In 2025, the 18C Hong Kong Stock Exchange, the “First Physical AI Stock”, May 1st Vision opens a stock offering

The Zhitong Finance App learned that at the end of 2025, the battle to end the year for the Hong Kong Stock 18C Special Technology Listing Channel has officially begun! On December 18, 51WORLD (May 1st Vision), the leading company on the physical AI circuit, opened a stock offering, with a global sale of 23.975 million shares, Hong Kong's sale of 1.199 million shares, an international placement of 22.776 million shares, and an additional 15% over-allotment of shares.

Each share is priced at HK$30.5. The company expects to raise HK$731 million if the right to adjust the sale volume and overallotment rights are not exercised. If the over-allotment right is exercised, a maximum capital of HK$841 million can be raised. The offering date is from December 18, 2025 to December 23, 2025, and is expected to be listed on the Hong Kong Stock Exchange on December 30, 2025.

As the finalist who sprinted to Hong Kong stocks with the 18C regulations, May Day Vision is both growing and scarce.

Established in 2015, May Day Vision has built perfect technical capabilities on the three key components of Physical AI (data fuel, spatial model, 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 commercialization, May Day Vision 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. Its physical AI product systems have also been commercialized in vertical scenarios such as intelligent driving, transportation hubs, smart factories, and smart energy.

The performance continued to be impressive. The company's revenue increased from 170 million yuan in 2022 to 287 million yuan in 2024, with a compound annual growth rate of 30.02%. Revenue of 53.82 million yuan was achieved in the first half of 2025, an increase of 62% over the same period in 2024.

With a high-potential track with accurate card slots and strong growth potential, the company has attracted the support of both industry and capital. May Day Vision has a strong investment lineup, including domestic GPU pioneer Moore Thread, leading artificial intelligence company Shangtang Technology, and well-known funds such as Lightspeed, Cloud 9, Star VC, and Xeno Investments. In addition, May Day Vision has also attracted well-known individual investors such as Ge Weidong and Liang Botao to invest in shares.

In the current Hong Kong stock market, physical AI companies with a “full-chain physical AI closed-loop ecosystem + commercial empirical evidence” are extremely scarce. The May 1st Vision listing is expected to introduce core investment targets in this scarce circuit to the Hong Kong stock market, filling the value gap in the AI hard technology sector.