On November 3, intelligent marketing operations SaaS company Mininglamp Technology (2718.HK) officially debuted on the Hong Kong Stock Exchange, with its stock closing at HK$ 290.6 per share—up 106.1% from its offering price of HK$141—giving the company a market capitalization of nearly HK$42 billion.
Mininglamp Technology raised a total of HK$1.018 billion in this offering, and after deducting issuance costs and fees, the net proceeds amounted to HK$902 million. Mininglamp Technology plans to use the funds for multimodal LLM and other technology R&D (35%), product development (40%), marketing, brand promotion, and sales team expansion (15%), and to supplement working capital and general corporate purposes (10%).
The cornerstone investors for this IPO include Tencent Holdings, Guo Minfang, Treasure-stone, Bao Lina, Hundreds Capital, GFH, and XtalPi Holdings.
Founded in 2006, Mininglamp Technology provides marketing and operational data intelligence products and solutions. In its early days, the company benchmarked itself against Palantir, a big data analytics company founded in Silicon Valley in 2003, entering China’s public security systems to help build data access and processing platforms and knowledge graph databases, integrating text, audio, and other multimodal data held by public security agencies to assist in criminal investigations.
Mininglamp later expanded into industries such as finance and rail transit, building anti-fraud and anti-money laundering systems for banks, and ultimately focused on offline retail and catering, helping companies achieve precise marketing. The prospectus cited Frost & Sullivan, noting that by total revenue in 2024, Mininglamp Technology is the largest domestic provider of data intelligence application software. As of June 30, the company had served 135 Fortune Global 500 companies.
Mininglamp Technology’s products and solutions are divided into three categories: marketing intelligence, operational intelligence, and industry solutions. Among them, the marketing intelligence product “Miaozhen System” contributed over 45% of revenue in the past three and a half years. The prospectus explains that the Miaozhen System integrates media spend optimization, social media management, and user growth software to improve marketing effectiveness across digital and outdoor channels such as billboards and digital screens.
Mininglamp Technology employs an AB share structure. Founder and CEO Wu Minghui holds B shares, with each share carrying 10 votes, while other shareholders hold A shares, each with one vote. Wu holds 10.82% of the company’s shares but controls 53.54% of the voting rights.
Wu Minghui is also a co-founder of the hotel robotics company Beijing Yunji Technology (02670.HK), holding 3.99% of the listed company’s shares. On October 16, Beijing Yunji Technology listed on the main board of the Hong Kong Stock Exchange. As of the close on November 3, Beijing Yunji Technology had a total market value of HK$7.6 billion.
The shareholding structure shows that Tencent, through entities including Image Frame Investment (HK) Limited, Grace Gate Holding Limited, and Master Power Holding Limited, holds a total of 27.33% of Mininglamp Technology’s shares, making it the largest shareholder.
In addition, Jintuo and Hangjing Fund hold 8.55%, HongShan Capital holds 7.46%, Temasek holds 4.14%, China Renaissance holds 3.97% through Huasheng, Kuaishou holds 2.48%, GSR holds 2.32%, and Hundreds Capital holds 2.11%.
From 2022 to 2024, Minglue Technology’s revenues were RMB 1.269 billion, RMB 1.462 billion, and RMB 1.381 billion, respectively. The prospectus explained that the revenue decline in 2024 was due to a focus on standardized product development and sales in the operational intelligence field, cautiously signing customized service contracts, which led to lower business revenue.
From 2022 to 2024, the company’s net profits were RMB 1.638 billion, RMB 318 million, and RMB 8 million, respectively. The prospectus stated that net profit was mainly affected by changes in the fair value of preferred shares, warrants, and convertible notes over three years.