First HKIC bet SmartMore seeks Hong Kong IPO amid booming tech pipeline

SmartMore, the first company backed by the Hong Kong government’s investment fund, has applied for a listing, underscoring the city’s crowded pipeline of technology initial public offerings (IPOs).

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.

It was the inaugural investment of the Hong Kong Investment Corporation (HKIC), which was set up in 2022 under Chief Executive John Lee Ka-chiu’s mandate to manage HK$62 billion (US$7.9 billion) in “patient capital” for strategic sectors including hard tech, life sciences and green energy. Financial Secretary Paul Chan Mo-po said in late February that HKIC had supported more than 190 projects, with 10 already listed and over 20 preparing IPOs this year.

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.

SmartMore, co-founded by Shen Xiaoyong, recorded a 44 per cent year-on-year increase in revenue in 2025. Photo: Edmond So

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.

_{First HKIC bet SmartMore seeks Hong Kong IPO amid booming tech pipeline}

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