By Stone Jin
A flurry of pre-IPO activity has taken place on the Hong Kong Stock Exchange (HKEX) over the past five days, with three major Chinese hard-tech companies — Shandong Extreme Vision Technology, Huayan Robot, and Fourier Semiconductor — moving from confidential filings to disclosing their Post-Hearing Information Packs (PHIPs).
This marks the most significant cluster of such listings since late 2025-early 2026 when companies like Biren Technology, Zhipu AI and MiniMax completed their debuts.
Extreme Vision disclosed its PHIP on March 19 after passing the exchange’s listing hearing, clearing the final regulatory hurdle before launch. Its prospectus states that net proceeds from the IPO will primarily be used to enhance research and development capabilities, improve commercialisation, and for working capital and general corporate purposes.
Founded in 2015, Extreme Vision is a Chinese provider of AI computer vision solutions, offering a full-stack platform spanning standardised products and customised deployments for enterprise clients. In recent years, it has expanded into large-model applications, helping enterprises adapt general-purpose AI for commercially viable use cases.
According to data from Frost & Sullivan, based on 2024 revenue, Extreme Vision ranked eighth in China’s emerging enterprise-level computer vision solutions market.
Revenue and margin growth
Specifically, Extreme Vision’s AI computer vision solutions include standard AI computer vision solutions, customised AI computer vision solutions, and software-defined integrated AI solutions. Its large-model solutions involve adapting general-purpose large models to meet diverse client needs by incorporating clients’ industry and operational knowledge. The company also leverages advanced technologies such as multi-agent optimisation, retrieval-augmented generation, and scenario-based algorithms to deliver customised large-model solutions for enterprise applications.
Extreme Vision disclosed detailed operating metrics in its PHIP. As of Sept. 30, 2025, its AI computer vision solution algorithm marketplace had featured more than 1,500 algorithms covering over 100 industries. It had built a global community of hundreds of thousands of AI algorithm developers and served more than 3,000 cumulative clients. The company delivered over 6,000 projects in total, with a product repurchase rate exceeding 80%. Since launching its large-model solutions in 2024, more than 80 entities had proactively approached the company as of March 13, 2026.
Revenue rose to 257 million yuan ($37.3 million) in 2024, up from 128 million yuan in 2023 and 102 million yuan in 2022, representing a compound annual growth rate of 59.2%. Gross margin jumped to 40.2% from 25.9% in 2023 and 30.6% the year before.
In the first three quarters of 2025, Extreme Vision’s revenue increased by 71.6% to 136 million yuan year on year and its gross profit margin reached 44.9%. It also turned a full-year profit in 2024.
Qualcomm, Haier among corporate backers
Extreme Vision is among a growing group of hard-tech companies taking advantage of the HKEX’s Chapter 18C regime, introduced in 2023 to allow specialist technology companies, often pre-profit or early-stage, to go public. Under the rules, companies must have backing from credible institutional investors.
Its leading senior independent investors include Qingdao West Coast State-owned Assets, Qualcomm, China Resources, and an investment fund backed by the Shandong province government. Senior independent investors include Qingdao Guotou Asset Management, household appliance giant Haier, Thundersoft, Qingdao Guoxin, and CICC.
Source:
IPO Early News
