As the embodied intelligence industry undergoes differentiation, a Chinese firm with over a decade of deep cultivation in vision intelligence brings a differentiated investment option to Hong Kong’s AI stock segment. On June 29, Reconova Technologies Co., Ltd. (Reconova, stock code: 7656.HK), headquartered in Xiamen, kicked off its Hong Kong IPO. The Company plans to globally offer 28.087 million H-shares at an offer price of HK$21.66 per H-share. Huatai International, CCB International and ABCI Capital act as joint sponsors.

Unique Track Positioning & Fully Validated Commercialization

Most listed embodied intelligence players focus on consumer-end home scenarios and remain in the early commercialization stage. Few have secured steady B-end revenue streams. Enterprises boasting full-stack self-developed vision technologies alongside large-scale commercial deployment in industrial verticals are extremely scarce in the market. Reconova targets three high-barrier industrial sectors: civil aviation, commercial real estate and driving safety, delivering a distinct business narrative.

Reconova’s differentiated development logic lies in its proven commercialization roadmap: build vertical scenario capabilities first, then develop embodied execution technologies. Founded in 2012, the Company has long centered on enterprise-grade vision AI. It independently develops vision large models, deep learning frameworks and multi-spectral imaging technologies. Built on three core technology layers — foundational technology, fusion technology and modular building block technology — the Company has rolled out a complete technology stack covering three series of vision intelligence agents: RecoSee (perception), RecoAware (cognition) and RecoThink (reasoning).

More importantly, this technological system is not confined to laboratories; it has undergone large-scale deployment in high-threshold enterprise scenarios. Per Frost & Sullivan data based on 2025 revenue, Reconova ranks first in China’s enterprise vision AI product market for civil aviation with an 8.7% market share, and claims the fourth position in both commercial space and driving safety segments.

While the three vertical sectors appear disparate, they share a unified underlying vision AI infrastructure. This core advantage enables Reconova to reuse technologies across scenarios and evolve from a single vertical leader into a multi-growth-driver enterprise. To date, the Company’s intelligent products have been deployed at over two-thirds of China’s major hub airports handling tens of millions of annual passengers. Its SINHON business system has landed in more than 60 large shopping malls, and its intelligent driving safety solutions serve over 500,000 freight vehicles.

Sustained Scaled Revenue Growth, Star-Studded Pre-IPO Shareholders

By evolving from pure vision AI to embodied vision intelligence and establishing mature productization and end-to-end delivery capabilities, Reconova has built a full commercial loop covering self-developed algorithms, customized hardware and scenario implementation, generating steady B-end cash flows from its three core business segments.

From 2023 to 2025, the Company’s total revenue surged from RMB242.4 million to RMB443.0 million, representing a compound annual growth rate (CAGR) of 35.2%. The combined revenue contribution of intelligent commerce and intelligent driving safety jumped from 42.0% to 61.1%, greatly reducing reliance on a single vertical track. In 2025, gross margins across all three business lines improved: intelligent civil aviation rose from 51.8% to 59.2%, intelligent commerce from 29.9% to 32.0%, and intelligent driving safety from 13.3% to 16.4%.

In terms of shareholder structure, Reconova’s Pre-IPO investor roster features international tech giants, state-owned industrial platforms and top-tier industrial funds, including Intel, Greenland Financial Holdings, Shanghai Hongyu Aviation Industry Fund, China Merchants Capital, CITIC Securities Investment, Shenzhen Investment Holdings Capital and SAIF. These investors bring abundant industrial resources and robust capital endorsement, and to further boost confidence among secondary market participants.

Under Hong Kong Stock Exchange Listing Rules Chapter 18C for Specialist Technology Companies, Reconova stands out as a rare AI firm with scaled multi-scenario revenue streams. No listed player on Hong Kong’s bourse solely focuses on embodied vision intelligence to date, highlighting its high scarcity value. As disclosed in the Company’s post-hearing information pack, the net proceeds raised from the IPO will be mainly allocated to the R&D and commercialization of vision-language-action (VLA) models and embodied composite robots, the construction of in-house manufacturing bases and supply chains, as well as overseas market expansion.