Group 1 - Minglue Technology officially listed on the Hong Kong Stock Exchange, becoming the world's first "Agentic AI" stock and the first company in Hong Kong with a complete technology stack for Agentic AI [2] - The company issued 7,219,000 Class A shares at an issue price of 141 HKD per share, raising over 1 billion HKD, with the public offering being oversubscribed by 4,452.86 times [2] - After opening, the stock price surged to 298.80 HKD, an increase of 111.9% from the issue price, resulting in a total market capitalization of 43 billion HKD [2] Group 2 - According to Frost & Sullivan, Minglue Technology is the largest data intelligence application software provider in China by total revenue in 2024, and also the largest provider in marketing intelligence and operational intelligence application software [3] - The company has accumulated deep industry data and possesses three core technological advantages in data intelligence, enterprise knowledge graphs, and data privacy, creating a solid barrier for entering the enterprise-level AI large model market [3] - As of June 30, 2025, Minglue Technology has obtained 2,322 authorized patents and filed 596 patent applications [3] Group 3 - In September, Minglue Technology launched its enterprise-level proprietary large model product line, DeepMiner, focusing on "building enterprise-level Agentic AI" with a core differentiation of "trustworthy intelligent models + trustworthy data" [4] - The company signed a contract to become a "key introduced enterprise" for the Hong Kong Special Administrative Region government, which is expected to open up growth opportunities as Chinese enterprises expand overseas [4] - The CEO emphasized the importance of trust in AI development, stating that the mission is to create data-driven trustworthy productivity and provide intelligent solutions that are reliable and traceable for global enterprises [4]

Core Insights - Minglue Technology (stock code: 2718.HK) officially listed on the Hong Kong Stock Exchange on November 3, 2025, becoming the "first global Agentic AI stock" and the first company in Hong Kong with a complete technology stack for Agentic AI [1] Group 1: Listing Details - The company issued a total of 7,219,000 Class A shares at an issue price of HKD 141 per share, raising over HKD 1 billion [1] - The public offering was highly oversubscribed, with a subscription rate of 4,452.86 times for the Hong Kong public offering and 13.93 times for the international offering [1] - After opening, the stock price surged to HKD 298.80, an increase of 111.9% from the issue price, resulting in a market capitalization of HKD 43 billion [1] Group 2: Company Positioning and Technology - According to Frost & Sullivan, Minglue Technology is the largest data intelligence application software provider in China by total revenue for 2024, and also the largest provider in marketing intelligence and operational intelligence application software [5] - The company has accumulated significant industry data and possesses three core technological advantages in data intelligence, enterprise knowledge graphs, and data privacy, creating a solid barrier for entering the enterprise-level AI large model market [5] - As of June 30, 2025, Minglue Technology holds 2,322 authorized patents and has 596 patent applications [5] Group 3: Innovations and Strategic Focus - In 2024, the company achieved a breakthrough in AI technology with its multi-modal large model (HMLLM), which simulates human subjective emotional responses, earning a nomination for Best Paper at the global ACM MM 2024 conference [5] - In 2025, its proprietary GUI model, Mano ("AI Agile Hand"), topped two authoritative global rankings, establishing a new paradigm for graphical interface operations [5] - The company launched its enterprise-level proprietary large model product line, DeepMiner, in September 2025, focusing on "building enterprise-level Agentic AI" with a core differentiation of "trustworthy intelligent models + trustworthy data" [6] Group 4: Future Outlook - Minglue Technology's global expansion strategy is expected to open up further growth opportunities as Chinese enterprises accelerate their overseas expansion [6] - The CEO emphasized the importance of trust in AI development, stating that the company's mission is to create data-driven trustworthy productivity solutions for global enterprises [6]