Core Viewpoint - MetaLight Inc. (元光科技) successfully listed on the Hong Kong Stock Exchange, raising approximately HKD 242 million, with significant oversubscription during the offering phase, indicating strong investor interest [1][3]. Group 1: IPO Details - The IPO price was set at HKD 9.75 per share, with net proceeds of about HKD 160 million [1][3]. - The international placement was oversubscribed by 2.49 times, while the public offering in Hong Kong saw an oversubscription of 274.44 times [1][3]. - MetaLight Inc. did not introduce cornerstone investors for this IPO [3]. Group 2: Financial Performance - The company projects a compound annual growth rate (CAGR) of 23.5% in revenue from 2022 to 2024, with revenues of CNY 135 million, CNY 174 million, and CNY 206 million respectively [2]. - The gross profit margin is expected to remain high, at 73.0%, 76.3%, and 76.4% for the years 2022 to 2024 [2]. - Despite continuous losses due to increased R&D spending, adjusted net profits are projected to be CNY 9.814 million, CNY 46.495 million, and CNY 54.219 million from 2022 to 2024, with a year-on-year growth of 16.6% in 2024 [2]. Group 3: Market Position and Growth Potential - MetaLight Inc. is recognized as a leading player in the public transportation data service market, holding a 10.2% market share [4]. - The time series data service market is projected to grow from CNY 7 billion in 2019 to CNY 39 billion by 2028, with a CAGR of 18% [4]. - The flagship product "车来了" (Che Lai Le) has nearly 300 million users and covers over 450 cities, contributing significantly to the company's growth [5][6]. Group 4: Business Model - The primary revenue source for MetaLight Inc. is mobile advertising, which is expected to increase from CNY 116 million in 2022 to CNY 202 million in 2024, constituting 85.2% to 98% of total revenue [6]. - The company also provides data analysis products and services to transportation agencies, expanding its business into sectors like electricity trading and industrial internet [5][6].