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]