Core Viewpoint - Haizhi Technology Group, known as the "first stock to eliminate hallucinations in large models," successfully listed on the Hong Kong Stock Exchange, achieving a remarkable first-day increase of 242.20%, the highest since 2026 [1]. Group 1: Company Overview - Haizhi Technology Group raised approximately HKD 759 million during its IPO, with an oversubscription rate of 5065.06 times in the public offering phase [2]. - The company specializes in developing Atlas graph solutions and industry-level intelligent agents through graph-model fusion technology, which integrates knowledge graphs with large models [4]. - According to Frost & Sullivan, Haizhi ranks fifth among industrial AI intelligent agent providers in China by revenue for 2024, holding a market share of 2.8%, and is the leading provider in China for AI intelligent agents centered around graphs, with a market share of approximately 50% [4]. Group 2: Technological Capabilities - Haizhi Technology Group is the first company in the industry to effectively reduce hallucinations in large models, which refers to AI outputs that appear coherent but are factually incorrect [4]. - The company has established core competencies in three dimensions: factual accuracy, hallucination rate, and complex logical reasoning ability, ensuring high reliability in outputs and low rates of unverifiable or erroneous content [4]. Group 3: Financial Performance - The company has shown steady revenue growth, with revenues of RMB 313 million in 2022, RMB 376 million in 2023, and projected RMB 503 million in 2024. However, it has consistently reported losses, with losses of RMB 176 million in 2022, RMB 266 million in 2023, and RMB 94 million in 2024 [7][8]. - For the first nine months of 2025, the company reported revenues of RMB 249 million but incurred a loss of RMB 211 million [7][8]. - After adjusting for certain financial impacts, the company reported an adjusted net profit of RMB 16.9 million for 2024, while for the first nine months of 2025, it recorded an adjusted net loss of RMB 46 million [9]. Group 4: Shareholder Structure - The company is jointly controlled by key individuals, including Chairman Ren Xuyang and CEO Yang Zaifei, who collectively held approximately 29.46% of the issued share capital before the IPO, which decreased to 27.39% post-IPO [12]. - Notable institutional investors include Junlian Capital, BAI Capital, IDG Capital, and Hillhouse Capital, among others, indicating strong backing from prominent venture capital firms [12][13]. Group 5: Strategic Initiatives - Haizhi Technology Group aims to achieve profitability in the coming years by expanding its business scale, enhancing overall profitability, and optimizing cash flow management [9].

海致科技集团（02706）首挂上市，公告显示，每股定价27.06港元，共发行2803.02万股股份，每手200 股，所得款项净额约6.55亿港元。值得注意的是，公司香港公开发售获5065.06倍认购。截至发稿，股价 暴涨248.49%，现报94.30港元，成交额4.78亿港元。 公开资料显示，海致科技是中国图计算与图数据库领域的领军企业，专注于通过图模融合技术开发 Atlas图谱解决方案及产业级智能体并提供产业级人工智能解决方案。Atlas图谱解决方案是公司于往绩 记录期间的核心产品之一，Atlas图谱解决方案基于公司行业领先的图计算与数据分析能力构建，包含 DMC数据智能平台、Atlas知识图谱平台及AtlasGraph图数据库。 随着AI大模型应用的逐步推广，海致科技近年相关除幻收入，即"Atlas智能体"呈现快速增长状态，其 中2024年相比2023年增幅超近9倍，2025年上半年增幅近5倍。根据弗若斯特沙利文的数据，海致科技是 中国首家通过知识图谱有效减少大模型幻觉的企业，能够在事实准确度、幻觉率及复杂逻辑推理能力三 大维度构建核心竞争力与技术壁垒的企业，能成功缓解大语言模型的幻觉问题。 责任编辑：卢 ...

Core Viewpoint - Haizhi Technology (02706) is set to launch its IPO on February 5, 2026, and is recognized as the "first stock of large model de-illusion" in Hong Kong, leading the enterprise-level knowledge graph market in China with over 50% market share [1][5][7]. Company Overview - Haizhi Technology specializes in AI solutions based on a "graph-model fusion" technology path, combining the accuracy of knowledge graphs with the reasoning capabilities of large models to provide end-to-end AI solutions for enterprise clients [6][8]. - The company offers two main solutions: Atlas Graph Solutions and Atlas Intelligent Agents, which empower enterprises to achieve intelligent automation and natural language interaction across various applications [7][13]. Financial Performance - The revenue from Atlas Intelligent Agents is projected to grow by nearly 9 times in 2024 compared to 2023, with a nearly 5-fold increase expected in the first half of 2025 [1]. - Revenue from Atlas Graph Solutions is expected to increase from 367 million RMB in 2023 to 417 million RMB in 2024, reflecting a growth rate of 13.6% [21][22]. - The gross profit margin is anticipated to rise significantly, with the gross profit for 2024 expected to reach 45.7%, an increase of 28 percentage points from 2023 [23]. Market Dynamics - The global AI market is experiencing exponential growth, with AI intelligent agents identified as the fastest-growing segment in the Chinese market, significantly outpacing the overall growth of enterprise-level AI solutions [25][27]. - Despite over 500 competitors in the Chinese enterprise AI solutions market, the top five companies hold nearly 58.1% of the market share, indicating a concentrated competitive landscape [28][29]. Competitive Advantages - Haizhi Technology boasts industry-leading technical capabilities, particularly in graph computing and proprietary graph-model fusion technology, which enhances performance and efficiency [8][12]. - The company has a robust business expansion capability, serving over 3,010 clients across various application scenarios, including telecommunications fraud prevention and financial risk control [15][19].

Core Viewpoint - The company, Haizhi Technology Group, is set to launch an IPO from February 5 to February 10, 2026, offering 28.03 million H-shares globally, with a maximum price of HKD 28.0 per share, aiming to raise approximately HKD 648 million for various strategic initiatives [1][6]. Group 1: Company Overview - The company is a leading enterprise in China focused on developing Atlas graph solutions and industrial-grade AI solutions through graph-model fusion technology [2]. - The Atlas graph solution is one of the core products, enabling efficient integration, processing, and management of data from multiple sources [2]. Group 2: Market Position and Performance - According to Frost & Sullivan, the company ranks fifth among industrial-grade AI providers in China with a market share of 2.8%, and first among graph-centric AI providers with a market share of approximately 50% [3]. - The company's revenue grew from RMB 313 million in 2022 to RMB 503 million in 2024, representing a compound annual growth rate (CAGR) of 26.8% [3]. Group 3: Technological Advancements - The company has developed a breakthrough technology that effectively reduces the "hallucination" phenomenon in large language models, ensuring high reliability in output facts and low rates of unverifiable errors [3]. - The Atlas intelligent agent, launched in September 2023, enhances the reasoning capabilities of large language models in specific industry contexts [4]. Group 4: Strategic Focus and Investment - The company is focusing on parallel development of the Atlas graph solution and Atlas intelligent agent, which allows it to capture growth opportunities during different stages of digital transformation [5]. - The company has entered cornerstone investment agreements with several investors, agreeing to raise approximately USD 15 million under certain conditions [6]. Group 5: Use of Proceeds - The net proceeds from the global offering are planned to be allocated as follows: approximately 45% for R&D to enhance graph-model fusion technology, 20% for optimizing the Atlas intelligent agent, 15% for deepening customer collaboration, 10% for strategic investments, and 10% for working capital and general corporate purposes [6].

北京海致科技集團股份有限公司 Beijing Haizhi Technology Group Co., Ltd. （於中華人民共和國註冊成立的股份有限公司） 股份代號 : 2706 全球發售 聯席保薦人、整體協調人、聯席全球協調人、 聯席賬簿管理人及聯席牽頭經辦人 重要提示 重要提示：閣下如對本招股章程的任何內容有任何疑問，應徵詢獨立專業意見。 Beijing Haizhi Technology Group Co., Ltd. 北京海致科技集團股份有限公司 （於中華人民共和國註冊成立的股份有限公司） 全球發售 全球發售項下的發售股份數目 ： 28,030,200股H股 香港發售股份數目 ： 2,803,200股H股（可予重新分配） 國際發售股份數目 ： 25,227,000股H股（可予重新分配） 最高發售價 ： 每股H股28.0港元，另加1.0%的經紀 佣金，0.0027%證監會交易徵費、 0.00565%香港聯交所交易費 及0.00015%會財局交易徵費（須於申 請時以港元繳足，多繳款項可予退還） 面值 ： 每股H股人民幣0.1元 股份代號 ： 2706 聯席保薦人、整體協調人、聯席全球協調人、 聯席賬簿管 ...

Core Viewpoint - Haizhi Technology, the first company focused on "AI hallucination reduction," is set to officially list on the Hong Kong Stock Exchange, marking a significant milestone in the AI industry [1] Group 1: Company Overview - Haizhi Technology was established in 2013 and has developed substantial knowledge in knowledge graph technology over the years [2] - The company began collaborating with Professor Zheng Weimin from the Chinese Academy of Engineering in 2021 to conduct research in high-performance graph computing [2] - The core business model of Haizhi Technology involves providing enterprise clients with AI solutions that effectively reduce hallucinations in large language models through proprietary "graph-model fusion technology" [2] Group 2: Financial Performance - The revenue from the Atlas intelligent agent (the vehicle for hallucination reduction) was approximately 8.9 million RMB in 2023 and is projected to reach 86.6 million RMB in 2024, reflecting a year-on-year growth of 872%, but still only accounting for 2.4% and 17.2% of total annual revenue respectively [3] - In the first half of 2025, the Atlas intelligent agent revenue is expected to be 48.6 million RMB, a 496.2% increase from the previous year, yet it is still below the 78.4 million RMB revenue expected in the second half of 2024 [3] - The company's gross margin reached 38.5% in the first half of 2025, with a gradual increase over the past three years, but remains below the average gross margin of 38% for the Chinese software service industry [6] Group 3: Market Position and Challenges - Haizhi Technology has served over 350 enterprises across various industries, including finance, telecommunications, and public services, indicating a replicable business model [5] - Despite the promising growth in the AI hallucination reduction market, the company faces challenges such as relatively low gross margins compared to industry peers and the need for resource allocation adjustments across different business scenarios [5][6] - The market is concerned about whether the company can sustain growth in hallucination reduction revenue by serving larger clients and expanding its customer base [6] Group 4: Industry Outlook - The market for integrated knowledge graph-based industrial AI agents is projected to grow rapidly, from 200 million RMB in 2024 to 13.2 billion RMB by 2029, with a compound annual growth rate of 140% [7] - However, some analysts suggest that as computational resources become more available and AI models improve, the likelihood of hallucinations may decrease, creating uncertainty in the demand for hallucination reduction solutions [7][8] - The future of AI hallucination reduction will depend on whether enterprise-level knowledge graph integration becomes the mainstream approach and how well AI companies can enhance their self-hallucination reduction capabilities [8]

Core Viewpoint - Beijing Haizhi Technology Group Co., Ltd. has submitted an H-share listing application to the Hong Kong Stock Exchange, aiming for a main board listing, following a failed application in June 2025. The company faces multiple challenges, including years of losses, reduced R&D investment, and significant redemption liabilities [1][3]. Company Overview - Established in 2013, Haizhi Technology focuses on developing Atlas mapping solutions and industrial-grade AI solutions through round mold fusion technology. Its main business segments include Atlas mapping solutions and Atlas intelligent agent solutions [3]. - The company's solutions have been applied in various scenarios such as anti-fraud, intelligent marketing, risk identification, and smart manufacturing [3]. Financial Performance - From 2022 to 2024, Haizhi Technology's revenue grew from 313 million to 503 million yuan, but it has consistently reported losses. Operating profits were -179 million, -202 million, and 3.34 million yuan, with annual losses of 176 million, 266 million, and 93.73 million yuan [3][4]. - In the first half of 2025, the company reported revenue of 173 million yuan, an increase from 125 million yuan in the same period the previous year, but losses expanded to 128 million yuan, up over 17% year-on-year [4]. R&D Investment - The company's R&D expenses have been declining, from 86.94 million yuan in 2022 to 60.68 million yuan in 2024, with the R&D expense ratio dropping from 37.8% to 12.1% [4]. - Compared to peers, Haizhi Technology's R&D spending is significantly lower, raising concerns about its technological competitiveness [4]. Market Competition - The AI de-fogging sector faces competition from various technological paths, including RAG and Agent technologies, which may limit Haizhi Technology's market share and commercialization potential [5]. - The company has acknowledged risks related to market demand, competition, and technological challenges that could adversely affect its business and growth prospects [5]. Financial Liabilities - Haizhi Technology's redemption liabilities have increased significantly, from 0 yuan in 2022 to 19.87 billion yuan in the first half of 2025, posing a risk to its cash flow [8]. - The company aims to alleviate this financial pressure through its IPO, which could convert these liabilities into equity, thus improving its financial health [8][9].

Group 1 - The core viewpoint of the article is that the AI application market is on the verge of a significant expansion following three years of investment in computing power infrastructure [1] - Beijing Haizhi Technology Group Co., Ltd. has submitted its prospectus to the Hong Kong Stock Exchange, marking its entry into the public market [2] - The company was founded in August 2013 and is headquartered in Beijing, with notable investors including Hillhouse Capital and the Beijing Artificial Intelligence Fund [4][3] Group 2 - As of June 2025, Haizhi Technology's post-investment valuation was 3.3 billion RMB [5] - The company has developed Atlas solutions, focusing on graph modeling technology and providing industry-level AI solutions [8][9] - Haizhi Technology has collaborated with over 350 clients across more than 100 application scenarios, including anti-fraud and intelligent marketing [11] Group 3 - The company's revenue has shown steady growth, with figures of 313 million RMB in 2022, 376 million RMB in 2023, and a projected 503 million RMB in 2024, reflecting a compound annual growth rate of 26.8% from 2022 to 2024 [16] - Despite revenue growth, the company has faced significant net losses totaling 664 million RMB over three and a half years due to high upfront investments in product upgrades and commercialization [17] - The gross profit margin has improved from 30.9% in 2022 to 38.5% in 2025, attributed to advancements in AI technology and strategic cost optimization [21] Group 4 - The market for industry-level AI agents is expected to experience explosive growth, with projections indicating a rise from approximately 3.1 billion RMB in 2024 to 45.8 billion RMB by 2029, representing a compound annual growth rate of 71.3% [31] - Haizhi Technology holds a 2.8% market share in the domestic industry-level AI agent market and ranks fifth among providers based on revenue [34] - The company is positioned as a leader in the graph-centric AI agent segment, with a market share of about 50% [34]

香港聯合交易所有限公司與證券及期貨事務監察委員會對本申請版本的內容概不負責，對其準確性或完整 性亦不發表任何意見，並明確表示概不就因本申請版本全部或任何部分內容而產生或因倚賴該等內容而引 致的任何損失承擔任何責任。 Beijing Haizhi Technology Group Co., Ltd. 北京海致科技集團股份有限公司 （「本公司」） （於中華人民共和國註冊成立的股份有限公司） 的申請版本 警告 本申請版本乃根據香港聯合交易所有限公司（「聯交所」）與證券及期貨事務監察委員會（「證監 會」）的要求而刊發，僅用作提供資訊予香港公眾人士。 本申請版本為草擬本，其內所載資訊並不完整，亦可能會作出重大變動。 閣下閱覽本文件， 即代表 閣下知悉、接納並向本公司、本公司的聯席保薦人、整體協調人、顧問或包銷團成員 表示同意： 倘於適當時候向香港公眾人士提出要約或邀請，有意投資者務請僅依據於香港公司註冊處處長 註冊的本公司招股章程作出投資決定；招股章程的文本將於發售期內向公眾人士派發。 (a) 本文件僅為向香港公眾人士提供有關本公司的資料，概無任何其他目的；投資者不應根 據本文件中的資料作出任何投資決定； (b) 在聯 ...