Core Viewpoint - Hualian Holdings is making a strategic investment of 50 million yuan in Chengdu Lixiang Realm Technology Co., Ltd., acquiring a 2.7778% stake, alongside a similar investment from its affiliate Hengyu Capital, indicating a focus on emerging display technologies and potential future IPO plans for Lixiang Realm [1][2][4] Group 1: Investment Details - Hualian Holdings will invest 50 million yuan in Lixiang Realm, which will result in a total post-investment valuation of approximately 1.8 billion yuan for the company [2] - The investment will be allocated as 44,924 yuan to registered capital and 49,955,076 yuan to capital reserves, specifically for operational purposes [2] - Lixiang Realm is required to achieve an IPO or capital restructuring within five years following the investment [2][4] Group 2: Company Overview - Lixiang Realm, established in 2012, specializes in AR-related businesses, focusing on AR glasses and in-car display technologies, primarily supplying major manufacturers like Huawei and Xiaomi [2][3] - The company reported revenues of 572,100 yuan for 2024, with a loss of 29.24 million yuan, and zero revenue with a loss of 12.32 million yuan for the first half of the current year [3] - The current total assets of Lixiang Realm are 72.33 million yuan, with net assets of 33.82 million yuan [3] Group 3: Technology and Market Potential - Lixiang Realm's core value lies in addressing display bottlenecks for AR glasses, with proprietary FSD (Fiber Scanning Display) technology that differs from semiconductor processes, offering advantages like small target area, low power consumption, and high PPI [3] - The FSD technology has potential applications in both the AR Glass sector and automotive industries, particularly in 360° projection displays [3][4] - The company plans to use the new funding to build production lines, enhance R&D, and achieve large-scale production of its products [4] Group 4: Strategic Goals - Hualian Holdings aims to stabilize its real estate business while promoting transformation through investments in innovative technologies like FSD, which is viewed as having significant market potential [4] - The long-term goal for Lixiang Realm includes a public listing, although the company may adjust its objectives based on developmental stages [4]