Initial public offering details for RECONOVA (07656) have been announced. The company, positioned as the first vision embodied artificial intelligence stock on the Hong Kong market, issued a total of 28.087 million H shares globally. The Hong Kong public offering portion comprised 20% of the total, with the international offering making up the remaining 80%. The final offer price was set at HK$21.66 per share, with net proceeds from the global offering expected to be approximately HK$529 million. Each board lot consists of 200 shares. Trading of the H shares on the Stock Exchange is scheduled to commence at 9:00 a.m. (Hong Kong time) on Wednesday, July 8, 2026.
The Hong Kong public offering was heavily oversubscribed by approximately 3,646.06 times, while the international offering was oversubscribed by about 3.08 times. The strong market reception for the IPO is attributed to the company's solid business fundamentals and established technological barriers. As an enterprise-grade AI company, RECONOVA has focused on the visual intelligence field for 14 years, successfully building a three-tiered technical architecture comprising foundational technology, fusion technology, and component technology.
In terms of commercial application, the company has avoided the trend of pursuing general-purpose large language models. Instead, it has strategically targeted three high-growth sectors: civil aviation, commercial spaces, and safe driving. According to data from Frost & Sullivan, based on projected revenue for 2025, RECONOVA ranks first in China's civil aviation enterprise visual intelligence product market with an 8.7% share. The company also holds the fourth position in China's commercial space enterprise visual intelligence product market with a 1.7% share.
Beyond its core visual perception business, the company's strategic expansion into the field of embodied intelligence presents significant potential for valuation growth. RECONOVA is shifting its technological focus from pure "visual perception" towards a complete closed-loop system of "perception-cognition-physical execution." In September 2025, the company launched the "Xiaoyi" baggage transfer robot. In April 2026, it introduced an upgraded VTFLA end-to-end embodied large model, which integrates multimodal input perception including vision, touch, and force sensing on the traditional VLA (Vision-Language-Action) framework. Concurrently, development commenced on a wheeled dual-arm robot.
This capability to leverage over a decade of accumulated visual intelligence infrastructure across diverse scenarios makes it a rare AI investment target in the Hong Kong market, combining profitability with expansion potential. Financial data indicates that RECONOVA is at a critical juncture, transitioning from an investment phase to a harvest phase. From 2023 to 2025, the company's revenue grew from RMB 242 million to RMB 443 million, representing a compound annual growth rate of 35.2%, demonstrating robust growth momentum.
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