Group 1 - The core viewpoint of the article is that博泰车联网科技(Shanghai) Co., Ltd. has seen its Hong Kong IPO application expire after six months, with several major investment banks acting as joint sponsors [1][2] - 博泰车联网 is identified as a supplier of smart cockpit and intelligent connected solutions in China, being one of the few companies that provide both solutions simultaneously [2] - The majority of the company's revenue comes from smart cockpit solutions, which have shown continuous growth in both absolute revenue and as a percentage of total revenue [2]

Core Insights - Three companies, Zijin Gold International, Sipni, and Botai Che Lian, are currently in the process of public offerings, with significant oversubscription rates indicating strong investor interest [1] Group 1: Zijin Gold International (02259) - Total amount borrowed by brokers for Zijin Gold International is 4640.806 million HKD, with an oversubscription rate exceeding 184 times [1][2] - The total fundraising amount for Zijin Gold International is 2.498 billion HKD [2] Group 2: Sipni (02583) - Total amount borrowed by brokers for Sipni is 588.3228 million HKD, with an oversubscription rate exceeding 1896 times [1][2] - The total fundraising amount for Sipni is 0.31 billion HKD [2] Group 3: Botai Che Lian (02889) - Total amount borrowed by brokers for Botai Che Lian is 245.2006 million HKD, with an oversubscription rate exceeding 228 times [1][3] - The total fundraising amount for Botai Che Lian is 1.07 billion HKD [3]

智通财经APP获悉，紫金黄金国际(02259)、西普尼(02583)、博泰车联(02889)正在招股中。截止9月23 日，富途、辉立、耀才等券商合计为紫金黄金借出1872.859亿港元，超购逾73倍；合计为西普尼借出 154.8279亿港元，超购逾498倍；合计为博泰车联借出22.5086亿港元，超购逾20倍。 | 新股 | 券商 | 仔展(亿元) | 自率(%) | | --- | --- | --- | --- | | | 富途 | 906.90 | 0.00 | | | 辉立 | 503.00 | 0.00 | | | 耀才 | 90.00 | 0.00 | | | 安盛 | 40.80 | 0.00 | | 紫金黄金国际 | 信诚 | 60.00 | 0.00 | | (02259) | 宮立 | 13.79 | 0.00 | | | 时富 | 2.80 | 0.00 | | | 其他总和 | 255.569 | | | | 共计 | 1872.859 | | | | | 集资额:24.98亿元 | | | | | 认购:超购逾73倍 | | | | 富途 | 91.57 | 0.00 | | | 辉 ...

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]

Core Viewpoint - The company, Botai Vehicle Networking Technology (Shanghai) Co., Ltd., is preparing for an IPO on the Hong Kong Stock Exchange to raise funds for product expansion, technology enhancement, and market development [1][2]. Group 1: Company Overview - Botai Vehicle Networking aims to leverage capital to strengthen R&D investment and production capacity, consolidating its high-end market advantage and expanding overseas [1]. - The company has completed multiple rounds of financing, raising over 4 billion yuan, with notable investors including Red Horse Capital and Xiaomi Group [2]. - Botai's core product is a domain controller for smart cockpits, allowing OEMs to customize solutions based on vehicle design [3]. Group 2: Financial Performance - Revenue is projected to double from 1.218 billion yuan in 2022 to 2.557 billion yuan in 2024, with a 34.4% year-on-year growth in the first five months of 2025 [2]. - R&D expenses for 2022 to 2024 are reported at 277 million yuan, 235 million yuan, and 207 million yuan, respectively [2]. Group 3: Market Position and Competition - Botai is the third-largest supplier of domain controller solutions for passenger vehicles in China, holding a market share of 7.3% [4]. - The market for passenger vehicle smart cockpit solutions is expected to grow from 129 billion yuan in 2024 to 299.5 billion yuan in 2029, with a compound annual growth rate of 18.4% [4]. Group 4: Industry Challenges - The automotive smart industry is highly competitive, and any failure to compete effectively could significantly impact the company's performance [6]. - Botai relies heavily on Qualcomm for system-on-chip purchases, which poses risks related to geopolitical influences and cost fluctuations [5][6].

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]