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 (2718.HK) officially listed on the Hong Kong Stock Exchange on November 3, 2025, raising over HKD 1 billion by issuing 7,219,000 Class A shares at an offering price of HKD 141 per share [1] - The company experienced significant market interest, with the Hong Kong public offering being oversubscribed by 4,452.86 times and the international offering by 13.93 times [1] - After opening, the stock price surged to HKD 298.80, representing a 111.9% increase from the issue price, with a total market capitalization reaching HKD 43 billion [1] Company Overview - Minglue Technology is recognized as the largest data intelligence application software provider in China, according to a Frost & Sullivan report, and leads in marketing and operational intelligence application software [3] - The company has a strong patent portfolio, with 2,322 authorized patents and 596 patent applications as of June 30, 2025 [3] Technological Advancements - The company has made significant breakthroughs in AI, including the HMLLM model that simulates human emotional responses, which was nominated for the best paper at ACM MM 2024 [3] - The proprietary GUI model "Mano" achieved top rankings in global authority lists, while the lightweight model "Cito" excelled in multi-turn dialogue scenarios [3] Strategic Focus - Minglue Technology launched the enterprise-level proprietary model product line "DeepMiner" in September 2025, 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 SAR government, indicating a commitment to global expansion [4] Leadership Vision - The CEO emphasized the importance of trust in AI development, stating that trustworthy models and data are essential for integrating AI into production processes [5] - The company aims to enhance R&D investment to support efficient operations and innovation for enterprises, contributing to a trustworthy and prosperous future in the AI era [5]

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]