Core Viewpoint - Mininglamp Technology, China's largest data intelligence application software provider, is set to go public on the Hong Kong Stock Exchange with an IPO planned for November 3, 2025, under the stock code "2718" [2] IPO Details - Mininglamp plans to issue 7,219,000 Class A shares, with 721,920 shares available for public offering in Hong Kong and 6,497,080 shares for international offering, without a mechanism for reallocation [3] - The IPO has attracted seven cornerstone investors, with total subscriptions not exceeding $59 million (approximately HKD 459 million), including existing shareholders like Tencent and new investors such as GFH Financial Group [3] - At an issue price of HKD 141 per share, Mininglamp's IPO market capitalization is estimated at HKD 20.357 billion, with a fundraising target exceeding HKD 1 billion [4] Financial Performance - Mininglamp has shown significant growth driven by AI innovation, with operating profit turning positive and revenue and gross profit both increasing [5] - The company reported revenues of CNY 1.269 billion, CNY 1.462 billion, and CNY 1.381 billion for the years 2022 to 2024, with a 13.98% increase in revenue to CNY 644 million in the first half of 2025 compared to the same period in 2024 [8] - Gross margins for the years 2022 to 2024 were 53.2%, 50.1%, and 51.6%, with a rise in the first half of 2025 to 55.9%, indicating effective cost control [9] - The adjusted operating profit for the first half of 2025 was CNY 26.88 million, attributed to enhanced product capabilities and AI-driven revenue growth [9][10] Technological Edge - Mininglamp's core strength lies in its robust technology foundation, with the founder and CEO, Wu Minghui, holding over 180 patents and the company possessing 2,322 patents as of June 30, 2025 [13] - The company has been recognized with numerous awards, including the Wu Wenjun Award for AI, and has established itself as a leader in the AI and data intelligence sector [13][14] - Mininglamp is the first in China to implement multi-modal large language models for intelligent social media content analysis and strategy generation, with significant advancements in AI technology [14] Market Outlook - The Chinese data intelligence application software market is projected to grow from CNY 32.7 billion in 2024 to CNY 67.5 billion by 2029, at a compound annual growth rate of 15.6% [14] - Mininglamp's extensive high-value data accumulated over 19 years provides a competitive moat, enabling the company to support precise trend analysis and decision-making for enterprises [15] - With dual advantages in data and AI technology, Mininglamp is positioned to explore new growth opportunities in international markets and play a pivotal role in advancing enterprise-level AI from "technical validation" to "business effectiveness" [15]