Core Viewpoint - Suzhou Sonavox Electronics Co., Ltd. is issuing convertible bonds to raise up to RMB 330 million for technological upgrades and working capital, targeting the growing demand in the automotive acoustic products market driven by the rapid development of electric vehicles and smart cars [17][20]. Company Overview - The company is based in Suzhou, Jiangsu Province, and specializes in manufacturing automotive speakers, audio systems, and electronic components [16]. - The company is listed on the Shanghai Stock Exchange with the stock code 688533 [16]. Bond Issuance Details - The total amount of convertible bonds to be issued is capped at RMB 33 million, with each bond having a face value of RMB 100 and a maturity of six years [21]. - The bonds will be convertible into A-shares and listed on the Sci-Tech Innovation Board [20][21]. Market Context - The global electric vehicle market is projected to grow significantly, with sales expected to reach 18.24 million units in 2024, a year-on-year increase of 24.4% [17]. - In China, the production and sales of new energy vehicles are forecasted to grow by 34.4% and 35.5% respectively in 2024, indicating a strong market potential for automotive acoustic products [17]. Industry Trends - The demand for automotive acoustic products is increasing as consumers prioritize in-car entertainment experiences, especially in electric vehicles where sound quality is crucial due to lower ambient noise levels [18]. - The number of speakers in electric vehicles is significantly higher than in traditional fuel vehicles, with configurations often exceeding 8-12 speakers per vehicle [18]. Use of Proceeds - The funds raised will be allocated to upgrading production lines for smart manufacturing, developing new audio technologies, and supplementing working capital to support the company's expanding operations [20][21].