According to the disclosure of the Hong Kong Stock Exchange on December 2, Beijing Wuyi Vision Digital Twin Technology Co., Ltd. (referred to as 51WORLD) submitted its application to the main board of the Hong Kong Stock Exchange, with China International Capital Corporation and Huatai International as joint sponsors.
On November 28th, the website of the China Securities Regulatory Commission released the "Notice on the Overseas Issuance and Listing Filing of Beijing Wuyi Vision Digital Twin Technology Co., Ltd. According to the notice, the company intends to issue no more than 77600840 shares of overseas listed common stock and list them on the Hong Kong Stock Exchange. 38 shareholders of the company plan to convert their total of 363299144 domestic unlisted shares into overseas listed shares and list them for circulation on the Hong Kong Stock Exchange.
According to public information, 51WORLD was founded in 2015 and provides customers with digital twin products and solutions based on 3D graphics, simulation, and artificial intelligence technology.
According to Frost Sullivan, the company is the first in the digital twin industry to propose and continue implementing an Earth cloning program; The company will rank first in revenue in the digital twin industry in 2024; As of December 31, 2024, the company ranked first in terms of financing amount in the Chinese digital twin solution market; The company is the first in China's digital twin industry to achieve revenue exceeding HKD 250 million within one year; This company is the only one in the digital twin industry that can provide comprehensive digital twin solutions.
According to the prospectus, 51WORLD has built three core businesses around 3D graphics, simulation, and artificial intelligence (AI) technologies: 51Aes digital twin development and application platform, 51Sim synthetic data and simulation platform, and 51Earth digital earth platform.
It is worth noting that 51WORLD has laid out in emerging fields such as embodied intelligence and smart tourism. For example, the 51Sim synthetic data and simulation platform has opened up new application scenarios, extending its business from autonomous driving to the fields of intelligent equipment and embodied intelligence, and has already reached cooperation agreements with two clients. At the same time, 51Sim is also conducting research and development on embodied intelligence synthesis data. With the help of AI driven simulation and synthesis data technology, it has improved the training and verification efficiency of humanoid robots and quadruped robots, and helped to achieve the large-scale implementation of embodied intelligence.
In addition, See3 brand under 51Earth has achieved new breakthroughs in the field of smart cultural tourism. In Dujiangyan Irrigation Project, Chengdu, See3 integrates cutting-edge technologies such as VR and MR, and plans to launch digital product packages such as smart earphones, local smart services, and digital tickets to help the scenic spot achieve intelligent upgrading and improve tourist experience and operation efficiency.
The updated prospectus shows that for 2022-2024 and the first half of 2025, the revenue of Wuyi Vision will be RMB 170 million, RMB 256 million, RMB 287 million, and RMB 54 million, respectively. The corresponding adjusted net losses will be RMB 132 million, RMB 68 million, RMB 43 million, and RMB 67 million, respectively. The R&D expenses will be RMB 134 million, RMB 103 million, RMB 58 million, and RMB 30 million, respectively.
