Beijing 51WORLD Digital Twin Technology Co., Ltd. ("51WORLD") has passed the listing hearing of the Hong Kong Stock Exchange (HKEX) under Chapter 18C, positioning itself as a pioneer in the Physical AI sector. China International Capital Corporation (CICC) and Huatai International serve as joint sponsors.
Founded in February 2015, 51WORLD is a technology company dedicated to "cloning" Earth's 5.1 billion square kilometers. The company has heavily invested in three core technological domains—3D graphics, simulation, and artificial intelligence—developing competitive strengths. Its flagship offerings include 51Aes (a digital twin platform), 51Sim (a synthetic data and simulation platform), and 51Earth (a digital Earth platform). These solutions have been widely adopted by over 1,000 large and medium-sized enterprises across 19 countries and regions.
Physical AI, the next frontier in global technology, integrates physical laws with AI to optimize generated content for real-world logic, representing a trillion-dollar market opportunity. 51WORLD has strategically evolved from digital twins toward Physical AI, establishing a closed-loop ecosystem encompassing synthetic data, spatial intelligence models, and simulation training platforms. This positions the company among the few globally with comprehensive capabilities in all three critical Physical AI components.
Financially, 51WORLD reported revenues of RMB 170 million, 256 million, 287 million, and 54 million for 2022, 2023, 2024, and the first half of 2025, respectively, with H1 2025 revenue growing 62% year-on-year. Net losses for the same periods were RMB 190 million, 87 million, 79 million, and 94 million, while adjusted net losses stood at RMB 132 million, 68 million, 43 million, and 67 million.
As a national-level "Little Giant" specializing in niche technologies, 51WORLD holds over 265 software copyrights and patents. The company has contributed to 41 international, national, and industry standards for digital twins and related applications.
With eight funding rounds completed, 51WORLD ranked first in fundraising within China's digital twin solutions market as of December 31, 2024, achieving a valuation of RMB 4.4 billion in its latest round. Backers include prominent funds like Lightspeed, Cloud9, Star VC, and XieNuo Investment, alongside strategic investors such as SenseTime and Moore Threads. Notable individual investors like Ge Huixiong and Francis Leung have also participated.
Industry experts suggest that 51WORLD's potential listing could fill the Physical AI gap in Hong Kong's market, offering investors a rare high-growth opportunity given its technological and ecosystem advantages.
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