Shandong Extreme Vision Technology Co., Ltd.

Date of Prospectus: March 20, 2026

Extreme Vision Technology’s Hong Kong IPO: Deep Dive into Offer Details, Financials, Risks, and Growth Prospects

IPO Snapshot: Offer Structure, Pricing, and Key Details

Extreme Vision Technology is launching its IPO on the Main Board of the Hong Kong Stock Exchange, targeting technology investors and market watchers. The company, classified as a Specialist Technology Company under Chapter 18C, offers a unique investment opportunity with high-growth potential and sector-specific risks.

• IPO Symbol: Not explicitly disclosed
• Offer Price: HK\$40.0 per H Share
• Total Offer Size: HK\$434.4 million estimated net proceeds
• Number of Shares Offered: 12,480,000 H Shares (624,000 Hong Kong Offer Shares and 11,856,000 International Offer Shares)
• Post-IPO Outstanding Shares: 112,914,783 Shares (inferred from prospectus)

Use of Proceeds: Growth-Driven Capital Allocation

Extreme Vision Technology’s IPO proceeds are heavily focused on growth and technology expansion:

• 60% (HK\$260.6 million): Enhancing research and development capacities
• 40% (HK\$173.8 million): Large model and AI infrastructure construction
• 20% (HK\$86.9 million): Upgrading AI-PaaS middleware
• Remaining funds: Working capital and general purposes

This allocation signals a robust growth strategy centered on R&D and product development, not deleveraging or debt repayment.

Dividend Policy and Timetable

No dividends 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. As advised by legal counsel, Extreme Vision cannot pay dividends due to accumulated losses as of the prospectus date.

Placement and Issuance Breakdown

• Public Offering: 624,000 H Shares (Hong Kong Offer Shares)
• International Offering: 11,856,000 H Shares
• Cornerstone Investors: Named (see below)
• Employee Allocation: Pre-IPO Employee Incentive Scheme, with lock-up periods

Investor Participation, Cornerstone Investors, and Book Quality

• Cornerstone Investors: Includes Zhengjin International (a close associate of existing shareholders), with HK\$45.2 million subscribed. Other cornerstone investors are independent third parties using internal financial resources.
• Employee Incentive Platforms: Pre-IPO Employee Incentive Platforms (Hengqin Jili and Hengqin Jichuang) subject to lock-up periods.
• Pre-IPO Investors: Several sophisticated independent investors, holding approximately 23.52% of issued share capital pre-IPO, reducing to no less than 20% post-IPO.

Book quality is supported by a strong cornerstone tranche, sophisticated pre-IPO investors, and a well-diversified allocation. This suggests robust institutional demand and potential for strong first-day performance.

Deal Parties, Structure, and Market Support

• Sole Sponsor: CITIC Securities (Hong Kong) Limited
• Reporting Accountants: Ernst & Young
• Underwriters: CITIC Securities (Hong Kong) Limited, CLSA Limited, and others
• Compliance Advisor: Innovax Capital Limited

Stabilization/Over-allotment: No stabilizing manager appointed and no stabilization activities planned. Underwriting commission is 3.0% of aggregate Offer Price, with possible incentive fee of up to 1.0%. Bookrunners and global coordinators have a strong reputation for technology IPOs, indicating potential for supported listing-day performance based on the prospectus disclosures.

Company Overview: Business Model, Products, and Markets

Extreme Vision Technology is a specialist provider of AI-driven computer vision solutions and software-defined All-in-One AI platforms.

• Business Model: Monetizes via sales of AI vision solutions, software, and middleware platforms
• Key Products: Extreme Mart (algorithm marketplace), Extreme Stars (algorithm inference/deployment platform), Extreme Flow (AI algorithm training/management platform)
• Revenue Streams: Algorithm licensing, platform subscription, custom solutions, enterprise contracts
• Customer Segments: Industrial, commercial, and government clients
• Geographical Focus: Primarily PRC, with expansion plans

Industry/Sector: Specialist Technology Industry; AI and computer vision sector. Expected market capitalization at listing exceeds HK\$4 billion, meeting commercial company criteria under HKEX rules.

Financial Health: Multi-Period Performance

Financials show net losses in most periods with a brief profit in 2024, amidst ongoing investments and expansion. Negative net cash used in operating activities and no dividend payments signal a growth and reinvestment phase. No material off-balance sheet arrangements.

Market Position, Competitive Advantages, and Brand Strength

Extreme Vision Technology has built a strong platform ecosystem with several successful product launches (Extreme Mart, Extreme Stars, Extreme Flow), driving valuation growth across Pre-IPO rounds. The company leverages efficient AI R&D, robust developer partnerships, and supply chain management to maintain competitive advantages. The presence of sophisticated investors and strategic partners demonstrates market confidence.

Management and Leadership

The company is governed by an experienced board, with Mr. Chan and Ms. Luo as key shareholders. Pre-IPO Employee Incentive Schemes are in place to align talent incentives. The compliance advisor is Innovax Capital Limited, and legal counsel is Jia Yuan Law Offices.

Sector Trends, Timing, and Market Environment

AI and computer vision are rapidly growing sectors in the PRC and globally. Extreme Vision has expanded its platform and solutions in line with sector demand. The IPO is scheduled for March 2026, with the Hong Kong Public Offering commencing at 9:00 a.m. on March 20, 2026 and closing at 11:30 a.m. on March 25, 2026. Macro environment is described as favorable for technology listings, with regulatory support and strong institutional investor interest.

Recent Company and Sector Developments

Recent launches of Extreme Flow and enhanced platforms have contributed to valuation increases and investor confidence. Pre-IPO investments have been fully utilized for R&D and expansion. No material adverse changes disclosed since October 1, 2025. The company previously considered a Shanghai listing but opted for Hong Kong due to market capitalization and regulatory alignment.

Risk Factors

• High volatility and valuation risk due to Specialist Technology Company status
• Dependence on efficient AI R&D and technological capabilities
• Reliance on third-party developer collaborations and retention of key R&D talent
• Security risks related to large volumes of business and operating data
• No dividends due to accumulated losses
• Potential for future external fundraising due to negative cash flows

Quantified exposures: Net losses in 2022 and 2023 (RMB 60,722,000 and RMB 56,246,000 respectively), negative net cash used in operating activities, no distributable profits available for dividends.

Growth Strategy: Expansion, Innovation, and Capital Pipeline

• R&D investment in large model and AI infrastructure (HK\$173.8 million)
• Upgrade of AI-PaaS middleware (HK\$86.9 million)
• Continued product launches and commercialization of solutions
• Potential for future fundraising and expansion into new markets

Expansion plans are clearly focused on technology leadership and platform scale.

Ownership Structure and Lock-Up Provisions

• Single Largest Group of Shareholders (Mr. Chan, Ms. Luo, Hengqin Jili) expected to hold 26.54% voting rights post-IPO
• No controlling shareholder under HKEX rules
• Pre-IPO Employee Incentive Platforms subject to 12-month lock-up period post-listing
• Cornerstone investors and close associates allocation subject to HKEX waivers and consent

Valuation and Peer Comparison

Extreme Vision Technology’s implied post-IPO market capitalization is HK\$4.52 billion. No peer company symbols or direct peer valuation metrics are disclosed in the prospectus; therefore, comparative tables are omitted.

Analyst Coverage and Opinions

Industry report by Frost & Sullivan (Beijing) Inc., Shanghai Branch Co. included in the document. No explicit analyst price targets or opinions disclosed.

IPO Allotment Results

Final subscription outcomes by tranche are not detailed; however, cornerstone allocation and sophisticated investor participation suggest strong institutional demand.

Listing Outlook: Subscription Recommendation and First-Day Range

Based on strong cornerstone investor participation, robust growth-driven capital allocation, and favorable sector/regulatory conditions, Extreme Vision Technology’s IPO appears attractive for growth-oriented investors. First-day trading strength is likely to be robust, with potential for significant price appreciation relative to the offer price of HK\$40.0, supported by book quality and deal parties. Risks include sector volatility and absence of dividend payout. Investors should fully understand the investment risks of Specialist Technology Companies before subscribing.

Prospectus Access

Prospectus available at:
www.extremevision.com.cn
www.hkexnews.hk

How to Apply for Extreme Vision Technology IPO

• HK eIPO White Form service: www.hkeipo.hk (for physical H Share certificate, in own name)
• HKSCC EIPO channel: Via broker or custodian (for electronic allocation)
• Application Window: From 9:00 a.m. on Friday, March 20, 2026 to 11:30 a.m. on Wednesday, March 25, 2026 (Hong Kong time)
• Minimum Application: 50 Hong Kong Offer Shares
• Eligibility: 18 years or older, outside the United States, Hong Kong address (for HK eIPO White Form service)

Extreme Vision Technology’s IPO positions itself as a leading AI platform provider, with strong institutional backing and a growth-driven capital deployment. Investors seeking exposure to PRC technology innovation should consider this offering, bearing in mind the sector-specific risks.