EXTREME VISION (06636) has initiated its initial public offering from March 20, 2026, to March 25, 2026. The company plans a global offering of 12.48 million H shares, with approximately 5% allocated to the Hong Kong public offering and about 95% to the international offering. The final offer price is set at HK$40 per share, with a board lot size of 50 H shares. Trading of the H shares on the Main Board of The Stock Exchange of Hong Kong Limited is expected to commence at 9:00 a.m. on Monday, March 30, 2026.
The Group is a provider of AI-powered computer vision solutions in China, delivering end-to-end, enterprise-grade solutions that cover development, deployment, and management for corporate clients across various industries. Additionally, the Group offers commercially viable large model solutions and has successfully expanded its capabilities in empowering enterprises through digital transformation. According to data from Frost & Sullivan, the Group ranked eighth in China's emerging computer vision solutions market by revenue in 2024.
The Group has entered into cornerstone investment agreements with Zhengjin International and GKI. Subject to certain conditions, these cornerstone investors have agreed to subscribe for a certain number of offered shares at the offer price, amounting to a total investment of HK$47.2 million. Based on the offer price of HK$40 per share, the cornerstone investors will subscribe for an aggregate of 1.18 million offered shares.
Assuming the offer price of HK$40 per H share, the Group estimates net proceeds from the global offering to be approximately HK$434 million, after deducting underwriting commissions and other estimated expenses. The Company intends to use the net proceeds to strengthen its capital base and support the continued growth of its business. Specifically, approximately 60.0% of the net proceeds are expected to be allocated to enhancing the Group's R&D capabilities; around 30.0% is planned for boosting the Group's commercialization efforts; and about 10.0% is earmarked for working capital and general corporate purposes.
The Group has demonstrated rapid growth during its track record period. Its revenue increased from RMB 102 million in 2022 to RMB 128 million in 2023, and further to RMB 257 million in 2024. Revenue for the nine months ended September 30, 2025, was RMB 136 million, up from RMB 79.4 million for the nine months ended September 30, 2024. The Group's adjusted annual loss narrowed from RMB 52.9 million in 2022 to RMB 44.3 million in 2023. In 2024, it achieved an adjusted annual profit of RMB 20.5 million. For the nine months ended September 30, 2025, the Group recorded an adjusted loss of RMB 11.9 million.
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