Wuyi Vision Obtains CSRC Filing and Updates Prospectus, Enters Final Sprint for Hong Kong IPO | Frontline

Author | Huang Nan

Editor | Yuan Silai

Recently, the website of the China Securities Regulatory Commission released the "Notice on the Filing for Overseas Issuance and Listing of Beijing Wuyi Vision Digital Twin Technology Co., Ltd."

According to the notice, the company plans to issue no more than 77,600,840 overseas - listed ordinary shares and list them on the Hong Kong Stock Exchange. 38 shareholders of the company plan to convert a total of 363,299,144 unlisted domestic shares into overseas - listed shares and list them for trading on the Hong Kong Stock Exchange. This means that the company has met the pre - conditions for entering the hearing stage of the Hong Kong Stock Exchange.

Wuyi Vision was established in February 2015 and proposed the "Earth Cloning Project" in 2017, which aims to replicate the Earth in the virtual world and create a super - large - scale simulation simulator.

The company has long focused on technological innovation and application in the fields of 3D graphics, simulation, and artificial intelligence. Currently, it has launched three core businesses, namely the 51Aes Digital Twin Platform, the 51Sim Synthetic Data and Simulation Platform, and the 51Earth Digital Earth Platform. Its products and solutions have been widely used by more than a thousand large and medium - sized enterprises globally, and its business covers 19 countries and regions around the world.

As a core tool for industrial digitalization, digital twin "clones" physical entities in the virtual space through the in - depth integration of data and models, enabling the simulation, prediction, and optimization of the entire life cycle of real - world systems and forming a closed - loop of intelligent decision - making. With the continuous empowerment of technologies such as intelligent sensing, cloud computing, and AI, its applications are extending from industrial manufacturing to diverse scenarios such as urban management, intelligent driving, and architectural design.

In terms of market size, IDC and Gartner jointly predict that the global digital twin market size will reach $35 billion in 2025 and is expected to exceed $120 billion by 2030, with an average annual compound growth rate (CAGR) of over 28%, showing significant growth potential.

At the Computex 2024 conference last year, Jensen Huang, the CEO of NVIDIA, officially launched the "Earth 2" project, aiming to create a digital twin of the Earth to predict its future changes, which also confirms the industry value of the digital twin track.

According to the latest prospectus of Wuyi Vision, in the past 2022, 2023, 2024, and the first six months of 2025, Wuyi Vision's revenues were RMB 170 million, RMB 256 million, RMB 287 million, and RMB 54 million respectively. The revenue in the first half of 2025 increased by 62% year - on - year ; the corresponding net losses were RMB 190 million, RMB 87 million, RMB 79 million, and RMB 94 million respectively; the adjusted net losses were RMB 132 million, RMB 68 million, RMB 43 million, and RMB 67 million respectively.

In the direction of spatial intelligence, Wuyi Vision has launched the spatial intelligent interaction platform Clonova. This platform will enable users to interact in an immersive 3D space through natural language processing technology that promotes diverse interactions. From scenic spot tourism to social entertainment, from enterprise management to building management, from urban planning to flood prevention and drainage, Clonova will provide a full - set of products and capabilities based on digital twin AI, enabling enterprises and individuals in the AI era to enter the digital world more intelligently and immersively.

In the direction of embodied intelligence, Wuyi Vision is committed to providing efficient simulation training and high - quality synthetic data for various forms of embodied intelligence through simulation and synthetic data technology, breaking through the bottlenecks of insufficient data diversity and shortage of high - quality data in Physical AI, and enabling robots in the AI era to enter the physical world more safely and efficiently.

It is foreseeable that if Wuyi Vision successfully lists on the Hong Kong stock market this time, it is expected to become an important AI and digital twin target under Chapter 18C, further strengthening its dominant position in the global digital twin technology innovation and industrialization process.