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]