The first "Physical AI" stock, 51WORLD, listed on the Hong Kong Stock Exchange with a market value exceeding HK$14 billion | The Frontline

Author | Huang Nan

Editor | Yuan Silai

On December 30th, Beijing Wuyi Vision Digital Twin Technology Co., Ltd. (hereinafter referred to as "51WORLD") was listed on the main board of the Hong Kong Stock Exchange with the stock code "6651", becoming the first Physical AI enterprise in China to enter the capital market. Its opening stock price reached HK$35, up 14.75% from the issue price, and its market value exceeded HK$14 billion.

In this IPO, 51WORLD issued a total of 23,975,200 shares, raising a total of HK$731 million. Among them, the Hong Kong public offering was over - subscribed by 258 times, and the international placement was subscribed by various types of investors such as overseas and domestic long - term funds, hedge funds, and strategic investors.

51WORLD was listed on the main board of the Hong Kong Stock Exchange

51WORLD was established in February 2015 and proposed the "Earth Cloning Plan" in 2017, which aims to replicate the Earth in the virtual world and create a super - large - scale simulation simulator.

As a national "little giant" enterprise specializing in niche markets, the company has long focused on technological innovation and applications 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.

After ten years of development, 51WORLD has built a full - chain physical AI closed - loop ecosystem of "synthetic data - spatial intelligent model - simulation training platform". It is one of the few companies in the world that truly possess the three elements of physical AI and has implemented benchmark physical AI cases in fields such as intelligent driving, transportation hubs, smart factories, and smart energy.

Different from perceptual AI, which focuses on "recognizing the world", and generative AI, which is dedicated to "creating content", the core of physical AI is to deeply integrate physical laws with artificial intelligence. Through core elements such as digital twin carriers, physical engine cores, and AI agents, it accurately replicates the underlying laws of the physical world in the virtual space, realizes dynamic simulation, risk prediction, and decision - making optimization of real scenarios, breaks through the barriers between the virtual and physical worlds, and solves the planning, operation, and optimization problems in complex scenarios.

The rise of physical AI is also driving the rapid expansion of the digital twin track. IDC and Gartner jointly predict that the global digital twin market will reach US$35 billion in 2025 and US$120 billion in 2030, with an average annual compound growth rate of over 28%. As a high - order form of digital twin, the overall market space of physical AI is predicted by the industry to reach the trillion - dollar level, becoming the next core growth engine of the AI industry.

In terms of performance, in the past 2022, 2023, 2024, and the first half of 2025, 51WORLD's revenues reached RMB 170 million, RMB 256 million, RMB 287 million, and RMB 54 million respectively. From 2022 to 2024, the company's annual compound revenue growth rate reached 30.02%, and its revenue in the first half of 2025 increased by 62.04% year - on - year. The corresponding net losses were RMB 190 million, RMB 87 million, RMB 79 million, and RMB 94 million respectively, and the adjusted net losses were RMB 132 million, RMB 68 million, RMB 43 million, and RMB 67 million respectively.

In terms of the financing process, 51WORLD has completed eight rounds of financing. Its investors include well - known funds such as Lightspeed, Yunjiu, Star VC, and Xienuo Investment, as well as industrial investors such as SenseTime and Moore Threads. In addition, it has also attracted well - known individual investors such as Ge Weidong and Leung Pak - tao to invest and support.