Core Points - Junsheng Electronics successfully listed on the Hong Kong Stock Exchange on November 6, 2025, raising approximately HKD 34.12 billion through an IPO of 155.1 million shares priced at HKD 22.00 each [2][3] - The IPO was highly oversubscribed, with a public offering receiving 147.67 times subscription and the international offering receiving 9.78 times subscription [3] - The company is recognized as the second-largest provider of automotive passive safety products in China and globally, focusing on advanced automotive electronic and safety solutions [3] Company Overview - Junsheng Electronics was established in 2004 and specializes in the research, manufacturing, and sales of automotive components, particularly in automotive electronics and safety [3] - The company ranks 41st in the global automotive parts industry as of 2024 [3] Shareholder Structure - Post-IPO, the major shareholder is Mr. Wang Jianfeng, holding a total of 35.86% of shares, while other A-shareholders hold 54.14% and H-shareholders hold 10.00% [3] Market Performance - As of midday trading, Junsheng Electronics' share price was HKD 20.42, down 7.18% from the IPO price, with a total market capitalization of approximately HKD 316.67 billion [4] IPO Underwriters - The IPO was managed by a team including CICC and UBS as joint sponsors, along with several other financial institutions providing various underwriting and advisory services [5]

Group 1 - The company plans to globally offer 155.1 million H-shares, with 15.51 million shares available in Hong Kong and approximately 139.6 million shares for international offering, subject to reallocation and adjustments [1] - The expected pricing date for the shares is November 4, 2025, with a maximum offer price of HKD 23.60 per share, and trading on the Hong Kong Stock Exchange is anticipated to begin on November 6, 2025 [1] - The company is a provider of smart automotive technology solutions, focusing on advanced products and solutions in key areas of the automotive parts industry, particularly automotive electronics and safety [1][2] Group 2 - The company's smart solutions enhance driving experience and safety through features like information interaction, environmental detection, analysis, decision-making, and control [2] - The automotive electronics segment focuses on smart interactive interfaces and domain control technology to achieve personalized experiences and seamless communication between vehicles and drivers [2] - In automotive safety, the company employs monitoring and predictive analytics technologies for functions such as fatigue monitoring and adaptive safety responses [2] Group 3 - The company has entered into cornerstone investment agreements, with cornerstone investors agreeing to subscribe for approximately USD 107.1 million (around HKD 832 million) worth of shares at the indicative offer price of HKD 23.60 [3] - The total number of shares to be subscribed by cornerstone investors is estimated to be 35.252 million shares [3] Group 4 - Assuming no exercise of the over-allotment option and a maximum offer price of HKD 23.60 per share, the company estimates net proceeds from the global offering to be approximately HKD 3.4585 billion [4] - The intended use of proceeds includes approximately 35% for R&D and commercialization of smart automotive solutions, 35% for improving manufacturing capabilities and supply chain management, 10% for expanding overseas market share, 10% for potential investments and acquisitions, and 10% for working capital and general corporate purposes [4]

Core Viewpoint - The company, Junsheng Electronics, is planning to launch an IPO for 155.1 million H-shares, with a maximum offer price of HKD 23.60 per share, aiming to raise approximately HKD 3.4585 billion for various strategic investments in the automotive technology sector [1][2]. Group 1: IPO Details - The global offering will consist of 10% for public sale in Hong Kong and 90% for international sale, with an additional 15% over-allotment option [1]. - The cornerstone investors have committed to subscribe for approximately USD 107.1 million worth of shares at the offer price [1]. Group 2: Use of Proceeds - Approximately 35% of the net proceeds is expected to be used for R&D and commercialization of automotive intelligent solutions and cutting-edge technologies to enhance leadership in the smart automotive technology sector [2]. - About 5% is allocated for the R&D and commercialization of L2+ and above advanced intelligent driving domain controllers [2]. - Another 5% is planned for the development and commercialization of 5G-A/5.5G intelligent connected technologies, including V2X products and communication modules [2]. - Approximately 35% will be used to improve manufacturing capabilities and cost efficiency, as well as optimize supply chain management [2]. - 10% is expected to expand the company's overseas market share and collaborate with OEMs for international expansion [2]. - The remaining 10% is aimed at potential investments and acquisitions that complement the company's expertise and brand profile in the automotive electrification and intelligence trends [2]. Group 3: Company Overview - Junsheng Electronics is a provider of smart automotive technology solutions, focusing on R&D, manufacturing, and sales of automotive components, particularly in automotive electronics and safety [3]. - The company ranked 41st in the global automotive parts industry in 2024 and is the second-largest supplier of passive safety products in China and globally by revenue [3]. - For the fiscal years 2023 and 2024, the company reported revenues of approximately CNY 55.728 billion and CNY 55.864 billion, with annual profits of about CNY 1.24 billion and CNY 1.326 billion, respectively [3]. - In the first four months of 2025, the company achieved revenue of CNY 19.707 billion and a profit of approximately CNY 491 million, indicating a growth in net profit due to increased sales and gross margins [3].

2025年10月19日，来自浙江宁波高新区的A股上市公司宁波均胜电子股份有限公司Ningbo Joyson Electronic Corp.(下称"均胜电子")在港交所披露聆讯后的 招股书，或很快在香港主板挂牌上市。其于2025年1月16日、8月7日先后两次递表，后于2025年9月30日获中国证监会境外上市备案通知书。 均胜电子，于2011年借壳辽源得亨在A股上市，股票代码600699.SH。截至2025年10月17日收市，均胜电子总市值逾423亿元人民币。 均胜电子招股书链接： https://www1.hkexnews.hk/app/sehk/2025/107608/documents/sehk25101900031_c.pdf 炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 主要业务 均胜电子，成立于2004年，作为一家全球领先的智能汽车科技解决方案提供商，提供汽车零部件行业关键领域(主要包括汽车电子、汽车安全)的先进产品 和解决方案，专注于汽车零部件的研发、制造和销售。 根据弗若斯特沙利文，按收入来看，均胜电子是中国第二大、全球第二大汽车被动安全产品提供商。2024年公司在全 ...

来源：瑞恩资本RyanbenCapital 2025年10月19日，来自浙江宁波高新区的A股上市公司宁波均胜电子股份有限公司 Ningbo Joyson Electronic Corp.(下称"均胜电子")在港交所披露聆讯后的 招股书，或很快在香港主板挂牌上市。其于2025年1月16日、8月7日先后两次递表，后于2025年9月30日获中国证监会境外上市备案通知书。 均胜电子，于2011年借壳辽源得亨在A股上市，股票代码600699.SH。截至2025年10月17日收市，均胜电子总市值逾423亿元人民币。 均胜电子招股书链接： https://www1.hkexnews.hk/app/sehk/2025/107608/documents/sehk25101900031_c.pdf 主要业务 均胜电子，成立于2004年，作为一家全球领先的智能汽车科技解决方案提供商，提供汽车零部件行业关键领域(主要包括汽车电子、汽车安全)的先进产品 和解决方案，专注于汽车零部件的研发、制造和销售。 根据弗若斯特沙利文，按收入来看，均胜电子是中国第二大、全球第二大汽车被动安全产品提供商。2024年公司在全球汽车零部件行业排名第41位 ...

智通财经APP获悉，据港交所10月19日披露，宁波均胜电子有限公司(600699.SH)(以下简称"均胜电子")通过港交所主板上市 聆讯，中金公司和瑞银集团为联席保荐人。 如今，大量新兴新能源汽车品牌凭借颠覆性的智能电动化技术高速涌现。根据弗若斯特沙利文的资料，新能源汽车的全球销 售量由2020年的320万辆急升至2024年的1900万辆。这市场预期将由2025年的2340万辆进一步增加至2029年的4070万辆，复 合年增长率为14.9%。这趋势同时给传统整车厂带来机遇和挑战，推动整车厂迎接新技术和解决方案，从而亦为均胜电子带 来了大量的增长机遇。 均胜电子已搭建平台，真正做到与全球整车厂同步研发、同步配置供应链、生产和销售网络。截至2025年4月30日，公司在 中国和海外市场设有超过25个研发中心和超过60个生产基地，覆盖亚洲、欧洲和北美等主要汽车市场。2024年，公司的境外 销售额占总收入的74.7%。此外，公司从2021年至2024年连续四年在中国跨国公司100大及跨国指数中排名第一，反映公司的 运营规模。 招股书显示，均胜电子是智能汽车科技解决方案提供商，提供汽车零部件行业关键领域（主要为汽车电子和 ...

Group 1 - The China Securities Regulatory Commission has issued a notice regarding Ningbo Joyson Electronic Corp's overseas issuance and listing application, allowing the company to issue up to 283,239,000 ordinary shares for listing on the Hong Kong Stock Exchange [1] - Joyson Electronics is a provider of intelligent automotive technology solutions, focusing on the research, manufacturing, and sales of automotive parts [4] - The company ranks 41st globally in the automotive parts industry in 2024 and is the second-largest supplier of automotive passive safety products in China and globally by revenue, according to Frost & Sullivan [4]

Core Viewpoint - The 2026 Tengshi N9 has been officially launched with three models, featuring significant upgrades in technology and safety, and is positioned as a luxury SUV with advanced capabilities [1][4][6]. Group 1: Product Launch and Pricing - The 2026 Tengshi N9 is available in three variants: Zunrong, Zunyue, and Flagship, with a price range of 389,800 to 449,800 yuan [1]. - The vehicle introduces four new dual-color body options and a single-color exterior, enhancing its aesthetic appeal [1]. Group 2: Technological Advancements - The entire lineup is equipped with the Yisanfang platform, which enhances safety features, including a world record for high-speed evasive maneuvers at 210 km/h [4]. - The N9 features a dedicated 2.0T high-efficiency hybrid engine, achieving nearly 1,000 horsepower and a 0-100 km/h acceleration time of just 3.9 seconds [6]. - The vehicle supports OTA upgrades for extended range modes, with a CLTC pure electric range of 230 km and a comprehensive range of 1,330 km [6]. Group 3: Safety Features - The N9 includes advanced safety systems such as the "Rain and Snow Inner Eight Character Mode" for improved traction on slippery surfaces [4]. - The vehicle is equipped with the Dingxuan Intelligent Anti-Motion Sickness System, certified by rigorous testing institutions, to enhance passenger comfort [6]. Group 4: User Experience Enhancements - The 2026 Tengshi N9 features a new intelligent cockpit UI with customizable options, including mobile NFC and UWB digital keys [8]. - New functionalities such as the Dingxuan Intelligent Anti-Motion Sickness System and parking assistance will be gradually rolled out through OTA updates, benefiting both new and existing users [8].

Core Viewpoint - Xiaopeng Motors announced the nationwide test drive of the new Xiaopeng P7, set to officially launch on August 27, with a "delivery upon launch" strategy [1] Group 1: Product Features - The new Xiaopeng P7 features an "intelligent dynamic bionic cockpit" [1] - It is equipped with the industry's largest 87-inch AR-HUD, supporting "light-chasing panoramic" head-up display functionality [1] - The vehicle includes a 365mm small-diameter sports steering wheel and a luxury sports car-style satellite control knob [1] - It introduces the industry's first in-car intelligent driving blue light, a three-axis dynamic screen, immersive sports instrument panel, and Touch Pad intelligent touch control system, enhancing both technology and driving experience [1]

Group 1 - Company Ningbo Joyson Electronic Corp. is launching an H-share listing plan on the Hong Kong Stock Exchange to enhance its "A+H" dual capital platform and accelerate its global strategy in the smart automotive technology sector [1] - Joyson ranks as the 41st largest automotive parts company globally, showcasing strong competitiveness in core areas, with a 22.9% global market share in automotive passive safety products, ranking second worldwide and second in China with a 26.1% share [2] - The company has a comprehensive customer network covering over 100 global automotive brands, including the top ten domestic and international manufacturers, serving clients with a market share exceeding 90% [2] Group 2 - Joyson's core competitiveness lies in its multi-dimensional synergy, supported by a global operational network across 25 countries and regions, with 25 R&D centers and 60 production bases, achieving 74.7% of overseas sales revenue in 2024 [2] - The company is recognized for its outstanding vertical integration capabilities in hardware and software, being one of the first to commercialize 5G-V2X technology and 800V high-voltage platform products, with R&D investment reaching 3.686 billion yuan in 2024 [2] - Joyson's product matrix spans automotive electronics and safety, covering key automotive domains such as cockpit, intelligent driving, and connectivity, creating a complementary solution system [3] Group 3 - The company has a clear strategic path for the future, with fundraising from the IPO aimed at developing smart automotive solutions, upgrading production capacity, expanding overseas markets, and pursuing strategic acquisitions [3] - The Hong Kong listing is expected to inject new momentum into Joyson, broadening financing channels and enhancing international brand influence to attract global capital attention [3] - With strong technological accumulation, global layout, and clear strategic planning, Joyson is poised to seize opportunities in the transformation of the smart automotive industry and continue leading industry development [3]