The article discusses the IPO of Haizhi Technology, which focuses on using "graph-model fusion" technology to address the hallucination issues of AI models, highlighting its business model, market potential, and investment backing [3][4][15]. Company Overview - Haizhi Technology went public on February 13, with an IPO price of HKD 27.06 per share, raising approximately HKD 760 million. The stock opened with a 204% increase, reaching a market capitalization of over HKD 32.9 billion [3][4]. - The company was founded by Ren Xuyang, a former Baidu executive, and has attracted significant investment from various venture capital firms and strategic funds [4][10]. Business Model and Technology - Haizhi Technology utilizes "graph-model fusion" to effectively reduce AI hallucinations, combining structured knowledge graphs with flexible language models to enhance decision-making in high-accuracy sectors like finance and government [15][16]. - The company's main offerings include the Atlas Graph Solution and Atlas Intelligent Body Solution, which leverage graph computing and data analysis capabilities [16][18]. Financial Performance - Revenue projections for Haizhi Technology from 2022 to 2024 are CNY 313 million, CNY 376 million, and CNY 503 million, respectively, with a compound annual growth rate (CAGR) of 26.8%. The gross margin is expected to increase from 30.9% in 2022 to 36.3% in 2024 [18][19]. - The company has not yet achieved profitability, with net losses of CNY 176 million, CNY 266 million, and CNY 93.73 million over the past three years [21]. Investment and Shareholding - Major shareholders include Ren Xuyang with 5.38% and institutional investors like Junlian Capital (12.68%) and BAI Capital (6.05%) [5][10]. - The IPO attracted cornerstone investments totaling approximately USD 15 million (about HKD 117 million) from four key institutions [4][10]. Market Potential - The market for AI solutions centered around graph technology is projected to reach CNY 10 billion by 2024, with Haizhi Technology positioned as a leading player in this niche [27]. - The overall market for industrial AI solutions in China is expected to grow from CNY 12.5 billion in 2020 to CNY 453 billion by 2024, with a robust CAGR of 37.9% [32]. Future Plans - The company plans to allocate approximately 45% of the raised funds to enhance its graph-model fusion technology and 20% to optimize its Atlas Intelligent Body [25]. - Haizhi Technology aims to expand its market presence in Hong Kong and Singapore, utilizing about 15% of the funds for international market development [25].

Core Viewpoint - The successful IPO of Beijing-based AI company Haizhi Technology marks a significant milestone in the Hong Kong stock market, highlighting the growing interest and investment in AI companies [4][7][18]. Group 1: Company Overview - Haizhi Technology, established in August 2013, focuses on industrial-grade AI agents and has adopted a pragmatic approach through "graph-model fusion" technology [9][10]. - The company was dubbed the "first stock to eliminate AI hallucinations" due to its innovative approach to reducing inaccuracies in AI outputs [9][10]. - The IPO raised approximately HKD 648 million, with funds allocated primarily for R&D, optimization of its Atlas AI agent, and market expansion [10]. Group 2: Financial Performance - Haizhi Technology reported revenues of approximately CNY 313 million, CNY 376 million, and CNY 503 million for 2022, 2023, and 2024 respectively, indicating steady growth [10]. - The net losses for the same years were approximately CNY 176 million, CNY 266 million, and CNY 93.73 million, with a significant reduction in losses projected for 2024 [10]. - The adjusted net profit for 2024 is estimated at approximately CNY 16.93 million, marking a pivotal point in achieving profitability in the AI sector [10]. Group 3: Market Context - The IPO of Haizhi Technology is part of a broader trend of AI companies entering the Hong Kong market, with 21 new listings reported by February 10, 2026, reflecting a 162.5% year-on-year increase [19][20]. - The Hong Kong stock market is experiencing a resurgence, with expectations for continued activity in 2026 driven by improved market conditions and a focus on the commercial value of technology [21][22]. - The presence of diverse investors, including top-tier venture capital and state-owned funds, underscores the confidence in Haizhi Technology's growth potential and the AI sector's future [14][16].

Group 1 - The core point of the article highlights the unprecedented surge in the Hong Kong IPO market driven by artificial intelligence, with Haizhi Technology achieving a record oversubscription rate of over 4068 times, setting a new benchmark for AI-related IPOs in 2023 [1][2] - Haizhi Technology stands out in the AI sector by focusing on "AI hallucination reduction," utilizing a unique "graph-model fusion" technology that combines structured logic from knowledge graphs with large models, addressing critical accuracy needs in high-end markets such as finance and government [1][2] - The company has demonstrated strong financial performance, with a compound annual growth rate of nearly 27% in revenue over the past three years, and its core Atlas intelligent agent business has shown explosive growth, validating its commercialization capabilities [2] Group 2 - The recent oversubscription trend in the IPO market, primarily driven by individual investors and internet brokers, indicates a significant improvement in liquidity in the Hong Kong market and a clear return of foreign capital [1][2] - As the "first stock to reduce AI hallucination," Haizhi Technology's listing is expected to open up a high-growth potential niche market for investors and promote the upgrade of industrial AI towards precision and reliability [2]

Group 1 - The AI sector in both A-shares and Hong Kong stocks is experiencing significant growth, with multiple stocks hitting the daily limit up, indicating strong market interest [1] - HaiZhi Technology, known as the "first stock to eliminate AI hallucinations," has seen its financing subscription multiples exceed 3300 times, with expectations to surpass 5600 times, reflecting high investor confidence [2] - The AI industry is witnessing explosive growth, with the market for industrial-grade AI solutions in China projected to grow from approximately 65.4 billion RMB in 2025 to about 286.1 billion RMB by 2029, representing a compound annual growth rate (CAGR) of 44.6% [3] Group 2 - HaiZhi Technology has developed a unique "graph-model fusion" technology that effectively reduces hallucinations in large models, addressing critical issues in sectors requiring high information accuracy [2][3] - The company has achieved a market share of approximately 50% in the industrial-grade AI intelligent agent market, demonstrating its leading position in the industry [3] - HaiZhi Technology's total revenue is projected to reach 503 million RMB in 2024, with a CAGR of 26.8% from 2022 to 2024, indicating a strong growth trajectory [4]

Group 1 - The AI sector in A-shares and Hong Kong stocks is experiencing strong growth, with several stocks hitting the daily limit up, indicating high investor interest in AI applications [1] - Hai Zhi Technology, known as the "first stock to eliminate AI hallucinations," has seen its financing subscription multiple exceed 3300 times, with expectations to surpass 5600 times, reflecting strong market confidence [2] - The AI industry is witnessing explosive growth, with the market for industrial-grade AI solutions in China projected to grow from approximately 65.4 billion RMB in 2025 to about 286.1 billion RMB by 2029, representing a compound annual growth rate (CAGR) of 44.6% [3] Group 2 - Hai Zhi Technology has developed a unique "graph-model fusion" technology that effectively reduces hallucinations in large models, addressing critical issues in sectors requiring high information accuracy [2][3] - The company has achieved a market share of approximately 50% in the industrial-grade AI intelligent agent market, solidifying its position as an industry leader [3] - Hai Zhi Technology's total revenue is projected to reach 503 million RMB in 2024, with a CAGR of 26.8% from 2022 to 2024, indicating a strong growth trajectory [4]

Core Insights - The article highlights Haizhi Technology's unique graph-model fusion technology, which allows AI agents to integrate into core business processes across various industries, taking on high-precision tasks such as analysis, decision-making, and execution [1][10] - Haizhi Technology is positioned as a key player in the AI industry, focusing on the deep-water zone of industrial-grade AI agents, creating dual barriers in technology and commercialization, and capitalizing on the explosive growth of the industry [1][15] Technology and Innovation - Haizhi Technology is the first company in China to effectively reduce the hallucination problem of large models through knowledge graphs, enhancing accuracy, reducing hallucination rates, and improving complex logical reasoning capabilities [1][2] - The company's graph-model fusion technology addresses the hallucination issue at its source, integrating knowledge graphs with large models to provide verifiable factual bases for AI outputs [2][5] - The core competitiveness of Haizhi Technology lies in its "trinity" approach: superior graph computing capabilities, graph-model fusion technology, and application expertise [5][6] Market Position and Growth - Haizhi Technology has established a significant market presence, holding a 50% market share in China's graph-based AI agent market, far exceeding its competitors [15] - The industrial-grade AI solutions market in China is projected to grow from approximately RMB 654 billion in 2025 to about RMB 2,861 billion by 2029, with a compound annual growth rate of 44.6% [15] - The company's revenue is expected to reach RMB 503.1 million in 2024, with a compound growth rate of 26.8% from 2022 to 2024, indicating a strong growth trajectory [15][19] Application and Client Engagement - Haizhi Technology's solutions have successfully addressed core pain points for clients, leading to significant risk reduction in financial services, such as a 20% increase in fraud detection for Shanghai Bank [10][11] - The company has served over 360 government and enterprise clients across various sectors, establishing a high customer retention rate and willingness to pay for its services [11][21] Future Outlook - The company is in the process of an IPO, with funds aimed at enhancing its graph-model fusion technology, optimizing its Atlas AI agent, and expanding into new markets [22] - Haizhi Technology's focus on a niche vertical technology path differentiates it from larger competitors, positioning it for long-term growth in the industrial-grade AI sector [22]

时隔半年，大模型"除幻"第一股海致科技即将正式登陆港股。1月23日，海致科技公告其通过上市聆 讯，拟在香港主板上市。公司联席保荐人为招银国际、中银国际、申万宏源。 招股书显示，公司称其为行业内首家通过知识图谱有效减少大模型幻觉的中国企业。 据招股书，随着AI大模型应用的逐步推广，海致科技近年相关除幻收入，即"Atlas智能体"呈现快速增 长状态，其中2024年相比2023年增幅超9倍，2025年上半年增幅近5倍。 但与此同时，海致科技作为行业"早鸟"，公司较行业相比相对平庸的毛利率水平，以及"SaaS"业务形态 带来的展业边际成本，技术壁垒带来的行业门槛等不确定性，都在考验公司在"AI除幻"这个高速成长行 业的前景。 "除幻"收入占比较小 根据招股书，海致科技于2013年成立，早年累计许多知识图谱开发知识。2021年开始，公司联合中国工 程院郑纬民教授开展高性能图计算领域的协同研究；2023年开始，其基于"Atlas智能体"开始在AI除幻 领域崭露头角。 根据招股书，海致科技除幻业务的核心商业模式是通过其专有的"图模融合技术"，为企业客户提供能够 有效减少大语言模型"幻觉"的产业级AI智能体解决方案，并以此收 ...