Hong Kong Stock Company 18C's May Day Vision hits the first Physical AI stock through hearings
The Zhitong Finance App learned that recently, the Hong Kong Stock Exchange revealed that Beijing Wuyi Vision Digital Twin Technology Co., Ltd. (hereinafter referred to as “51WORLD” or “May Day Vision”) has passed the listing hearing and will use the 18C charter to impact the first share of Physical AI. CICC and Huatai International will act as co-sponsors.
Founded in February 2015, Wuyi Vision is a technology company dedicated to cloning 510 million square kilometers of Earth. The company has long invested heavily in technology and developed core competitiveness in the three fields of 3D graphics, simulation and artificial intelligence. It has launched three core businesses, namely 51Aes (digital twin platform), 51Sim (synthetic data and simulation platform), and 51Earth (digital earth platform). The company's products and solutions have been widely used by more than 1,000 large and medium-sized enterprises around the world, and its business covers 19 countries and regions around the world.
Currently, physical AI (physical AI) is becoming a new direction in the global technology industry, representing the next wave of AI, and there is a trillion-dollar market space behind it. Judging from the essence of technology, physical AI needs to combine physical laws with artificial intelligence technology to optimize the content generated by AI by integrating real physical rules, so that it is more in line with the logic and laws of the real world. Since its establishment, May Day Vision has continued to move closer to physical AI using digital twins as a starting point. After years of technology accumulation and strategic layout, the company has built perfect technical capabilities on the three key components of Physical AI (data fuel, spatial model, and training platform), and has built a full-chain physical AI closed-loop ecosystem of “synthetic data - spatial intelligence model - simulation training platform”, forming technical and ecological barriers that are difficult to replicate. It is one of the few companies in the world that actually has the three elements of physical AI.
In terms of performance, in the past six months of 2022, 2023, 2024, and 2025, May Day Vision's revenue was RMB 170 million, $256 million, $287 million and RMB 54 million, respectively. The revenue for the first half of 2025 increased 62% year-on-year; the corresponding net losses were RMB 190 million, $87 million, $79 million and $94 million, respectively. The corresponding adjusted net losses were RMB 132 million, 68 million, $43 million and RMB 67 million respectively.
In terms of technology research and development, as a national-level specialized and innovative “little giant” enterprise, May Day Vision has obtained more than 265 software copyrights and valid authorized patents. With a perfect industrial chain layout and leading product technology, May Day Vision continues to promote the upgrading of industry standards and optimization of the industrial structure. Currently, it has participated in the formulation of 41 international, national, local and group standards for digital twins and related applications.
In terms of the financing process, May Day Vision has gone through 8 rounds of financing. As of December 31, 2024, the company ranked first in the amount of financing in the Chinese digital twin solutions market, with a final valuation of RMB 4.4 billion. The investment lineup behind it is strong, including well-known funds such as Lightspeed, Cloud 9, Star VC, Xeno Investment, and industrial investors such as Shangtang Technology and Moore Thread. In addition, 51WORLD has also attracted well-known individual investors such as Ge Weidong and Liang Botao to invest in shares.
Industry insiders believe that after passing the Hong Kong Stock Exchange hearing, if May 1st Vision can be successfully listed, it will not only fill the gap in the physical AI field of Hong Kong stocks, but is also expected to become a scarce target with great potential in the eyes of investors due to its unique technical and ecological barriers.