On May 30th, Beijing Wuyi Vision Digital Twin Technology Co., Ltd. (hereinafter referred to as "the Company"); May Day Vision "; ）Submit a listing application to the Hong Kong Stock Exchange, with China International Capital Hong Kong Securities Limited and Huatai Financial Holdings (Hong Kong) Limited as joint sponsors.
Wuyi Vision is a well-known technology company in China's digital twin industry, dedicated to creating digital twins covering 510 million square kilometers of the Earth. The company was established in February 2015, focusing on technology investment and developing core competitiveness in three major fields: 3D graphics, simulation, and artificial intelligence. The company has formed three core businesses: 51Aes (Digital Twin Platform), 51Sim (Synthetic Data and Simulation Platform), and 51Earth (Digital Earth Platform), and has launched commercial products and solutions in all three business lines.
Wuyi Vision has established a large customer base and has provided products and solutions to over 1000 corporate clients mainly in mainland China since its establishment. According to Frost&Sullivan's data, Wuyi Vision ranks first in multiple key indicators, including being the first in the digital twin industry to propose and implement the Earth Clone Plan, ranking first in revenue in the digital twin industry in 2023, ranking first in financing amount in the Chinese digital twin solution market as of December 31, 2024, and being the first company in the Chinese digital twin industry to achieve a revenue of HKD 250 million within one year. It is also the only company in the industry that can provide comprehensive digital twin solutions.
From financial data, the May Day Vision is in a climbing period and has a history of losses in the past. The prospectus indicates that the company may not be able to achieve or maintain profitability in the short term. During the track record period, the company's operating activities generated negative net cash flows and did not declare or pay any dividends, which may not be paid in the foreseeable future. The company has completed eight rounds of financing, raising a total of over RMB 800 million.
Wuyi Vision faces many risk factors during the listing process. The company stated in its prospectus that if it is unable to launch new solutions and products in a timely and competitive manner, its business may be adversely affected. In addition, if clients become more cautious about investing in new technologies due to macroeconomic influences and their own business conditions, the company's business, operating performance, and financial condition will be adversely affected. The company invests heavily in research and development, but cannot guarantee that all activities will generate expected benefits in a relatively short period of time.
In addition, the company's potential market size and demand for products and solutions may not grow as rapidly as expected, which will have a significant adverse impact on business, operating performance, financial condition, and prospects. Wuyi Vision operates in a fiercely competitive market, where some market participants may have richer resources and business and operational performance are affected by seasonal fluctuations. Artificial intelligence technology is constantly evolving, and any technological flaws or improper use can have a negative impact on a company's business, reputation, and society's acceptance of AI solutions.
