Core Viewpoint - Chery Automobile has announced its subscription results, with concerns about potential listing price drops due to easy subscription rates, reflecting recent trends in the market for new stocks [1] Group 1: IPO Information - Company Name: Botai Carlink (02889.HK) [3] - Industry: Automotive [3] - Subscription Period: September 22 to September 25 [3] - Total Shares Issued: 10.4369 million shares, with 10% for public sale and 90% for international placement [3] - Offering Price: 102.23 HKD per share [3] - Market Capitalization: 15.334 billion HKD [3] - Minimum Subscription Amount: 2065 HKD [3] - Listing Date: September 30 [3] - Cornerstone Investors: 3 cornerstone investors subscribed for 43.7% of the offering [3] Group 2: Company Overview - Botai Carlink, established in 2009 and headquartered in Shanghai, specializes in automotive intelligent cockpit solutions, providing customized integrated solutions [3][4] - By 2024, Botai Carlink is the third-largest supplier of intelligent cockpit domain controllers in China, holding a market share of 7.3% [3] Group 3: Financial Performance - Revenue growth from 1.218 billion RMB in 2022 to 2.557 billion RMB in 2024, with a compound annual growth rate (CAGR) of 44.9% [5][6] - For the first five months of 2025, revenue reached 754 million RMB, a year-on-year increase of 34.4% [6] - Cumulative losses from 2022 to 2024 approached 1.5 billion RMB, primarily due to high R&D investments and strategic expansion [6] Group 4: Product and Market Position - The core business includes intelligent cockpit solutions and connected services, with intelligent cockpit solutions accounting for 94.8% of total revenue in 2024 [7] - Domain controllers are the main product, with revenue increasing from 674 million RMB in 2022 to 1.959 billion RMB in 2024, achieving a CAGR of 70.5% [8] - The intelligent cockpit market in China is rapidly growing, projected to reach 129 billion RMB in 2024 and 299.5 billion RMB by 2029, with a CAGR of 18.4% [9] Group 5: Competitive Landscape - The market concentration is increasing, with the top three suppliers holding approximately 40% of the market share, benefiting Botai Carlink in expanding its market share and reducing costs [9] - Compared to peers, Botai Carlink's valuation appears high, with a market cap of 15.3 billion HKD and a price-to-sales ratio of 5, while competitors have lower valuations [9][10]

Group 1 - The core viewpoint of the news is that Botai Carlink is launching its IPO in Hong Kong, aiming to become the "first stock of smart cockpits" with significant backing from cornerstone investors [1] - Botai Carlink plans to issue 10.4369 million H-shares at a price of 102.23 HKD per share, with the IPO expected to conclude on September 25 and the listing on September 30 [1] - The company has attracted major cornerstone investors, including Horizon Together Holding Ltd., Huangshan SP, and Smart Ventures Limited, collectively subscribing for 466 million HKD, accounting for over 40% of the offering size [1] Group 2 - Botai Carlink is a leading supplier of smart cockpit solutions in China and one of the earliest developers in this field, offering integrated solutions that combine software, hardware, and cloud services [2] - The company has provided services for over 200 models across more than 50 automotive brands, including major Chinese OEMs like BYD and Geely, as well as international OEMs like Audi [2] - According to Zhaoshang Consulting, Botai Carlink ranks first among Chinese suppliers of smart cockpit solutions based on the number of high-end solutions equipped with Qualcomm Snapdragon 8295 chips as of December 31, 2024 [2] Group 3 - Botai Carlink has established a deep collaboration with Huawei, being a founding member of the Open Source Harmony Working Committee and obtaining patent cross-licensing with Huawei [3] - The company reported revenues of 1.22 billion CNY, 1.49 billion CNY, and 2.56 billion CNY for the years 2022 to 2024, with a compound annual growth rate of 44.9%, while still facing net losses [3] - In the first five months of 2025, the company achieved revenue of 750 million CNY, a year-on-year increase of 34.6%, with a net loss of 220 million CNY, a decrease of 10.1% year-on-year [3]

Core Viewpoint - 博泰车联 is set to go public on the Hong Kong Stock Exchange, with a total market capitalization projected to reach HKD 153.34 billion based on an issue price of HKD 102.23 per share, reflecting its strong growth potential and industry position [1][4]. Company Overview - Founded in 2009, 博泰车联 has focused on the core area of automotive intelligence and is one of the earliest companies to develop smart cockpit solutions in China [2]. - The company has established a differentiated "software + hardware + cloud service" integrated model, creating significant technical barriers in the industry [2]. - 博泰车联 holds the highest number of registered invention patents among domestic smart cockpit and connected service solution providers as of December 31, 2024 [2]. Financial Performance - 博泰车联 has demonstrated high growth, with revenue increasing from RMB 1.218 billion in 2022 to RMB 2.557 billion in 2024, representing a compound annual growth rate (CAGR) of 44.9% [3]. - For the first five months of 2025, revenue further increased by 34.4% year-on-year, reaching RMB 754 million [3]. - The revenue from domain controllers, which are the core components of smart cockpits, surged from RMB 674 million in 2022 to RMB 1.959 billion in 2024, with a CAGR of 70.5% [3]. Market Position and Future Outlook - The company’s domain controller revenue accounted for 76.6% of total revenue by 2024, indicating a strong focus on smart cockpit solutions [3]. - The upcoming IPO is expected to enhance the company's valuation, reflecting its industry standing and growth potential, especially with a projected revenue growth rate of 70.9% for 2024 and 34.4% for the first five months of 2025 [4]. - As the company increases its high-end product offerings, it is anticipated that profit margins will improve, leading to enhanced profitability and long-term investment value for investors [4].

Core Viewpoint - 博泰车联科技 is a leading player in the automotive intelligence sector in China, officially launching its IPO on the Hong Kong Stock Exchange with a planned global offering of 10.4369 million H-shares at a price of HKD 102.23 per share, aiming to raise significant capital to support its growth and expansion in the smart cockpit solutions market [1][2]. Company Overview - Founded in 2009 and headquartered in Shanghai, 博泰车联 focuses on the automotive intelligence sector, being one of the earliest developers of smart cockpit solutions in China. The company has established a comprehensive industry chain covering R&D, production, and sales [5]. - 博泰车联 has a unique "software + hardware + cloud service" integrated model, providing customized smart cockpit solutions to meet diverse OEM and Tier 1 customer needs, with a growing international market presence [5][11]. Financial Performance - The company has experienced rapid revenue growth, with total revenue increasing from RMB 1.218 billion in 2022 to RMB 2.557 billion in 2024, representing a compound annual growth rate (CAGR) of 44.9%. The revenue from domain controllers, a key product, grew at a CAGR of 70.5% during the same period [9][10]. - For the five months ending May 31, 2025, revenue reached RMB 754 million, a year-on-year increase of 34.4%, driven by steady growth in domain controller shipments and an increase in high-end product sales [9]. Market Position and Competitive Advantage - 博泰车联 ranks as the third largest supplier of smart cockpit domain controller solutions in China, holding a market share of 7.3% as of 2024, with significant competitive advantages in technology and innovation [6][15]. - The company has established strategic partnerships with major automotive manufacturers and technology firms, enhancing its market position and enabling rapid response to market demands [11][15]. Industry Outlook - The Chinese automotive smart cockpit solutions market is projected to grow significantly, with an expected market size of RMB 129 billion in 2024, increasing to RMB 299.5 billion by 2029, reflecting a CAGR of 18.4% [13]. - The penetration rate of domain controllers in passenger vehicles is anticipated to rise from 13.7% in 2020 to over 90% by 2029, indicating substantial growth opportunities for leading companies like 博泰车联 [13]. Valuation Analysis - The IPO price of HKD 102.23 per share implies a market capitalization of HKD 15.334 billion. Based on the latest revenue figures, the company's price-to-sales (P/S) ratio is 5.1, which is significantly lower than the median P/S ratio of comparable companies at 13.04, suggesting that the company is undervalued [16].

Major Events - Different Group (06090) has a public offering with a subscription rate of 3317.47 times the upper limit price [1] - Botai Che Lian (02889) plans to globally offer 10.4369 million H-shares from September 22 to September 25 [1] - Changhong Jiahua (03991) received a privatization offer from Changhong Group at a premium of approximately 32.93%, with resumption of trading on September 23 [1] - Huajian Medical (01931) signed a strategic cooperation agreement with Chuangsheng Group-B (06628) involving the tokenization of a $1.5 billion innovative drug pipeline asset [1] - Gilead Sciences-B (01672) reported that ASC47 combined with Semaglutide showed a weight loss effect improvement of up to 56.2% compared to Semaglutide alone in obese subjects [1] - Fosen Pharmaceutical (01652) plans to sell all equity of Henan Fosen Smart Energy Technology for 73 million yuan [1] - Maiyue Technology (02501) entered into strategic cooperation agreements with NetEase Youdao and Ferry International [1] - Zhongchuang Zhiling (00564) intends to invest 270 million yuan to establish Yaxinke Thermal Management Technology (Yizheng) Co., Ltd. to enhance market competitiveness in automotive thermal management systems [1] - Garmin Group Holdings (01271) plans to sell a portfolio of four data center projects for 5.25 billion HKD [1] Buybacks and Increases - Tencent Holdings (00700) repurchased 862,000 shares for 550 million HKD on September 22 [1] - Standard Chartered Group (02888) repurchased 517,100 shares for 7.3877 million GBP on September 19 [1] - Midea Group (00300) repurchased 3.415 million A-shares for 250 million yuan on September 22 [1] - Anta Sports (02020) repurchased 2.12 million shares for 199 million HKD on September 22 [1] - Kuaishou-W (01024) repurchased 1 million shares for 73.7998 million HKD on September 22 [1] - Heng Rui Pharmaceutical (01276) repurchased 656,000 A-shares for 45.7493 million yuan on September 19 [1] - Shenzhen Expressway Company (00548) received an increase of 25.38 million H-shares from shareholder Yunsong Capital [1]

又一家智能座舱公司即将登陆港股市场。 值得注意的是，智能座舱本身是技术迭代快、研发周期长、投资高的行业，持续外部资金支持将是企业 前期保持发展的关键。 "博泰车联网通过上市聆讯，将在香港上市，这有助于其获取更充足的资金，用于技术研发、市场拓展 及产品升级，从而巩固高端市场优势。香港作为国际金融中心，拥有成熟的资本市场和良好的投资环 境，能为企业提供国际化视野，增强市场影响力。"福建华策品牌定位咨询创始人詹军豪在接受《每日 经济新闻》记者采访时表示。 近日，记者向博泰车联网发邮件求证IPO（首次公开募股）相关事项，截至发稿，尚未获得回复。 目前已经完成多轮融资 从招股书披露数据来看，2022~2024年，博泰车联网的营收从12.18亿元增至25.57亿元，3年实现翻倍。 2025年前5个月，博泰车联网实现营收约7.54亿元，同比增长34.4%。 从数据来看，2022~2024年，博泰车联网分别产生研发开支2.77亿元、2.35亿元和2.07亿元；销售开支分 别为1.1亿元、1.17亿元和1.49亿元；行政开支分别为2.5亿元、2.6亿元和3.7亿元。 日前，据港交所披露，博泰车联网科技（上海）股份有限公司（以下 ...

Group 1 - The core viewpoint of the news is that Botai Vehicle Networking Technology (Shanghai) Co., Ltd. has officially launched its IPO process on the Hong Kong Stock Exchange, with plans to list on September 30 [1] - The company plans to globally issue 10.4369 million H-shares, with 1.0437 million shares allocated for Hong Kong and 9.3932 million shares for international markets [1] - The subscription period for the IPO is set from September 22 to September 25, with a fixed offer price of HKD 102.23 per share [1] Group 2 - Botai Vehicle Networking has been a leader in the automotive intelligence sector since its establishment in 2009, focusing on smart cockpit solutions [2] - The company has developed an integrated model of "software + hardware + cloud services," which has helped establish a strong technological barrier in a competitive market [2] - As of December 31, 2024, Botai Vehicle Networking holds the highest number of registered invention patents among domestic suppliers of smart cockpit and connected service solutions [2]

Group 1 - The core viewpoint of the news is that Botai Vehicle Networking Technology (Shanghai) Co., Ltd. is initiating its IPO process on the Hong Kong Stock Exchange, with a planned global offering of 10.4369 million H-shares at a price of HKD 102.23 per share [1][2] - The IPO will take place from September 22 to September 25, with a total expected market capitalization of HKD 15.334 billion upon listing [2] - The company has secured three significant cornerstone investors, which include Horizon Together Holding Ltd., Huangshan SP, and Smart Ventures Limited [1] Group 2 - The company anticipates that an increase in the proportion of high-end products will enhance its gross margin, while revenue growth will lead to economies of scale, thereby improving profitability [2] - The valuation level of the company is expected to rise further, providing long-term investment value for investors [2]

Group 1 - The companies Zijin Gold International, Sipni, and Botai Che Lian are currently in the process of public offerings [1] - As of September 22, brokers including Futu, Huatai, and Yaocai have collectively lent HKD 95.3208 billion for Zijin Gold, with an oversubscription rate exceeding 37 times [1] - For Sipni, brokers have lent a total of HKD 6.32568 billion, with an oversubscription rate exceeding 203 times [1] - Botai Che Lian has received a total of HKD 424.465 million in loans from brokers, with an oversubscription rate of over 2.9 times [1] Group 2 - The total fundraising amount for Zijin Gold International is HKD 2.498 billion [3] - The total fundraising amount for Sipni is HKD 31 million [3] - The total fundraising amount for Botai Che Lian is HKD 107 million [3]

Group 1 - The company plans to globally offer 10.4369 million shares, with 1.0437 million shares available in Hong Kong and 9.3932 million shares for international sale, along with an over-allotment option of 1.5655 million shares [1] - The subscription period is from September 22 to September 25, with a maximum offer price of HKD 102.23 per share and an entry fee of approximately HKD 2065.23 for a board lot of 20 shares [1] - The total expected fundraising amount is HKD 1.067 billion, with a net amount of HKD 919 million, which will be used for expanding product offerings, enhancing technology, improving production capabilities, and increasing brand awareness [1] Group 2 - The company is expected to be listed on the main board by September 30, 2025, with several financial institutions acting as joint sponsors [2] - The main business activities include manufacturing and retailing of automotive parts, electronic products sales, and providing various technical services [2] - The company's net profits for the years 2022, 2023, and 2024 are projected to be -450 million, -284 million, and -541 million respectively, with year-on-year changes of -21.50%, 37.21%, and -90.65% [2]