Summary of Key Points Core Viewpoint The article provides an overview of the recent activities in the Hong Kong stock market, highlighting the number of companies that have submitted listing applications, those that have passed the hearing process, and new stocks that have been listed. Group 1: Companies Submitting Listing Applications - A total of 30 companies submitted listing applications to the Hong Kong Stock Exchange during the week from September 29 to October 5 [1] - Notable companies include: - Yantai Lannacheng Biotechnology Co., Ltd., a clinical-stage biotech company focused on radiopharmaceuticals for cancer treatment, reported revenues of approximately 1.027 million RMB for 2023 and a loss of about 112 million RMB [2][3] - XGIMI Technology Co., Ltd., the world's largest consumer-grade projector brand by revenue, reported revenues of approximately 4.22 billion RMB for 2022 and a profit of about 501 million RMB [2][3] - WeDoctor Holdings Limited, a leading digital health service provider in China, reported revenues of 1.368 billion RMB for 2022 and a loss of 909 million RMB [4][5] - Puyuan Precision Electronics Co., Ltd., the largest electronic measurement instrument supplier in China, reported revenues of approximately 631 million RMB for 2022 and a profit of about 92.5 million RMB [5][6] - Shenzhen Huanchuang Technology Co., Ltd., a leader in high-precision spatial perception solutions, reported a market share of over 50% in the laser radar products for robotic vacuum cleaners [6] Group 2: Companies Passing Hearing Process - Four companies passed the listing hearing this week: - Jushuitan Group Co., Ltd., the largest e-commerce SaaS ERP provider in China, reported revenues of approximately 523 million RMB for 2022 and a loss of about 507 million RMB [30][31] - Fujian Haixi New Drug Creation Co., Ltd., a commercial-stage pharmaceutical company, reported revenues of approximately 212 million RMB for 2022 and a profit of about 69 million RMB [30][31] - Beijing Tongrentang Medical Investment Co., Ltd., the largest non-public Chinese hospital group by market share, reported revenues of approximately 911 million RMB for 2022 and a loss of about 9.23 million RMB [32] - Beijing Yunji Technology Co., Ltd., a robotics service provider, reported revenues of approximately 161 million RMB for 2022 and a loss of about 365 million RMB [32][33] Group 3: New Stocks Listed - Three new stocks were listed on September 30: - Zijin Gold International, which saw a significant increase in market value, surpassing 350 billion HKD [35] - Xipuni, which had an oversubscription rate of 2505.9 times during its public offering [35] - Botai Che Lian, which also experienced a notable increase in stock price [35]

Core Viewpoint - The successful IPO of Botai Che Lian marks a significant milestone, raising approximately HKD 919 million and achieving a market capitalization exceeding HKD 200 billion on its first trading day, despite concerns over its profitability and reliance on key clients [3][4][9]. Group 1: IPO Details - Botai Che Lian issued 10.4369 million shares at a price of HKD 102.23 per share, raising a net amount of approximately HKD 919 million [3]. - The company has attracted over 20 investors, including major players like Xiaomi Group and Dongfeng Group, with cornerstone investors subscribing for about HKD 466 million, representing 43.67% of the global offering [3]. - The public offering saw a subscription rate of 529.79 times, indicating strong market interest [3]. Group 2: Financial Performance - Botai Che Lian has reported cumulative net losses exceeding RMB 1.2 billion over the past three years, raising concerns about its long-term profitability [4][5]. - Revenue has grown significantly from RMB 1.218 billion in 2022 to RMB 2.557 billion in 2024, with a further RMB 754 million recorded in the first five months of 2025 [5]. - Despite revenue growth, the company has not achieved annual profitability since its inception, with losses of RMB 452 million, RMB 284 million, and RMB 541 million in the last three years [5]. Group 3: Market Position and Strategy - Botai Che Lian's revenue is heavily reliant on smart cockpit solutions, which accounted for 95.5% of its revenue in 2024, with domain controllers contributing RMB 1.96 billion [4]. - The company ranks third in the Chinese smart cockpit domain controller market with a market share of 7.3% [4]. - The partnership with Porsche and collaboration with Qualcomm enhance its market position and product offerings, potentially increasing its valuation in the secondary market [7][8]. Group 4: Future Outlook - The funds raised from the IPO will be used to expand product offerings, enhance technology, and strengthen the company's capabilities in software, hardware, and cloud-based vehicle networking [9]. - The company aims to accelerate its global market presence and continue investing in cutting-edge technology to transition vehicles from mere transportation tools to intelligent mobile spaces [9]. - The success of the IPO is seen as a starting point, with the company's ability to convert resources into sustainable profitability and a strong market position being crucial for its future [9].

Core Viewpoint - The company, Botai Che Lian, successfully listed on the Hong Kong Stock Exchange, raising approximately HKD 919 million through the issuance of 10.4369 million shares at HKD 102.23 per share, with strong market demand reflected in a subscription multiple of 529.79 times for the public offering [2][3]. Group 1: Financial Performance - Botai Che Lian has accumulated a net loss of over CNY 1.2 billion in the past three years, raising concerns about its long-term profitability despite a revenue increase from CNY 1.218 billion in 2022 to CNY 2.557 billion in 2024 [3][4]. - The company's gross margin improved slightly from 11.8% in 2024 to 13.1% in the first five months of 2025, but remains low, leading to skepticism about sustaining a market valuation above HKD 20 billion [3][4]. Group 2: Market Position and Growth - The company is heavily reliant on smart cockpit solutions, with revenue from this segment accounting for 95.5% of total income in 2024, indicating a concentrated business model [3][4]. - Botai Che Lian's shipment volume for domain controllers is projected to grow from 488,000 units in 2022 to 915,000 units in 2024, reflecting a compound annual growth rate of 36.9% [4]. Group 3: Strategic Partnerships and Future Outlook - The company has established significant partnerships, including a collaboration with Porsche to develop a new in-car infotainment system, which is expected to enhance its market presence and attract investor interest [5][6]. - The IPO proceeds will be used to expand product offerings, enhance technology capabilities, and strengthen the company's global market presence, indicating a strategic focus on innovation and market expansion [7].

Group 1 - The core viewpoint of the article is that Botai Car Networking Technology (Shanghai) Co., Ltd. has successfully listed on the Hong Kong Stock Exchange, becoming the first stock in the "smart cockpit" sector in the Hong Kong market [1][3] - The company issued 10.43 million shares, raising approximately 1.067 billion HKD, and attracted three cornerstone investors including Huangshan Development Investment Group, Horizon Robotics, and Smart Ventures [3] - Botai Car Networking is recognized as a leading supplier of smart cockpit solutions in China and one of the earliest developers in this field, providing services to over 50 automotive brands and more than 200 vehicle models as of May 31, 2025 [3] Group 2 - The company has been recognized as a "National Enterprise Technology Center" by the National Development and Reform Commission and other departments in 2023, with two core technologies acknowledged as reaching international advanced levels by the National New Energy Vehicle Technology Innovation Center [3] - During the Hong Kong visit, the president of Huangshan Development Investment Group engaged in discussions with the chairman and co-president of Botai Car Networking, and conducted an on-site inspection of the company's Hong Kong operations [3]

Dear non-registered shareholder(s), Arrangement of Electronic Dissemination of Corporate Communications Pursuant to Rule 2.07A of the Rules Governing The Listing of Securities on The Stock Exchange of Hong Kong Limited (the "Listing Rules") under the expansion of paperless listing regime and electronic dissemination of corporate communications that came into effect on 31 December 2023, PATEO CONNECT Technology (Shanghai) Corporation (the "Company") is writing to inform you that the Company has adopted elect ...

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[Company Information](index=2&type=section&id=Company%20Information) Botai Connected Vehicle Technology (Shanghai) Co., Ltd. listed on September 30, 2025, specializing in intelligent cockpit and connected services - Botai Connected Vehicle Technology (Shanghai) Co., Ltd. (Stock Code: 2889) was listed on the Main Board of the Stock Exchange on **September 30, 2025**[1](index=1&type=chunk)[5](index=5&type=chunk) - The company primarily engages in providing intelligent cockpit solutions and connected services[69](index=69&type=chunk) [Financial Highlights](index=5&type=section&id=Financial%20Highlights) The company reported significant revenue and gross profit growth for H1 2025, despite a slight increase in net loss Financial Highlights for the Six Months Ended June 30, 2025 | Indicator | 2025 (RMB '000) | 2024 (RMB '000) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 1,086,303 | 860,713 | 26.2% | | Gross Profit | 156,099 | 112,897 | 38.3% | | Loss for the Period | (227,371) | (223,374) | 1.8% | | Loss Attributable to Owners of the Company | (227,179) | (223,459) | 1.7% | | Basic Loss Per Share (RMB) | (1.63) | (1.78) | (8.4%) | - Revenue and gross profit growth were primarily driven by increased shipments of intelligent cockpit domain controllers and a strategic shift towards high-end SoC domain controllers[9](index=9&type=chunk) [Management Discussion and Analysis](index=6&type=section&id=Management%20Discussion%20and%20Analysis) This section reviews the company's operational performance, financial results, liquidity, and future strategic plans [Business Review and Outlook](index=6&type=section&id=Business%20Review%20and%20Outlook) The company achieved significant revenue and gross profit growth in H1 2025, driven by intelligent cockpit domain controller shipments and high-end SoC products, expanding market share and innovation [Overview](index=6&type=section&id=Overview) Botai is a leading intelligent cockpit solution provider in China, achieving substantial revenue growth in H1 2025 due to increased shipments and a shift to high-end SoC domain controllers - Botai is a leading intelligent cockpit solution provider in China, ranking as the **third-largest supplier** of intelligent cockpit domain controller solutions for passenger vehicles by 2024 shipment volume[9](index=9&type=chunk) - Revenue reached **RMB 1,086.3 million** in H1 2025 with a gross profit margin of **14.4%**, driven by increased intelligent cockpit domain controller shipments (from **0.3 million to 0.4 million units**) and a shift to high-end SoC domain controller production[9](index=9&type=chunk) [Commercialization Progress](index=6&type=section&id=Commercialization%20Progress) The company achieved a 28% increase in product deliveries in H1 2025, deepening collaboration with Qualcomm and expanding into overseas markets Product Delivery Volume in H1 2025 | Indicator | H1 2025 (thousand units) | YoY Growth | | :--- | :--- | :--- | | Product Delivery Volume | Approx. 370 | 28.0% | | High-end SoC Domain Controller Delivery Volume | 160 | Continuous Increase | - The company deepened its cooperation with Qualcomm, developing a new generation intelligent cockpit solution based on the Snapdragon® Cockpit Platform Premium 'QAM8397P' and securing a nomination from a renowned domestic new energy brand[12](index=12&type=chunk) - In overseas markets, collaboration expanded with a European global luxury automaker, securing a new nomination based on QAM8295P, with delivery expected in the Chinese market in 2026[12](index=12&type=chunk) [Connected Services](index=7&type=section&id=Connected%20Services) Connected services revenue grew by 37.9% in H1 2025, primarily due to new service projects for a prominent OEM Connected Services Revenue | Indicator | H1 2025 (RMB millions) | YoY Growth (%) | | :--- | :--- | :--- | | Connected Services Revenue | 44.2 | 37.9% | - Connected services revenue growth was primarily due to new services provided for a renowned OEM, including user support and platform maintenance[13](index=13&type=chunk) [Research and Development and Innovation](index=8&type=section&id=Research%20and%20Development%20and%20Innovation) The company is collaborating with Qualcomm on next-gen intelligent cockpit solutions, integrating AI large language models, and holds a substantial portfolio of patents and intellectual property - The company is collaborating with Qualcomm to develop a new generation intelligent cockpit solution featuring QAM8397P, with prototypes demonstrating screen illumination, connected functions, audio debugging, and edge-side large models enabling personalized greetings and scenario-specific intelligent features[14](index=14&type=chunk) Patents and Intellectual Property as of June 30, 2025 | Indicator | Quantity | | :--- | :--- | | Granted Patents | 1,785 items (935 invention patents, 52.4%) | | Patent Applications | 6,088 items (5,026 invention patents, 82.6%) | | Trademarks | 639 items | | Registered Domains | 4 items | | Software Copyrights | 127 items | [Environmental, Social and Governance Aspects](index=8&type=section&id=Environmental%2C%20Social%20and%20Governance%20Aspects) The company adheres to ESG reporting guidelines, establishing an EHS committee and implementing mechanisms for environmental monitoring and social responsibility practices - The company adheres to the Stock Exchange's ESG Reporting Guide, establishing an EHS management committee responsible for EHS decision-making, personnel adjustments, duty revisions, and system establishment[15](index=15&type=chunk) - Environmentally, the company has established monitoring and improvement mechanisms for key indicators such as energy consumption, water resource utilization, waste management, and greenhouse gas emissions[16](index=16&type=chunk) - Regarding social responsibility, the company continuously practices its commitments in employee rights, production safety, occupational health, supplier ESG management, and privacy protection[16](index=16&type=chunk) [Outlook and Plans](index=9&type=section&id=Outlook%20and%20Plans) The company plans to expand market share, particularly in new energy vehicles, enhance R&D in central computing platforms and AI, deepen overseas expansion, integrate industry resources, and improve operational efficiency - Strategic objectives include expanding market share (especially in new energy vehicle collaborations with Chinese OEMs), advancing the construction of the Ruian production base, and exploring new production base locations[17](index=17&type=chunk) - Continuous innovation to seize industry development opportunities, strengthening R&D in high-performance central computing platforms, and exploring the application of AI large language models in intelligent cockpit human-machine interaction, cockpit-cloud interaction, and autonomous driving technologies[18](index=18&type=chunk) - Deepening overseas expansion aims to strengthen strategic relationships with international automotive OEMs, expand intelligent cockpit business into mature markets like Europe, and establish overseas sales and R&D functions[19](index=19&type=chunk) - Integrating industry resources through collaboration with OEMs, SoC suppliers, operating system providers, and automotive intelligent component suppliers to accelerate product upgrades and iterations, while actively seeking investments or acquisitions of high-quality targets[20](index=20&type=chunk) - Improving operational efficiency by optimizing production management processes, investing in production automation, strengthening supply chain management, and deepening cooperation with existing suppliers while establishing new relationships[21](index=21&type=chunk) [Financial Review](index=11&type=section&id=Financial%20Review) The company's revenue and gross profit increased in the reporting period, driven by intelligent cockpit solutions and connected services, while net loss slightly rose due to various financial factors [Revenue](index=11&type=section&id=Revenue) Total revenue increased by 26.2% year-on-year, primarily driven by growth in intelligent cockpit solutions and connected services Revenue Breakdown (For the Six Months Ended June 30) | Revenue Source | 2025 (RMB '000) | % of Total Revenue | 2024 (RMB '000) | % of Total Revenue | | :--- | :--- | :--- | :--- | :--- | | Intelligent Cockpit Solutions | 1,039,574 | 95.7 | 825,891 | 96.0 | | Connected Services | 44,246 | 4.1 | 32,087 | 3.7 | | Others | 2,483 | 0.2 | 2,735 | 0.3 | | **Total Revenue** | **1,086,303** | **100.0** | **860,713** | **100.0** | - Total revenue increased by **26.2%** year-on-year, primarily attributable to overall business scale growth, with intelligent cockpit solutions revenue growing by **25.9%** and connected services revenue by **37.9%**[23](index=23&type=chunk) [Cost of Sales](index=12&type=section&id=Cost%20of%20Sales) Cost of sales increased by 24.4% due to higher revenue, particularly from increased shipments of intelligent cockpit domain controllers and new connected service projects Cost of Sales (For the Six Months Ended June 30) | Indicator | 2025 (RMB '000) | 2024 (RMB '000) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Total Cost of Sales | 930,204 | 747,816 | 24.4% | | % of Total Revenue | 85.6% | - | - | - The increase in cost of sales was primarily due to revenue scale growth, particularly the increase in shipments of intelligent cockpit domain controllers, especially the sales volume and proportion of high-end main units[24](index=24&type=chunk) - Connected services cost of sales increased by **41.7%**, mainly due to increased labor costs associated with the execution of new projects[24](index=24&type=chunk) [Gross Profit and Gross Profit Margin](index=12

Market Overview - The Hong Kong stock market experienced a rebound, with the Hang Seng Index rising by 0.87% to close at 26,855.56 points, and a total trading volume of HKD 314.93 billion [1] - The Hang Seng Index increased by 7.09% for the month, while the Hang Seng China Enterprises Index and the Hang Seng Tech Index rose by 6.79% and 13.95%, respectively [1] Investment Insights - According to China Merchants Securities International, the short-term volatility in the Hong Kong market is expected, but the long-term upward trend remains intact, with a focus on AI technology and non-ferrous metals as key investment themes [1] - Everbright Securities noted that despite the continuous rise in the Hong Kong market over recent months, overall valuations remain low, indicating a high cost-performance ratio for long-term investments [1] Blue-Chip Performance - Kuaishou Technology (01024) reached a three-year high, closing up 7.22% at HKD 84.6, contributing 26.93 points to the Hang Seng Index [2] - WuXi AppTec (02359) rose by 8.11% to HKD 118.7, contributing 6.26 points, while Sunny Optical Technology (02382) increased by 5.6% to HKD 90.45, contributing 5.37 points [2] Sector Performance - Technology stocks saw a collective rise, with Kuaishou up over 7%, Bilibili up over 6%, and Alibaba and NetEase both up over 2% [3] - Semiconductor stocks performed strongly, with Hua Hong Semiconductor rising nearly 11% to HKD 80 [3] - The pharmaceutical sector continued its upward trend, with WuXi AppTec up over 8% [3] AI and Technology Developments - DeepSeek announced the release of its new language model, DeepSeek-V3.2-Exp, which significantly reduces service costs by over 50% for developers [4][5] - The AI application sector is gaining traction, with companies like Huya Technology (01860) rising by 10.25% [4] Pharmaceutical Sector Insights - The pharmaceutical sector remains strong, with WuXi AppTec and other companies like HAPO (02142) and Zai Lab (09688) showing significant gains [5] - The impact of potential tariffs on patented drugs by the U.S. is considered limited for China's innovative drug industry [6] Non-Ferrous Metals Sector - The non-ferrous metals sector is active, with Jiangxi Copper (00358) rising by 8.85% to HKD 30.5, and Ganfeng Lithium (01772) up by 8.66% to HKD 43.14 [5] - The Ministry of Industry and Information Technology's plan for the non-ferrous metals industry aims for an average annual growth of around 5% from 2025 to 2026 [7] Airline Sector Performance - Major airlines saw collective gains, with China Eastern Airlines (00670) up 6.73% to HKD 3.33 [7] - The domestic flight ticket bookings for the upcoming National Day and Mid-Autumn Festival have surpassed 10.19 million, indicating strong demand [8] Notable Stock Movements - MicroPort Medical (00853) rose by 5.27% following the announcement of a restructuring in its cardiac management business [9] - Sanhua Intelligent Controls (02050) increased by 6.62% as Tesla plans to expand its humanoid robot production [10] - UBTECH Robotics (09880) saw an 8.98% rise, attributed to significant new orders and a positive outlook from Morgan Stanley [11] New IPO Highlights - Xipuni (02583) surged by 258.11% on its debut, closing at HKD 106, focusing on gold watch design and manufacturing [12] - Zijin Gold International (02259) rose by 68.46% to HKD 120.6, marking the second-largest IPO in Hong Kong this year [14]

Core Viewpoint - 博泰车联网科技在港交所上市，开盘价为135港元，收盘价为157港元，涨幅为53.58% [1] Group 1: IPO Details - 博泰车联发售股份数目为10,436,900股，其中香港公开发售1,043,700股，国际发售9,393,200股 [1] - 最终发售价为102.23港元，所得款项总额为1,066.96百万港元，净额为919.12百万港元 [1] Group 2: Key Investors and Use of Proceeds - 基石投资者包括Horizon Together Holding Ltd.、JSC International Investment Fund SPC、Smart Ventures Limited等 [2] - 募集资金将用于扩大产品组合、增强技术、提高生产能力、扩大销售网络、战略性投资及营运资金 [2] Group 3: Financial Performance - 博泰车联在2022年至2024年累计亏损超过12亿元，2022年、2023年、2024年及2025年前5月的收入分别为12.18亿元、14.96亿元、25.57亿元、7.54亿元 [2] - 经营现金流出净额在2022年、2023年及2024年分别为463.7百万、270.6百万及705.8百万，2025年前5月的经营现金流入净额为90.4百万 [3]

Core Viewpoint - 博泰车联网科技(上海)股份有限公司 (博泰车联) has successfully listed on the Hong Kong Stock Exchange, with its share price increasing by 53.58% by the end of the trading day, indicating strong market interest and investor confidence in the company [1]. Group 1: IPO Details - 博泰车联 issued a total of 10,436,900 shares, with 1,043,700 shares available for public offering in Hong Kong and 9,393,200 shares for international offering [2]. - The final offer price was set at 102.23 HKD per share, raising a total of 1,066.96 million HKD, with net proceeds amounting to 919.12 million HKD after deducting estimated listing expenses of 147.85 million HKD [4][5]. Group 2: Financial Performance - 博泰车联 has reported cumulative losses exceeding 1.2 billion RMB over the past three years, with revenues for 2022, 2023, 2024, and the first five months of 2025 being 1.218 billion RMB, 1.496 billion RMB, 2.557 billion RMB, and 753.6 million RMB respectively [7][8]. - The company experienced losses of 452.15 million RMB in 2022, 283.76 million RMB in 2023, 540.82 million RMB in 2024, and 219.92 million RMB in the first five months of 2025 [8][9]. Group 3: Use of Proceeds - The funds raised from the IPO are intended to expand the product portfolio and solutions, enhance technology capabilities, improve production and testing capabilities, and increase the sales and service network to boost brand awareness [7].