[HK IPO Subscription] Ruivision Technology, the market leader in civil aviation visual intelligence, is it worth subscribing to with a valuation of 6.6 billion?
Hello, I'm Lu Xian. I research the investment field and share overseas information.
Last time I shared about Qiyunshan Food, today let's look at an 18C AI company—Ruiven Technologies. The company mainly provides visual intelligence products to enterprise clients, applied in scenarios such as airports, commercial spaces, and safe driving. The focus is on its industry position, continuous losses, and HKD 6.6 billion valuation.
1. New Share Issuance Overview
Company Name: Xiamen Ruiven Information Technology Co., Ltd. (07656.HK)
Global Offering Shares: 28.087 million H shares
Hong Kong Public Offering Shares: 1.4044 million shares
International Offering Shares: 26.6826 million shares
Issue Price: HKD 21.66
Board Lot: 200 shares
Minimum Subscription Fee: HKD 4,375.69
Cornerstone Investors: None
Green Shoe: None
Sponsors: Huatai International, CCB International, ABC International
Reallocation Mechanism: 18C
Subscription Period: June 29 – July 3
Allotment Results Announcement: July 6
Grey Market Trading Time: July 7, 16:15-18:30
Listing Date: July 8
Market Cap: HKD 6.613 billion
Group A Tail: 1,000 lots
Group B Head: 1,250 lots
Top Hammer: 3,511 lots
2. Company Fundamental Analysis
Ruiven Technologies is an enterprise visual intelligence company. Based on computer vision, visual large models, multispectral imaging, and software-hardware synergy technologies, it provides smart civil aviation, smart commercial, and smart safe driving products.
Based on 2025 revenue, the company ranks first in China's civil aviation enterprise visual intelligence product market with a market share of 8.7%; it ranks fourth in China's commercial space enterprise visual intelligence product market with a market share of 1.7%. It has a certain position in niche segments, but the overall scale remains small.
From 2023 to 2025, the company's revenue was RMB 242 million, 395 million, and 443 million respectively. Growth was 63% in 2024, but only 12.1% in 2025, indicating a significant slowdown. Gross margin decreased from 40.8% to 39.8% and 37.7%.
In 2025， smart civil aviation， smart commercial， and smart safe driving revenue accounted for 38.9%， 34.9%， and 26.2% respectively. The business structure is more balanced. Smart civil aviation revenue decreased compared to 2024， while safe driving growth relies on government-promoted vehicle installation projects.
The company's profitability is unstable. Net loss was RMB 32.58 million in 2023， profit was RMB 8.29 million in 2024， and loss was RMB 68.15 million in 2025. After excluding share-based payments and listing expenses， the adjusted loss for 2025 was still RMB 48.79 million， and a loss is expected to continue in 2026.
A bigger issue is collection. Trade receivables and notes reached RMB 587 million in 2025， exceeding annual revenue. Days sales outstanding rose to 440 days. Impairment losses on financial assets and contract assets reached RMB 70.05 million， and operating cash outflow was RMB 125 million， leaving only RMB 38.14 million in cash at year-end.
Clients and suppliers are relatively concentrated. The top five clients contributed 60.3% of revenue in 2025， and the top five suppliers accounted for 73.7% of procurement. Projects are affected by airport construction， commercial real estate， and government budgets.
The company recently began deploying embodied AI， launching the VTFLA model integrating vision， touch， and force sensing， and developing wheel-legged humanoid robots. This part is still in the R&D stage and cannot become a major revenue source in the short term.
Regarding valuation， the company's market cap at the issue price is approximately HKD 6.613 billion. As it is still loss-making， the P/E ratio cannot be used. Roughly based on 2025 revenue， the P/S ratio is about 13x， already factoring in high expectations for AI and robots.
3. IPO Subscription Analysis and My Action
For this batch of 15 new shares， specific fund allocation is posted in the community. Ruiven Technologies' advantage is the popular AI theme， ranking first in the civil aviation visual intelligence niche market， with consecutive revenue growth.
The disadvantage is the weak offering structure. The company has no cornerstone investors and no green shoe， and although there are three joint sponsors， it lacks institutional lock-ups and post-listing price stabilization arrangements.
Fundamental pressure is more evident. The company returned to a loss in 2025， receivables exceed annual revenue， operating cash flow is significantly negative， and R&D investment will continue to increase in 2026. Embodied AI can increase market attention， but at this stage， main revenue still comes from civil aviation， commercial， and safe driving projects. The initial public offering tranche is 5%. It's highly likely margin financing will exceed 50 times， triggering a clawback to 20%. The one-lot winning rate is estimated at 4%.
Overall， Ruiven Technologies has AI， visual intelligence， and robot concepts， and a small public float may also bring short-term volatility. However， the HKD 6.6 billion valuation is not low， and issues of losses， collection， and cash flow are prominent. The absence of cornerstone investors and a green shoe further increases risk.
My action: I will subscribe.
$RECONOVA(07656.HK)
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