Core Viewpoint - The implementation of innovative IPO policies and the strengthening of the Hong Kong stock market have accelerated the process for unprofitable companies to go public under the "18A" and "18C" listing rules since 2025 [1][2]. Group 1: IPO Trends - Since 2025, a total of 9 companies have submitted applications to the Hong Kong Stock Exchange under the "18C" listing rule, with 5 of these companies applying after the launch of the "Special Line for Science and Technology Companies" in May 2025 [1][2]. - A total of 18 companies have submitted applications under the "18A" listing rule since 2025, with the number for the entire year expected to surpass the 20 companies that applied in 2024 [1][2]. Group 2: Company Characteristics - The 9 companies applying under the "18C" rule are primarily from the fields of artificial intelligence and robotics, each with unique characteristics [3]. - For instance, Chengtai Technology is the largest supplier of forward-looking millimeter-wave radar in China, while Yunjike Technology is a leading provider of robotic service agents in the hotel sector [3]. Group 3: Market Environment - The Hong Kong market is noted for its strong inclusivity and maturity, which contrasts with the A-share market's previously unpredictable stance on unprofitable companies [4]. - The A-share IPO market is gradually increasing its tolerance for unprofitable companies, as indicated by recent policy changes from the China Securities Regulatory Commission [4]. Group 4: Impact of Policy Innovations - The recent IPO policy innovations in Hong Kong have created a more flexible and diverse listing environment, particularly benefiting innovative pharmaceutical companies that are still in the R&D phase [6]. - The introduction of the "Special Line for Science and Technology Companies" allows companies to submit listing applications confidentially, protecting their commercial secrets and facilitating the listing preparation process [6]. Group 5: Market Performance - As of June 25, 2025, the Hang Seng Index has risen approximately 20% since the beginning of the year, with over 80% of the 72 listed "18A" companies experiencing an increase in their stock prices [7]. - The positive performance in the secondary market has boosted investor confidence, attracting overseas capital into the Hong Kong stock market [7].

Core Insights - 51WORLD has submitted its listing application to the Hong Kong Stock Exchange, marking its renewed approach to the capital market [1] - The company aims to create a "digital twin earth" and has successfully reached the fourth phase of its development, focusing on real-time generation and rendering technology [5] Company Overview - Founded in 2015 and headquartered in Beijing, 51WORLD has a registered capital of 10 million yuan and specializes in 3D graphics, simulation, and artificial intelligence [1] - It is the first company in the digital twin industry to propose and implement an earth cloning plan, ranking first in revenue within the industry in 2023 [1][3] Financial Performance - 51WORLD achieved annual revenues of 170 million yuan, 256 million yuan, and 287 million yuan for the years 2022, 2023, and 2024 respectively, indicating growth despite facing net losses of 190 million yuan, 87 million yuan, and 82 million yuan during the same period [3] - The company's gross margin decreased from 65.0% in 2022 to 51.1% in 2024, primarily due to changes in revenue structure [3] Technological Capabilities - The digital twin architecture of 51WORLD includes a data foundation layer, core technology layer, software platform layer, and industry application layer, enabling comprehensive solutions in the digital twin field [4] - The company collaborates with institutions like the University of Science and Technology of China and Baidu on projects such as the Haidian City Brain, integrating data from approximately 170,000 buildings and urban components [4] Client and Supplier Base - 51WORLD serves a diverse client base across various sectors, including urban development, water resources, energy, automotive, transportation, and robotics [4] - The company has established relationships with key suppliers, including hardware and software providers, with some overlap between clients and suppliers [4] Investment and Market Position - 51WORLD has received support from several prominent independent investors, including LS 51World, Sky9 51World, and SenseTime, which holds a 2.3% stake in the company, reflecting confidence in its future development [4] - The company previously sought listing opportunities on the Shanghai Stock Exchange's Sci-Tech Innovation Board and the Beijing Stock Exchange but ultimately chose to pursue the Hong Kong Stock Exchange [4]