Venture(US:VEMLY) 2 1 Shi Ji Jing Ji Bao Dao·2025-09-28 14:08Core Viewpoint - Magic View Intelligent Technology (Shanghai) Co., Ltd. has submitted its listing application to the Hong Kong Stock Exchange after completing eight rounds of financing, despite having incurred cumulative losses exceeding 660 million RMB over the past three years and not yet achieving profitability [1][10]. Company Overview - Founded in 2015, Magic View Intelligent is an AI-driven provider of intelligent driving solutions, offering integrated hardware and software solutions with L0-L4 level autonomous driving capabilities to OEMs and Tier 1 suppliers [3][5]. - The founder, Yu Zhenghua, has extensive academic and industry experience, holding a PhD in pattern recognition from Shanghai Jiao Tong University and previously serving in various senior roles in the AI field [3][4]. Financial Performance - The company has delivered over 3.3 million solutions across 92 vehicle models but has faced significant financial challenges, with losses of over 660 million RMB in the last three years [1][10]. - Revenue is projected to grow from 117.8 million RMB in 2022 to 356.8 million RMB in 2024, representing a growth of over 200% [10]. - However, net losses are also expected to increase from 200 million RMB in 2022 to 233 million RMB in 2024, indicating a growing financial strain [10]. Market Context - The Chinese market for L0 to L2+ intelligent driving solutions is rapidly expanding, projected to grow from 21.6 billion RMB in 2020 to 91.2 billion RMB by 2024, with a compound annual growth rate (CAGR) of 43.3% [7]. - The market is relatively fragmented, with the top ten players accounting for approximately 15.2% of the market share by revenue in 2024 [8]. Strategic Outlook - Magic View Intelligent aims to transition to sustainable profitability by deepening relationships with existing clients, expanding its customer base, improving R&D efficiency, controlling costs, and enhancing operational efficiency [11].