Core Insights - Minglue Technology (stock code: 2718.HK) has officially listed on the Hong Kong Stock Exchange, marking the first publicly listed company in Ziyang, Sichuan, with a market capitalization exceeding HKD 40 billion on its debut [1][3] Company Overview - Founded in 2006, Minglue Technology focuses on self-developed large models, leveraging deep industry knowledge and multimodal data capabilities to provide intelligent solutions across the entire marketing and operational chain for enterprise clients [3][4] - The company has served 135 Fortune Global 500 companies, including Procter & Gamble, McDonald's, and Coca-Cola, across various sectors such as retail, consumer goods, food and beverage, automotive, 3C, and cosmetics [3] Shareholding Structure - Post-listing, Tencent holds a 25.96% stake in Minglue Technology, while the company's founder, Wu Minghui, owns 10.28%. Other significant shareholders include Jintuo and AVIC (8.06%) and Sequoia China (approximately 7.15%) [1] Technological Advancements - Minglue Technology has made significant breakthroughs in AI, with its HMLLM model achieving a technological milestone in simulating human subjective emotional responses, earning a nomination for Best Paper at the ACM MM 2024 conference [3][4] - The company launched its enterprise-level proprietary model product line, DeepMiner, in September 2023, focusing on "trusted intelligent models + trusted data" as its core competitive advantage in the enterprise AI large model market [4] Local Economic Impact - Minglue Technology's deep integration with Ziyang began in 2023, establishing its headquarters in the Ziyang High-tech Zone and forming two subsidiaries to drive digital transformation in the region [4] - The Ziyang Development Group invested RMB 300 million in Minglue Technology through a government industry investment fund, acquiring a 4.14% stake, showcasing a successful model for capital attraction and industry incubation in Ziyang [4]

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]

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 and Financial Performance - 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] - As of 10 AM on the listing day, the stock price reached HKD 298.80, an increase of 111.9% from the issue price, resulting in a total market capitalization of HKD 43 billion [1] Group 2: Company Position and Technology - According to a Frost & Sullivan report, Minglue Technology is the largest data intelligence application software provider in China by total revenue for 2024, and also the largest provider in the fields of marketing intelligence and operational intelligence application software [4] - 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 [4] - As of June 30, 2025, Minglue Technology has obtained 2,322 authorized patents and filed 596 patent applications [4] Group 3: Innovations and Strategic Focus - In September 2025, the company 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" [5] - The company signed a contract to become a "key introduced enterprise" for the Hong Kong Special Administrative Region government, indicating a commitment to global expansion [5] - The CEO emphasized the importance of trust in AI development, stating that only trustworthy AI can integrate into production processes and contribute value to human civilization [5]