2 1 Shi Ji Jing Ji Bao Dao·2025-06-30 12:31Core Viewpoint - Siwei Zhihui has submitted its IPO application to the Hong Kong Stock Exchange, with CITIC Securities as the sole sponsor, marking its entry into the smart cockpit sector as a new player [1][2]. Group 1: Company Overview - Siwei Zhihui is a subsidiary of the well-known mapping company, Siwei Tuxin, which holds a 27% stake, making it the largest shareholder [1]. - Other significant shareholders include Didi Chuxing, MediaTek, and Tencent, holding 16.46%, 15.83%, and 4.13% respectively, creating a strong resource network in the automotive sector [1][2]. - The company ranks as the tenth largest primary smart cockpit solution provider in China, with a market share of 0.1% and is the third largest globally among software-driven Chinese suppliers [2]. Group 2: Financial Performance - Revenue from smart cockpit solutions for 2022, 2023, and 2024 is projected to be 163.4 million, 164.4 million, and 243.4 million RMB respectively, while integrated solutions are expected to generate 373.6 million, 312.4 million, and 234.7 million RMB [2][3]. - Despite increasing revenues, the company has reported net losses of 203 million, 265 million, and 378 million RMB for the years 2022, 2023, and 2024 respectively, indicating challenges in covering R&D costs [3]. Group 3: Strategic Partnerships - Didi Chuxing's investment in Siwei Zhihui through a combination of cash and equity has strengthened collaboration in the smart driving and ride-hailing sectors [4][5]. - The partnership aims to enhance Didi's presence in the automotive upstream, focusing on electric vehicles and smart driving solutions [5][6]. - Siwei Zhihui has established connections with major automotive brands, covering 12 out of the 15 best-selling car models in China, and has a significant relationship with a major client, servicing 27 out of 50 models launched between 2022 and 2024 [3]. Group 4: Industry Context - The pace of IPOs for smart driving and cockpit companies in Hong Kong has accelerated, with several firms having submitted applications recently [8]. - Siwei Zhihui stands out as a unique player in the market, focusing on "vehicle-road-cloud" integrated solutions, although it faces competition from similar companies like Taibo Car Networking [9].