Haiqing Zhiyuan: Thirteen Years of Hard Work by Two Security Industry Veterans Finally Makes It the ”First Physical AI Stock on the Hong Kong Stock Exchange”

On June 22, 2026, the bell rang at the Hong Kong Stock Exchange. The offering price was 7.2 Hong Kong dollars, and the stock opened at 29 Hong Kong dollars—a gain of 302.781%. TP4T—a Shenzhen-based company that, over the course of more than a decade, has become the nation’s leader in ”light invisible to the human eye.”

I. Founding: Two Startups, Each More Ambitious Than the Last

The story of Haiqing Zhiyuan begins at the Chengdu Keli Electronics Research Institute.

In 1999, Zhou Bo, a graduate of Xi'an Mining University (now Xi'an University of Science and Technology), joined Keli as a video conferencing R&D engineer, where he met Chen Yonggang, a graduate of Dalian University of Technology. The two worked side by side in the field of video conferencing technology, forging a bond of camaraderie that has lasted for more than twenty years.

Following the September 11, 2001, attacks, global demand for security surged. Zhang Shaofeng, founder of Keli, moved south to establish Tumin Industrial, and Zhou Bo and Chen Yonggang joined him shortly thereafter. In 2005, the two joined forces to establish Shenzhen Huanghe Digital Technology Co., Ltd., which specialized in network video surveillance and participated in national-level projects such as the telecommunications industry’s ”Safe City” initiative. In 2009, Huanghe Digital was acquired by a Canadianhit the market (of a new product)Following the company's acquisition, the two left in 2012.

In their first startup, they learned about security; in their second, they aim to redefine it.

In April 2013, Zhou Bo and Chen Yonggang joined forces once again in Bao’an District, Shenzhen, to found Haiqing Zhiyuan. By this time, the limitations of traditional security systems—which relied on visible light—had become glaringly apparent: cameras were virtually ”blind” at night, in dense fog, or in bright light. Zhou Bo astutely concluded that:The integration of multispectral sensing and AI algorithms is the way forward for next-generation vision technology.

It took them thirteen years to make that prediction a reality.

II. Team: A 50-Year-Old Founder and a ”Steel-Willed Team” Composed of 40% R&D Personnel

The driving force behind Haiqing Zhiyuan is its Chairman and General Manager, Zhou Bo, who is 50 years old and has 26 years of experience in the computer vision and thermal imaging industries. Following the IPO, Zhou Bo holds a direct personal stake of 5.31% and, through three employee stock ownership platforms (Zhongcheng Tianying, Zhongzheng Tianying, and Zhongzhi Tianying), controls a total of 43.50% in voting rights, making him the company’s absolute controlling shareholder.

Co-founder Chen Yonggang, a graduate of Dalian University of Technology, currently serves as Executive Director and Technical Expert, holding a direct stake of 3.07%. Miao Rui, a former software engineer in the R&D department at Huanghe Digital, and Zou Xiaogang, a former hardware engineer there, have also joined the company alongside them, ensuring a highly stable core management team.

As of the end of 2025, the company had 156 in-house R&D staff members, accounting for 43.1% of its total workforce.%, has registered 101 invention patents and 467 software copyrights, and has led or participated in the development of nearly ten national and industry standards.

This is not just an ”assembly plant,” but a hard-tech company that independently develops everything from optics and algorithms to the operating system.

Among institutional shareholders, Zheshang Venture Capital is the largest external shareholder with a 13.22% stake, followed by Langke Investment with a 5.87% stake and Biward with an 8.88% stake. Based on market capitalization on the first day of listing, Zheshang Venture Capital achieved a return multiple of approximately 25.65 times, while Langke Investment achieved a return of over 113 times.

III. Growth: A Triple Leap from a Loss of 10 Million to Annual Revenue of Nearly 700 Million

The growth trajectory of Haiqing Zhiyuan is a textbook example of ”monetizing technology”:

Financial data speaks volumes.::

A three-year compound annual growth rate of 138.9%. The company was still operating at a loss in 2023 but turned a profit in 2024.

On its first day of trading, the Hong Kong public offering was oversubscribed by 7,181.21 times, while the international offering was oversubscribed by 4.81 times, raising net proceeds of approximately HK$537 million—a truly phenomenal figure given the overall slump in the Hong Kong stock market.

IV. Technology: ”Light-Sensitive Image Computing”—Fully In-House Developed Full-Stack Solution with Three Lines of Defense

Haiqing Zhiyuan's technology framework is known as“Light-Sensitive Image Processing”—This is the core competitive advantage that sets it apart from all its competitors.

Traditional cameras only detect ”visible light” and are essentially blind at night, in thick smoke, or in bright light. Haiqing Zhiyuan incorporates multiple spectral ranges—including ultraviolet, infrared, and visible light—that are invisible to the human eye into its sensing system. By leveraging the unique characteristics of materials under different spectral conditions, it identifies potential hazards such as abnormal temperature rises, electrical leaks, electrical discharges, and equipment aging—Upgrade security measures from ”reactive alerts” to ”early risk warnings.”

Three Core Technological Pillars:

In a nutshell:While others are like ”black-and-white TVs,” Haiqing Zhiyuan is a ”trinity” super-sensing system that combines infrared, ultraviolet, and visible light.

V. Products: A ”Mid-Air Lane Change” from Hardware to Large Models”

Haiqing Zhiyuan has established a three-tier product matrix:

The most crucial shift is right here—

Large-model services have surpassed hardware to become the company’s largest source of revenue. Although the gross margin has declined from 49.51 TP4T to 30.41 TP4T, it remains significantly higher than that of the hardware business and is driving the company’s overall gross margin up from 12.21 TP4T to 22.31 TP4T.

Haiqing Zhiyuan has evolved from a hardware company into a technology enterprise that is both an ”AI service provider” and an “integrated hardware and software” company.

Based on 2025 revenue, the company ranks first among multispectral AI companies in China (with a market share of 3.31 TP4T), and its multispectral AI large-model services hold the top spot nationwide with a market share of 23.01 TP4T.

VI. Outlook: Securing a Leading Position in a 100-Billion-Yuan Market

Market Potential: Extremely High Certainty

According to data from Frost & Sullivan:

• Global Multispectral AI Market: 85 billion yuan in 2025 → 305.4 billion yuan in 2030, CAGR 29.1%
• China's Multispectral AI Market: 20 billion yuan in 2025 → 79.4 billion yuan in 2030, CAGR 31.0%

Policy support is equally robust: both the national ”14th Five-Year Plan” and the “Outline for Building a Quality Powerhouse” identify intelligent sensing as a key priority; the Ministry of Emergency Management and the Ministry of Industry and Information Technology require industrial and mining enterprises to establish intelligent safety monitoring systems—each of these policies is opening up new application scenarios for multispectral AI.

Competitive Landscape: Leading Players in a Fragmented Market

The top five companies in the industry account for a combined market share of only about 8%, with Haiqing Zhiyuan ranking first with a share of 3.3%. Its competitors include security giants such as Hikvision, Daheng Technology, and Yizhu Technology, as well as international manufacturers like FLIR and Teledyne. However, Haiqing Zhiyuan’s unique advantage lies in its fully in-house, end-to-end R&D—from optical hardware and sensors to algorithms and cloud-based large models—all of which are under its full control. This comprehensive capability is extremely rare in the industry.

Fundraising Focus: Setting Sights on the Global Market

“Zhiyuan Origin Large Model 2.0" is expected to be released in the third quarter of 2026, with performance improvements of 301 TP and 4 T, and new applications such as food safety and skin analysis.

Risks That Must Be Addressed Head-On

concluding remarks

The story of Haiqing Zhiyuan is a microcosm of how Chinese ”hard tech” companies have evolved from ”following the lead” to ”leading the way.” Over the course of thirteen years, two veterans of the security industry took a “spectrum invisible to others” and turned it into the number one company in China and on the Hong Kong Stock Exchange.

Going public isn’t the end goal. With a market capitalization of 20 billion Hong Kong dollars, the company is competing in a 100-billion-market with an annual growth rate of 30%+. Whether it can build a deep enough moat in large-model services and plug its cash flow shortfall quickly enough will determine whether Haiqing Intelligence becomes the ”first” or the ”only” company of its kind.

Under the spectrum, all things are revealed; with intelligent technology, the future is already here.