Tencent-Backed Mininglamp Technology Doubles in Hong Kong Debut
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Mininglamp Technology debuts in Hong Kong on Nov. 3. Photo: Mininglamp Technology
Shares of Mininglamp Technology, an artificial intelligence-driven software provider backed by Tencent Holdings Ltd., more than doubled in their Hong Kong trading debut Monday.
The stock closed at HK$290.6, a 106.1% surge from its issue price of HK$141, giving the company a market capitalization of nearly HK$42 billion ($5.4 billion).
The company raised HK$1.02 billion from the IPO. After deducting expenses, net proceeds amounted to HK$902 million, which Mininglamp plans to allocate toward research into technologies like multimodal large language models, product development, and sales expansion. The IPO’s cornerstone investors included Tencent, GFH and Hundreds Capital.
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- Mininglamp Technology’s Hong Kong IPO surged 106.1%, closing at HK$290.6 with a HK$42 billion market cap, raising HK$1.02 billion (net HK$902 million).
- Backed by Tencent (27.3% stake), Mininglamp was China's largest data intelligence software supplier by 2024 revenue; founder Wu Minghui controls 53.5% of voting rights.
- Revenue was 1.27B yuan (2022), 1.46B (2023), and 1.38B (2024); 2024 net profit was 8M yuan, down from 1.64B in 2022.
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Who’s Who
- Mininglamp Technology
- 明略科技 (Mininglamp Technology) is an AI-driven software provider, backed by Tencent, that recently doubled its stock value in its Hong Kong debut. It raised HK$1.02 billion from its IPO, with plans to invest in multimodal large language models and product development. Founded in 2006, it provides data intelligence solutions, initially for public security, and later expanded to finance, rail transit, retail, and F&B. Mininglamp was China's largest data intelligence application software supplier by total revenue in 2024.
- Tencent Holdings Ltd.
- Tencent Holdings Ltd. is a major investor in Mininglamp Technology, an AI-driven software provider. Tencent holds a significant 27.3% stake, making it the largest shareholder. Mininglamp, which recently saw its shares more than double in its Hong Kong trading debut, is backed by Tencent alongside other investors like HongShan Capital Group and Temasek.
- GFH
- GFH was one of the cornerstone investors in Mininglamp Technology's IPO. Mininglamp Technology, an AI-driven software provider, successfully raised HK$1.02 billion from its IPO, with net proceeds of HK$902 million. The company plans to use these funds for research into technologies such as multimodal large language models, product development, and sales expansion.
- Hundreds Capital
- Hundreds Capital (汇百资本) was one of the cornerstone investors in Mininglamp Technology's Initial Public Offering (IPO). Mininglamp Technology, an AI-driven software provider, raised HK$1.02 billion from this IPO.
- Palantir Technologies Inc.
- Initially, Palantir Technologies Inc. was compared to Mininglamp Technology due to its provision of data integration services. Mininglamp later diversified its client base from public security bureaus to finance, rail transit, and subsequently focused on retail and food and beverage businesses.
- HongShan Capital Group
- HongShan Capital Group is a major backer of Mininglamp Technology, an AI-driven software provider. This places them among other significant investors like Tencent, which holds a 27.3% stake, and Singapore's Temasek.
- Temasek
- Temasek (淡马锡) is a major backer of Mininglamp Technology, an artificial intelligence-driven software provider. It is a Singaporean investment company.
- Beijing Yunji Technology Co. Ltd.
- Beijing Yunji Technology Co. Ltd. is a hotel robotics firm. Its co-founder is Wu Minghui, who is also the founder and CEO of Mininglamp Technology. Beijing Yunji Technology was listed in Hong Kong in October.
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What Happened When
- 2006：
- Mininglamp Technology was founded.
- 2022：
- Mininglamp’s revenue was 1.27 billion yuan and net profit was 1.64 billion yuan.
- 2023：
- Mininglamp’s revenue was 1.46 billion yuan.
- 2024：
- Mininglamp’s revenue was 1.38 billion yuan and net profit was 8 million yuan; attributed revenue decline to a strategic shift toward standardized products.
- 2024：
- According to Frost & Sullivan, Mininglamp was China’s largest data intelligence application software supplier by total revenue.
- First half of 2025：
- Mininglamp recorded revenue of 644 million yuan and a loss of 204 million yuan.
- October 2025：
- Beijing Yunji Technology Co. Ltd., co-founded by Wu Minghui, listed in Hong Kong.
- November 4, 2025：
- Mininglamp Technology debuted on the Hong Kong stock exchange, shares more than doubled, closing at HK$290.6 (a 106.1% surge from its issue price); company reached HK$42 billion market capitalization and raised HK$1.02 billion from its IPO.
- As of November 4, 2025：
- Tencent held a 27.3% stake in Mininglamp and was the largest shareholder.
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