"Large Model Leading Navigator" Haizhi Technology Listed on HKEX First Day Gains Spark Attention

On February 13, Haizhi Technology Group, dubbed the “First Stock in Large Model Hallucination Elimination” by the industry, officially listed on the Hong Kong Stock Exchange. On its first trading day, the stock price surged 242.20%, setting a new record for the largest first-day gain for a Hong Kong IPO since 2026. This AI company, centered on image and model fusion technology, has become a focus of capital market attention due to its breakthrough achievements in reducing large model hallucinations.

According to the prospectus, Haizhi Technology Group raised approximately HKD 759 million in its global offering, with the public offering portion being oversubscribed by 5065.06 times, breaking recent records in the Hong Kong stock market. The company’s core business focuses on developing Atlas graph solutions and industrial-grade intelligent agents by integrating knowledge graphs with large models, providing AI solutions for finance, energy, government, and other sectors. According to Frost & Sullivan data, based on 2024 revenue, the company ranks fifth in China’s industrial AI intelligent agent market with a 2.8% market share; it also leads the graph-centric AI intelligent agent field with nearly 50% market share.

Technological breakthroughs are the core competitiveness of Haizhi Technology Group. As the first domestic company to effectively reduce large model hallucinations through knowledge graphs, its solutions have established technical barriers in three dimensions: factual accuracy, hallucination rate control, and complex logical reasoning. The company has accumulated experience in multi-scenario knowledge graph construction and, combined with client-provided validation datasets, developed intelligent agent systems that significantly reduce erroneous outputs. For example, in financial risk control scenarios, this technology can reduce the factual error rate of model outputs to less than one-third of the industry average.

Financial data shows that from 2022 to 2024, the company’s revenue grew from RMB 313 million to RMB 503 million, with a compound annual growth rate of 27.3%. However, due to R&D investments, the company recorded losses of RMB 176 million, RMB 266 million, and RMB 93.7 million in those years. In the first nine months of 2025, revenue was RMB 249 million, with a net loss of RMB 211 million. After adjustments (excluding share-based payments and other non-cash items), net profit in 2024 was RMB 16.9 million, while the first nine months of 2025 saw a net loss of RMB 46 million. Management stated that they plan to expand business scale, improve operational efficiency, and optimize cash flow management to achieve profitability within the next three years.

The shareholder lineup is considered luxurious. Before listing, well-known venture capital firms such as Legend Capital, BAI Capital, and IDG Capital held over 26% combined, with Legend Capital as the largest institutional shareholder at 12.68%. Local state-owned funds also participated actively, including Beijing Economic-Technological Development Zone Industrial Upgrade Fund and Shanghai Artificial Intelligence Fund. During the listing process, four cornerstone investors, including JSC International under Beijing Financial Holdings and Jingsheng Hengxing controlled by Zhipu, subscribed to approximately USD 15 million worth of shares.

The founding team has a strong industry background. Chairman Ren Xuyang previously served as Vice President at Baidu, overseeing mergers, acquisitions, and strategic investments. After founding Zhizhi Venture Capital in 2020, he focused on tech investments. CEO Yang Zaifei leads a technical team with an average of over 10 years of AI R&D experience, responsible for developing the company’s core image-model fusion algorithm framework. Post-IPO, Xuyang Ren and related parties’ shareholding dilutes from 29.46% to 27.39%, remaining the largest single shareholder group.

Industry analysis indicates that as large models are deeply applied in industry, hallucination issues have become a key bottleneck restricting technological implementation. Haizhi Technology Group’s technical approach offers new ideas for AI commercialization, with its graph-enhanced methods being more interpretable than traditional fine-tuning techniques. However, the company currently has high customer concentration, with the top five clients contributing 68% of revenue in 2024. Expanding the customer base will be a key focus in the next development stage.