On March 26, 2026, Reconova Technologies Co., Ltd. (hereinafter referred to as 'Reconova Technology'), based in Xiamen, Fujian Province, filed its prospectus with the Hong Kong Stock Exchange for a proposed IPO on the Main Board of the Hong Kong Stock Exchange. This follows the expiration of their previous filing on June 30, 2025.
瑞为技术招股书链接：
https://www1.hkexnews.hk/app/sehk/2026/108335/documents/sehk26032602494_c.pdf
Main Business
Reconova Technology, founded in 2012, is an artificial intelligence company that provides visual intelligence technologies and products to enterprise clients. Based on its self-developed large visual models, deep learning-related technologies, multispectral imaging technology, and hardware-software co-design capabilities, the company offers a series of intelligent products for visual perception, visual cognition, and visual reasoning, which are applied in various scenarios such as civil aviation, commercial spaces, and safe driving.
According to Frost & Sullivan, in terms of revenue in 2024, Reconova Technology ranked first in China's civil aviation enterprise visual intelligence product market with a market share of 8.9%, and fourth in China's commercial space enterprise visual intelligence product market with a market share of 1.7%.
The core technical architecture of Reconova Technology is divided into three levels: foundational technology, integrated technology, and component technology. Foundational technology includes computer vision algorithms, optical imaging control, and large-scale datasets serving diverse enterprise needs. Integrated technology combines algorithms, optics, hardware, and data to enhance performance and cost-effectiveness through technologies such as AI ISP and multi-sensor fusion. Component technology includes cognitive decision-making engines, optical imaging systems, interactive execution units, and data platforms, enabling efficient development of visual intelligence agents. With these capabilities, the company has built the RecoSee, RecoAware, and RecoThink visual intelligence agents, spanning the entire technology stack.
Using its three major visual intelligence agents as universal building blocks, Reconova Technology has developed and delivered a wide range of visual intelligence products covering application scenarios such as civil aviation, commercial spaces, and freight logistics.
Smart Civil Aviation. The company’s products cover the entire passenger travel process, including check-in, security checks, boarding, and customer service. These include the Wanwei series of smart access control devices, the Yitong series of intelligent security inspection systems, the Xiaorui series of passenger service robots, and the Xiao Ant series of baggage transfer robots. These products focus on three core values in the civil aviation sector: high security, high efficiency, and high passenger satisfaction.
Smart Commerce. Based on a trinity of 'Artificial Intelligence (AI) + Business Intelligence (BI) + Large Language Models (LLM)', the company’s Xinghan commercial system standardizes data formats to ensure cross-system data consistency, enabling data integration, cleaning, and analysis. Through AI algorithms, it dynamically matches personnel, products, and spaces to support precision marketing. The AI engine processes video data collected from front-end terminals and converts it into structured data usable by the BI engine, enabling analysis and visualization to provide timely and actionable insights and support the digital transformation of commercial operations.
Smart Safe Driving. The company’s intelligent safe driving terminal detects dangerous driving behaviors such as drowsy driving, smoking, mobile phone use, and lane departure. The cloud-based risk management platform performs secondary verification of alerts and evaluates driving risks using multimodal recognition models. By integrating multidimensional data such as driving duration, warning frequency, historical routes, weather conditions, and road types, the system generates real-time risk scores. For high-risk vehicles, the system automatically issues safety intervention commands and coordinates with the platform’s user service team to enable timely manual intervention. The company’s safe driving products have been deployed on over 500,000 freight vehicles, covering more than 7 billion kilometers cumulatively.
Shareholder Structure
According to the prospectus, in Realeader Technology's equity structure prior to its listing in Hong Kong,
the persons acting in concert include Mr. Zhan Donghui, Mr. Su Xiaosheng, Ms. Chi Chang, and Mr. Han Songguang, together with three share incentive platforms controlled by Mr. Zhan Donghui.
These parties collectively hold 43.61% of the shares, making them the controlling shareholders.
The leading senior independent investors include Greenland Holdings (600606.SH), Tianjin SAIF, Shanghai Airport Hongyu Investment, China Merchants Capital, and Shanghai Shangshi Investment; the senior independent investors include Intel (INTC.US), CSCI Investment, and Shenzhen Investment Holdings Capital. Other shareholders include Jing Shuihu Venture Capital, Tibet Sycor, Beijing Shangshi Investment, Jing Tai Investment, Chiprun Investment, and Puhua Tianqin, among others.
Directors and senior management
The board of directors of Realeader Technology consists of seven directors, including:
Two executive directors:
Mr. Zhan Donghui (Chairman and Chief Executive Officer);
Mr. Han Songguang (General Manager of the Intelligent Vehicle Connectivity Business Unit);
Two non-executive directors:
Mr. Chen Gen (Head of the Investment Management Department at Shanghai Airport Hongyu Investment);
Ms. Li Jia (Partner at SAIF Investment Fund).
Three Independent Non-Executive Directors:
Mr. Sun Xiaobei (formerly Senior Vice President of SMIC and Senior Vice President of Sanpower Group);
Ms. Gu Wenbo (employed at Beiling Technology);
Mr. Tang Ke (Business Finance Manager at Baihurun Trading, former Audit Manager at Ernst & Young Hua Ming).
In addition to the executive directors, senior executives include:
Dr. He Yifan (Chief Technology Officer and President of the Research Institute);
Dr. Su Xiaosheng (Chief Scientist);
Mr. Guo Chenxi (Senior Vice President and General Manager of the Marketing Center);
Mr. Li Wenda (Chief Financial Officer and Chief Operating Officer);
Mr. Ma Ke (Vice President and General Manager of the Smart Business Division);
Mr. Yu Jinxi (Vice President, Board Secretary, and Joint Company Secretary);
Mr. Shi Miaohong (General Manager of the Commercial Robotics Division).
Company performance
The prospectus shows that in the years 2023, 2024, and 2025, the operating revenues of RealAI Technology were RMB 242 million, RMB 395 million, and RMB 443 million, respectively, with corresponding net profits of -RMB 32.577 million, RMB 8.288 million, and -RMB 68.149 million.
Intermediary team
The intermediary team for Ruiwei Technology's IPO mainly includes:
Huatai International, CCB International, and ABC International are its joint sponsors;
EY as its auditor;
King & Wood Mallesons is the company's legal counsel in China;
King & Wood Mallesons (Hong Kong) serves as the company's legal counsel in Hong Kong;
Guangdong Xinda serves as its PRC legal counsel for securities.
Jingtian & Gongcheng (Hong Kong) serves as its securities broker's Hong Kong legal counsel;
Maishi Capital serves as its compliance advisor;
Frost & Sullivan serves as its industry consultant.