郭思治：中国版 Palantir 滴普科技登陆港股 看好企业级 AI 应用高稀缺标的
Guo Sichih, vice chairman of the Hong Kong Stock Analysts Association, stated that after a significant drop in the market last Friday (17th), there was a noticeable rebound yesterday (20th). The Hang Seng Index opened sharply higher by 637 points to 25,884 points in the morning, and then fluctuated throughout the morning between 25,710 points and 25,912 points, indicating that the index had slightly crossed the 50-day moving average (around 25,887 points). However, due to a conservative buying attitude, the market was unable to make a more significant upward movement after the sharp opening. One point to note is that if the Hang Seng Index can remain entangled with the 50-day moving average, it at least indicates that the market's downward trend may temporarily ease. As for the pattern this month, it remains characterized by a high followed by a low, with the Hang Seng Index currently falling from a high of 27,381 points on the 2nd to a low of 25,145 points on the 17th, resulting in a monthly range of 22,362 points. Currently, the market appears to be stabilizing, but still seems to lack further upward momentum.
Entering late October, the new stock market continues to thrive, with this month's average first-day gains for new stocks being the highest of the year. DEEPEXI TECH (01384.HK), dubbed the "Chinese version of Palantir," has officially launched its IPO in Hong Kong. As the first Hong Kong stock for enterprise-level large model AI applications, its scarcity and growth potential have attracted significant market attention. For investors seeking to participate in high-growth opportunities in the AI industry, DEEPEXI TECH has the potential to benchmark against US stock PLTR, making it a new IPO worth focusing on.
The core investment highlight of DEEPEXI TECH lies in its business model, which is highly similar to that of the American AI giant Palantir, offering great imaginative potential. Both focus on transforming vast and complex data into core decision-making capabilities for enterprises, providing key AI-driven solutions for institutions and large enterprises. Currently, Palantir's business model has a market value exceeding $400 billion, becoming a model for global AI applications. As a counterpart in the Chinese market, DEEPEXI TECH has enormous long-term valuation potential. Additionally, according to Chapter 18C of the Hong Kong listing rules, DEEPEXI TECH is classified as a "specialized technology company," reflecting its innovative attributes and technological barriers. Last week, the newly listed 18C stock, CloudTrace Technology (02670.HK), recorded over 5,000 times oversubscription, with its dark market price rising nearly 50%. The funds from CloudTrace's IPO can seamlessly support DEEPEXI TECH, and it is expected that DEEPEXI TECH will be very "popular."
High growth and high gross margin business transformation capability
The capital market places the highest value on a company's ability to convert technology into revenue. New economy companies are often criticized for their commercialization efforts, but DEEPEXI TECH excels in this regard. According to the prospectus, DEEPEXI TECH's revenue is expected to achieve a compound annual growth rate of up to 55.5% from 2022 to 2024, with an astonishing growth rate of 118.4% recorded in the first half of 2025. Even more impressive is its high gross margin of 55%, reaching the level of top AI companies in the market, demonstrating strong pricing power and a high-quality profit model, laying a solid foundation for future profits. As of the end of June 2025, the company has served a total of 283 enterprise clients, reflecting high customer stickiness and a clear and sustainable path for commercialization Technical Moat and Authoritative Endorsement: The Cornerstone of Long-term Competitiveness
According to the prospectus, DEEPEXI TECH's unique competitive advantage lies in its self-developed FastData Foil data fusion platform and Deepexi enterprise-level large model platform. Its self-developed general enterprise operation decision-making large model is the first in the industry to complete dual regulatory filings for deep synthesis algorithms and generative artificial intelligence services, which constitutes a strong technical moat, ensuring the advancement and safety of its solutions. Notably, the company's client list includes "public healthcare service operators managing over 40 public hospitals and more than 100 clinics." The specific clients can easily be found online. Serving these clients, who have high demands for data security and system stability, especially public institutions with a large amount of user privacy data, is itself the strongest endorsement of DEEPEXI TECH's product strength.
Before its IPO, DEEPEXI TECH had already secured investments from top-tier funds such as Hillhouse Capital, Wuyuan Capital, and IDG Capital, showcasing a strong shareholder lineup. The sponsors include CITIC Securities and Guotai Junan International, while DEEPEXI TECH's founder Zhao Jiehui has a solid background at Huawei and Alibaba, possessing strong strategic and execution capabilities. Dr. Yang Hongxia (a professor at PolyU, an authority on artificial intelligence, and a former expert at Alibaba's DAMO Academy) serves as an independent non-executive director, providing top-tier academic and industry insights for the company's technological research and development.
In summary, DEEPEXI TECH combines four major advantages: "golden track, scarce target, growth potential, and top-tier endorsement." Considering the company is positioned at the forefront of China's digital transformation and AI national policy, along with impressive performance and a large customer base, it demonstrates the success of its business model.
The IPO price of DEEPEXI TECH does not set an upper or lower limit, with a fundraising amount of approximately HKD 710 million, indicating the company's determination to go public and its desire for a swift resolution. It is not difficult to predict that the enthusiasm could rival that of recent popular IPOs like Yunji and Xuan Bamboo Biotechnology (02575.HK). For those looking to play it safe, budgeting to subscribe for hundreds of shares may be necessary, while investors with limited funds or those looking to increase their chances of winning a lottery may also consider margin subscriptions.
(The author is a licensed person of the Securities and Futures Commission)
