First HKIC bet SmartMore seeks Hong Kong IPO amid booming tech pipeline
Unicorn’s AI platforms power firms from Tesla to Apple suppliers, highlighting the government fund’s role in the city’s tech investment push
The unicorn, founded in 2019 and specialising in industrial artificial intelligence, submitted its application on Monday night, with Morgan Stanley, China International Capital Corporation and Deutsche Bank as joint sponsors. SmartMore provides intelligent manufacturing and digital innovation through a proprietary industrial platform that integrates software and hardware for enterprise clients.
HKIC, which has been compared with Singapore’s Temasek, recorded HK$2.3 billion in investment income and HK$2.25 billion in operating profit in 2024.
SmartMore is not the only HKIC-backed firm making moves. BioMap, a life science AI model company founded by Baidu CEO Robin Li Yanhong, has reportedly filed a confidential application in Hong Kong, aiming to raise several hundred million US dollars.
Leading up to its filing, SmartMore’s financial health showed marked improvement. In 2025, it recorded revenue of more than 1 billion yuan (HK$145 million), up 44 per cent year on year, while its adjusted net loss narrowed 28 per cent to 272 million yuan, according to its prospectus.
Meridiano
