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Core Viewpoint - Magnesium Technology Co., Ltd. (referred to as "Magnesium") has submitted its prospectus to the Hong Kong Stock Exchange for a main board listing, with notable backing from various investment institutions and a valuation exceeding $930 million in its latest funding round [1][7]. Company Overview - Founded in 2019 by Tsinghua University graduate Zhuang Li, Magnesium focuses on AI-driven integrated domain control solutions aimed at providing a new paradigm for smart vehicle manufacturing [3][4]. - The company offers integrated smart cockpit + X domain control solutions, seamlessly merging software and hardware functionalities for traditional vehicle upgrades [3][7]. Financial Performance - Magnesium's annual losses have narrowed to 291 million yuan, with cumulative losses exceeding 1 billion yuan over the past three years [1][8]. - Revenue figures for the years 2022 to 2024 are reported as 388 million yuan, 1.513 billion yuan, and 1.42 billion yuan, respectively, with fluctuating gross margins of 19%, 12.1%, and 21.8% [8][9]. Investment and Funding - The company has completed six rounds of financing, with notable investors including Shanhang Capital, Redpoint Ventures, and others, starting from a seed round valuation of $60 million in 2018 to over $930 million in the latest round [7][8]. - The net proceeds from the IPO are intended to enhance R&D capabilities, expand the product portfolio, and improve operational funding [7]. Market Position - Magnesium ranks among the top two integrated domain control solution providers in China, with a rapid delivery record of reaching 1 million units since mass production [8]. - By 2024, it is projected that one in every ten new vehicles equipped with smart cockpit domain control systems in China will utilize Magnesium's solutions [7][8].