Core Viewpoint - Jiangsu Zejing Automotive Electronics Co., Ltd. is preparing for an IPO on the Hong Kong Stock Exchange, positioning itself as the second-largest supplier of automotive HUD solutions in China, with significant backing from major automotive manufacturers [3][21]. Company Overview - Zejing Electronics is a leading player in the automotive HUD market, with a market share of approximately 16.2%, following a top competitor with a 23.3% share [20]. - The company has established partnerships with 22 automotive manufacturers, including NIO, Xiaomi, and BYD, and has supplied over 150,000 units across more than 90 vehicle models [21][22]. Founders and Background - The company was founded by two brothers, Zhang Bo and Zhang Tao, who have complementary skills in technology and industry management [6][7]. - Zhang Bo has a background in software and electronic products, while Zhang Tao has extensive experience in the automotive industry, having worked with major companies like SAIC Volkswagen [6][8]. Market Opportunity - The rise of smartphone usage while driving has led to increased demand for HUD technology, which enhances driving safety by projecting critical information onto the windshield [10][12]. - HUD technology, initially used in military aircraft, has become increasingly popular in mid to high-end vehicles in Europe and the U.S. since the 1990s [11]. Financial Performance - Zejing Electronics has shown significant revenue growth, with sales reaching 2.14 billion RMB in 2022 and projected to grow to 5.78 billion RMB in 2024, reflecting a compound annual growth rate of approximately 64.3% [40]. - The company's gross margin has improved from 22.6% to 27.3% over the same period, indicating better profitability [41]. Investment and Support - The company has completed eight rounds of financing, receiving substantial support from local government and industry capital, including investments from major automotive players [22][23]. - The latest funding round in 2024 valued the company at approximately 2.585 billion RMB [27]. Industry Context - The automotive industry in Jiangsu, particularly in Yangzhou, is rapidly developing, with plans to expand the automotive and parts industry to a scale of 300 billion RMB in the next 5 to 10 years [54][55]. - Yangzhou is positioning itself as a significant hub for new energy and intelligent connected vehicles, which aligns with Zejing's business focus [54].
扬州又冲出一家IPO!两兄弟创业搞汽车HUD,干出全国第二
创业邦·2025-05-14 03:22