Haizhi Technology Group (2706.HK) is in the process of IPO, with Zhigu and Wuji Capital participating as cornerstone investors. Atlas AI business grew by 557%

HaiZhi Technology Group (2706.HK), the first knowledge graph company listed in Hong Kong, has started its IPO subscription period from February 5 to February 10, 2026, and is expected to be listed on the Hong Kong Stock Exchange on February 13, 2026.

The company plans to issue 28.0302 million shares globally, accounting for 7.00% of the total shares. The IPO price range is set at HKD 25.60-28.00, with a minimum subscription fee (per lot) of HKD 5,656.48. Based on the mid-point price of HKD 26.80, the total fundraising amount is approximately HKD 751 million, and the post-IPO market capitalization is estimated to be between HKD 10.251 billion and HKD 11.212 billion.

The offering will be allocated under Mechanism B, with 10% fixed for public offering and no mandatory clawback. The public offering portion accounts for approximately 2.8032 million shares, or 14,016 lots, which are expected to be highly sought after. The international placement portion has attracted four cornerstone investors: Beijing Industrial Upgrading Fund, ZhiPu (2513.HK), Wuji Capital, and Greater Bay Area Homeland Investments, with a total subscription of approximately HKD 117 million.

According to TradeGo's cornerstone investor data, the general partner of Beijing Industrial Upgrading Fund is Beijing E-Town, which previously participated in the cornerstone investment of Ubtech (9880.HK). ZhiPu is a recently listed well-known AI general large model company. Wuji Capital and Greater Bay Area Homeland Investments are active cornerstone investors in recent years, having invested in companies such as Edge Medical-B, Woan Robotics, Insilico Medicine, GigaDevice, and Zijin Gold International.

According to TradeGo's IPO margin data, as of 9:00 AM on February 6, the total margin subscription for HaiZhi Technology Group has reached HKD 2.613 billion, with a margin subscription multiple of approximately 33.28x. Among them, Futu Securities, Tiger Brokers, and Longbridge Securities have provided HKD 1.615 billion, HKD 331 million, and HKD 200 million in margin financing, respectively.

In terms of business, HaiZhi Technology Group is a leading enterprise in China, focusing on developing Atlas graph solutions and industrial-grade intelligent agents through graph-model fusion technology, providing industrial-grade AI solutions. The company's business is divided into two segments: Atlas graph solutions and Atlas intelligent agents, forming a differentiated competitive path of "knowledge graph foundation + large model empowerment."

As of September 30, 2025, the company has collaborated with over 360 clients, covering more than 100 application scenarios, including top financial institutions and large state-owned enterprises. Its solutions have been implemented in various scenarios such as anti-fraud, intelligent marketing, risk identification, and intelligent manufacturing.

From a growth perspective, the company's core business, Atlas graph solutions, has shown consistent revenue growth over the past three years, reaching RMB 313 million, RMB 367 million, and RMB 417 million, with a compound annual growth rate (CAGR) of approximately 15.37%. Meanwhile, the Atlas intelligent agent segment, launched in 2023, experienced explosive growth in 2024, with revenue reaching approximately RMB 87 million, a year-on-year increase of 872.18%. In 2025, this segment continued its strong growth, with revenue of approximately RMB 61 million in the first nine months, a year-on-year increase of 556.67%.

The data from the first nine months of 2025 clearly indicates that the Atlas intelligent agent segment, as a strategically emerging business, has demonstrated remarkable market potential and has become a key driver of the company's revenue growth.

Additionally, according to Frost & Sullivan's report, China's industrial-grade AI agent market is expected to experience explosive growth from 2024 to 2029, expanding from approximately RMB 3.1 billion in 2024 to RMB 45.8 billion in 2029, with a CAGR of 71.3% during this period.

This rapid growth reflects the accelerated digital transformation of enterprises, the implementation of vertical AI applications, and the rising demand driven by advancements in computing power and large language model technologies. With continued investment and exploration of intelligent solutions across more industry scenarios, industrial-grade AI agents will transition from lab-scale pilots to large-scale commercial applications.

Based on 2024 revenue, the company ranks fifth among China's industrial-grade AI agent providers, with a market share of 2.8%. However, it leads the graph-centric AI agent submarket with a market share of approximately 50%, demonstrating significant technological advantages.

In summary, as the first "knowledge graph" company listed in Hong Kong, HaiZhi Technology Group has established a solid business foundation and a clear growth path through its dual-drive strategy of "graph foundation + large model empowerment." Its traditional graph business continues to grow steadily, while the Atlas intelligent agent segment has shown explosive growth, becoming a new growth engine. The company holds a leading position in the graph-centric AI agent submarket with a 50% market share and significant technological advantages. With the industrial-grade AI agent market expected to grow at a CAGR of 71.3% over the next five years, the company is well-positioned to further expand its leadership. This IPO will provide crucial support for the company to consolidate its technological edge and expand into vertical industries, making it a compelling long-term investment opportunity.