Shandong Extreme Vision Technology Co., Ltd.

Date of Prospectus: March 20, 2026

Shandong Extreme Vision Technology IPO: In-Depth Analysis, Financials, Risks, and Investment Outlook

Shandong Extreme Vision Technology Co., Ltd. (the “Company”) brings a highly anticipated Hong Kong Main Board IPO, targeting growth in the specialist AI and technology sector. This article provides a comprehensive, investor-focused breakdown of its offer structure, financial health, business model, growth drivers, risk profile, and what to expect as it lists on the Hong Kong Stock Exchange.

IPO Snapshot: Key Details for Investors

IPO Symbol: Not disclosed
Offer Price: HK\$40.0 per H Share (fixed, unless otherwise announced)
Total Offer Size: 12,480,000 H Shares (624,000 Hong Kong Offer Shares + 11,856,000 International Offer Shares)
Expected Market Capitalization at Listing: Approximately HK\$4.52 billion
Number of H Shares Offered: 12,480,000
Post-IPO Outstanding Shares: 112,914,783
Application Window: Opens 9:00 a.m. on March 20, 2026. Closes 11:30 a.m. on March 25, 2026.
Listing Date: Not stated, but H Shares must be listed by March 31, 2026.

Use of Proceeds: Strong Focus on R&D and Expansion

The Company is channeling the IPO proceeds into growth initiatives:

• 60.0% (HK\$260.6 million) for R&D capacity enhancement, including:
  • 40.0% (HK\$173.8 million) for large model and AI infrastructure construction
  • 20.0% (HK\$86.9 million) for AI-PaaS middleware upgrades
• 20.0% (HK\$86.9 million) for commercialization of solutions and market expansion
• 10.0% (HK\$43.4 million) for working capital and general corporate purposes
• 10.0% (HK\$43.4 million) for strategic investments or possible M&A opportunities

This signals an aggressive, growth-driven story with heavy focus on technology leadership and market expansion, rather than deleveraging.

IPO Allocation: Public, Cornerstone, and Employee Participation

Hong Kong Public Offering: 624,000 H Shares (subject to reallocation)
International Offering: 11,856,000 H Shares (subject to reallocation and over-allotment)
Cornerstone Investors: Disclosed cornerstone is Zhengjin (Hong Kong) International Co., Limited (HK\$45,200,000 committed)
Pre-IPO Employee Incentive Scheme: Shares allocated via Hengqin Jili and Hengqin Jichuang platforms
Pre-IPO Investors: Hold a significant portion but are subject to a 12-month lock-up post-listing
Public Float: At least 10% of total issued H Shares at listing, with an expected value over HK\$50 million

Investor Participation & Book Quality

Cornerstone Investor: Zhengjin (Hong Kong) International Co., Limited—close associate of an existing shareholder
Other Cornerstone/Anchor Investors: Not further disclosed
Employee Participation: Pre-IPO Employee Incentive Scheme via platforms Hengqin Jili and Hengqin Jichuang
Pre-listing Disposals/Sales: None indicated; all special rights of Pre-IPO Investors terminated pre-listing
Assessment: The presence of a cornerstone investor, significant institutional and employee platform allocations, and a sizeable pre-listing investor base suggests book quality and potential support for first-day trading.

Deal Parties & Structure: Underwriters, Sponsors, and Stabilization

Sole Sponsor, Sponsor-Overall Coordinator, Sole Global Coordinator, Joint Bookrunners, and Joint Lead Managers: CITIC Securities (Hong Kong) Limited
Reporting Accountants: Ernst & Young
PRC Legal Advisor: Jia Yuan Law Offices
Industry Consultant: Frost & Sullivan (Beijing) Inc., Shanghai Branch Co.
Stabilization/Greenshoe: No stabilizing manager appointed and no stabilization activities planned.
Underwriting Fees: 3.0% of aggregate Offer Price for fixed fees; up to 1.0% discretionary incentive fee

The strong syndicate led by CITIC Securities (Hong Kong) and the absence of stabilization could mean price discovery is more volatile, but institutional support remains strong based on allocations.

Business Model and Company Overview

Shandong Extreme Vision Technology Co., Ltd. is a Specialist Technology Company focusing on AI-powered computer vision solutions and software-defined All-in-One AI offerings. The company targets enterprise and industrial clients, delivering R&D-driven, modular, and scalable AI solutions.

Revenue Streams:

• AI platform subscription and licensing
• Custom AI solution development and deployment
• AI infrastructure and middleware upgrades

Key Products & Platforms:

• Extreme Mart: Open algorithm development platform for AI developers
• Extreme Stars: Algorithm inference and deployment platform for business solutions
• Extreme Flow: AI algorithm training and management platform

Customer Segments: Enterprise, industrial, and commercial clients in China
Geography: Primarily the PRC

Financial Health: Multi-Period Performance

The Company’s financials demonstrate high growth, but profitability remains a challenge—typical for early-stage specialist AI companies. Key trends include rapid revenue expansion, improving gross profit, and ongoing net losses due to R&D investment and scaling.

Net assets as of September 30, 2025: RMB 215,974,000
Total equity as of September 30, 2025: RMB 215,974,000

Market Position and Competitive Advantages

The Company is recognized as a Specialist Technology Company under Hong Kong Listing Rules (Chapter 18C). Competitive strengths include:

• Efficient, high-quality AI R&D capabilities
• Proprietary platforms (Extreme Mart, Extreme Stars, Extreme Flow)
• Strong collaborations with third-party developers and R&D talent
• Significant Pre-IPO investor and employee backing

Brand strength, market share, and ranking figures are not disclosed, but business growth and investor confidence are reflected in the rapidly rising valuations through multiple financing rounds.

Management Team: Leadership Driving Innovation

Key figures include Mr. Chan and Ms. Luo, who, together with Hengqin Jili, form the Single Largest Group of Shareholders (holding approx. 26.54% post-IPO). Full management bios are available in the prospectus at www.extremevision.com.cn.

Trends, Timing, and Market Environment

Sector Trends: Rapid expansion of specialist AI and computer vision applications in China, with high demand from enterprises for advanced automation and analytics solutions.
Timing: The IPO window opens March 20, 2026, and closes March 25, 2026. The listing deadline is March 31, 2026.
Macro Environment: Noted risks include overall market volatility, challenges in technology sector valuations, and the need for ongoing R&D investment.
Recent Developments: Launch of new platforms (Extreme Mart, Extreme Stars, Extreme Flow) and successful closure of Series D Pre-IPO financing at a company valuation of RMB 2.31 billion.
Favorable Market Conditions: Recent capital raising rounds with steep valuation increases and strong institutional/employee interest suggest a supportive market environment for this listing.

Risk Factors: What Investors Must Consider

The Company faces significant risks, including:

• Dependence on continuous AI and R&D innovation for commercial success
• Inability to develop or launch new products could impact growth
• Heavy reliance on retaining and recruiting top R&D talent and third-party collaborations
• Large-scale data handling exposes the company to cyberattacks and data breaches
• Net losses in recent years and uncertainty regarding dividend payments
• Listing as a Specialist Technology Company implies higher volatility and valuation risk

Specific exposures include the risk that accumulated losses preclude dividend payments under PRC law, and that the company may require further external fundraising.

Growth Strategy: Capitalizing on AI and Market Expansion

The Company’s growth plan is aggressive and technology-centric, including:

• Significant R&D investment in large models and AI infrastructure (40% of proceeds)
• Middleware and platform upgrades to attract and retain developers and enterprise clients
• Market expansion and commercialization of solutions (20% of proceeds)
• Potential M&A and strategic investments (10% of proceeds)
• Continued financial discipline and cash flow monitoring with an eye toward future capital raising if needed

Valuation and Peer Comparison

The prospectus does not provide P/E, P/B, EV/EBITDA, or direct peer comparison tables. However, the implied post-IPO market capitalization is approximately HK\$4.52 billion, and the most recent Pre-IPO financing (Series D) was conducted at a significant discount to the offer price, reflecting rapid value appreciation.

Dividend Policy

No dividends were paid or declared during the Track Record Period. The Company does not maintain a formal dividend policy or fixed payout ratio. Under PRC law, dividends can only be paid from distributable profits, and current accumulated losses preclude payments at this time. Future dividends are at the Board’s discretion, based on financial results, cash flow, and applicable law.

How to Apply for Hong Kong Offer Shares

Application channels:

• HK eIPO White Form service (www.hkeipo.hk) for investors wanting physical H Share certificates
• HKSCC EIPO channel via brokers or custodians who are HKSCC Participants (for electronic applications)

Application Window: Opens 9:00 a.m. on March 20, 2026; Closes 11:30 a.m. on March 25, 2026

Minimum application: 50 Hong Kong Offer Shares. Payment must include the offer price and related fees (brokerage, SFC levy, AFRC levy, trading fee). For full details and eligibility, visit www.extremevision.com.cn or www.hkexnews.hk.

Where to Access the Full Prospectus

The full prospectus is available at: www.extremevision.com.cn and www.hkexnews.hk

Listing Outlook: Investor Takeaways and First-Day Prospects

Based on robust institutional, cornerstone, and employee support, heavy R&D focus, and a clear growth roadmap, Shandong Extreme Vision Technology’s IPO appears well-positioned for strong investor interest and a potentially positive first-day performance. The company’s Specialist Technology status and aggressive expansion plans imply high volatility and significant upside potential—though the absence of profits and dividends means risk-tolerant investors are best suited.

Inference: Given the strong backer list, material over-subscription from pre-IPO rounds, and an attractive growth story, the IPO appears worth subscribing for investors seeking exposure to China’s AI sector. First-day trading is likely to be robust, with price action potentially above the offer price—but significant volatility should be expected, as disclosed in the risk factors.

All investment decisions should be made after reviewing the full prospectus and considering personal risk tolerance.