Core Viewpoint - Shanghai Huayi Technology Group Co., Ltd. has submitted an application for listing on the Hong Kong Stock Exchange, with Agricultural Bank of China International as its sole sponsor [3]. Company Overview - Huayi Technology was established in 1998 and is recognized as a leading and globally competitive provider of powertrain testing services for new energy vehicles in China [4]. - The company went public on the A-share market on July 29, 2021, and as of February 24, 2026, its total market capitalization is approximately 3.8 billion RMB [4]. Market Position - According to a report by Frost & Sullivan, Huayi Technology is projected to be the largest domestic supplier of intelligent powertrain testing solutions for new energy vehicles in China by revenue, with a market share of 7.9% in 2024 [4]. Financial Performance - For the fiscal year ending December 31, 2023, Huayi Technology reported revenues of 351.82 million RMB, with a net loss of 15.91 million RMB [5]. - The projected revenues for 2024 and 2025 are 423.44 million RMB and 386.49 million RMB, respectively, with corresponding net losses of 45.75 million RMB and 29.26 million RMB [5]. - The company anticipates a net profit attributable to shareholders of the parent company ranging from 53.5 million RMB to -64 million RMB for the fiscal year 2025 [6]. Shareholding Structure - Prior to the IPO, Li Yin holds approximately 21.05% of the shares, making him the largest single shareholder of Huayi Technology [7].

Core Viewpoint - Shanghai Huayi Technology Group Co., Ltd. (Huayi Technology) has submitted its listing application to the Hong Kong Stock Exchange, with Agricultural Bank of China International as its sole sponsor [1]. Company Overview - Huayi Technology is a leading and globally competitive provider of powertrain testing solutions for electric vehicles in China, offering integrated testing, engineering consulting, and technical development services across the automotive value chain [4]. - The company operates through three main business segments: powertrain testing services for electric vehicles, intelligent driving, and smart testing equipment for powertrains [4]. Financial Performance - The company's revenue for the years ending September 30, 2023, 2024, and 2025 is approximately RMB 352 million, RMB 423 million, and RMB 386 million, respectively [9]. - The company reported losses of RMB 15.91 million, RMB 45.75 million, and RMB 29.70 million for the same periods [10]. - Gross profit margins for the years ending September 30, 2023, 2024, and 2025 are 39.5%, 26.7%, and 21.7%, respectively [12]. Market Overview - The global market for automotive powertrain intelligent testing solutions is projected to grow from approximately RMB 35.9 billion in 2020 to RMB 38.2 billion in 2024, with a compound annual growth rate (CAGR) of 1.6% [13]. - The Chinese market for automotive powertrain intelligent testing solutions is expected to increase from RMB 5.7 billion in 2020 to RMB 7.6 billion in 2024, with a CAGR of 7.5% [16]. - The market for intelligent testing solutions for electric vehicle powertrains in China is anticipated to grow significantly, from RMB 1.3 billion in 2020 to RMB 3.7 billion in 2024, reflecting a CAGR of 29.9% [18]. Competitive Position - In 2024, Huayi Technology is positioned as the third-largest provider of intelligent testing solutions for electric vehicle powertrains in China, holding a market share of 7.9% [20]. - The top five companies in this market collectively account for approximately 47.6% of the total market share [22].

香港聯合交易所有限公司及證券及期貨事務監察委員會對本申請版本的內容概不負責，對其 準確性或完整性亦不發表任何聲明，並明確表示概不就因本申請版本全部或任何部分內容而 產生或因倚賴該等內容而引致的任何損失承擔任何責任。 Shanghai W-Ibeda High Tech. Group Co., Ltd. 上海華依科技集團股份有限公司 （「本公司」） （於中華人民共和國註冊成立的股份有限公司） 申請版本 警告 本申請版本乃根據香港聯合交易所有限公司（「聯交所」）及證券及期貨事務監察委員會（「證監 會」）的要求，僅為向香港公眾人士提供資料而刊發。 本申請版本為草擬本，當中所載資料並不完整，亦可能會作出重大變動。 閣下閱覽本文 件，即代表 閣下知悉、接納並向本公司、其獨家保薦人、獨家保薦人 – 整體協調人、整體 協調人、顧問或包銷團成員表示同意： 於本公司招股章程根據香港法例第32章公司（清盤及雜項條文）條例送呈香港公司註冊處處長 註冊前，不會向香港公眾人士提出要約或邀請。倘於適當時候向香港公眾人士提出要約或邀 請，有意投資者務請僅依據已向香港公司註冊處處長註冊的本公司招股章程作出投資決定， 招股章程的文本將於發售期 ...

Group 1 - The core point of the news is that Huayi Technology's stock price dropped by 5.1% to 37.44 CNY per share, with a trading volume of 147 million CNY and a turnover rate of 4.50%, resulting in a total market capitalization of 3.175 billion CNY [1] - Huayi Technology, established on November 28, 1998, and listed on July 29, 2021, is a high-tech enterprise focused on the development of intelligent testing technology for automotive powertrains [1] - The main business revenue composition of Huayi Technology includes 54.81% from new energy vehicle powertrain testing services, 35.55% from intelligent testing equipment, 9.31% from intelligent driving, and 0.32% from other services [1] Group 2 - Among the top circulating shareholders of Huayi Technology, a fund under Southern Fund has increased its holdings by 17,300 shares, totaling 2.1612 million shares, which represents 2.55% of the circulating shares [2] - The Southern Science and Technology Innovation Board 3-Year Open Mixed Fund (506000) has a current scale of 2.307 billion CNY and has achieved a year-to-date return of 17.23%, ranking 369 out of 9000 in its category [2] - The fund manager, Zheng Xiaoxi, has a tenure of 6 years and 231 days, with the best fund return during this period being 244.45% and the worst being -33.69% [2]

Group 1 - The core viewpoint of the news is that Huayi Technology has seen a stock price increase of 5.16%, reaching 34.88 CNY per share, with a total market capitalization of 2.957 billion CNY [1] - Huayi Technology specializes in the development of intelligent testing technology for automotive powertrains, with its main business revenue composition being 54.81% from new energy vehicle powertrain testing services, 35.55% from intelligent testing equipment, 9.31% from intelligent driving, and 0.32% from other services [1] - The company is located in the Pudong New District of Shanghai and was established on November 28, 1998, with its listing date on July 29, 2021 [1] Group 2 - Southern Fund's Southern Science and Technology Innovation 3-Year Open Mixed Fund (506000) is among the top ten circulating shareholders of Huayi Technology, having increased its holdings by 17,300 shares to a total of 2.1612 million shares, representing 2.55% of the circulating shares [2] - The fund has achieved a year-to-date return of 40.97%, ranking 1918 out of 8155 in its category, and has a total scale of 2.448 billion CNY [2] - The fund manager, Zheng Xiaoxi, has a tenure of 6 years and 203 days, with the best fund return during this period being 166.44% [3]

Core Viewpoint - Huayi Technology's stock increased by 5.23% on September 25, reaching a price of 43.47 CNY per share, with a total market capitalization of 3.686 billion CNY [1] Company Overview - Shanghai Huayi Technology Group Co., Ltd. was established on November 28, 1998, and went public on July 29, 2021. The company focuses on the development of intelligent testing technology for automotive powertrains, engaging in the research, design, manufacturing, sales, and related testing services of intelligent testing equipment [1] - The main revenue composition includes: 54.81% from new energy vehicle powertrain testing services, 35.55% from powertrain intelligent testing equipment, 9.31% from intelligent driving, and 0.32% from other services [1] Shareholder Information - Southern Fund's Southern Sci-Tech Innovation 3-Year Open Mixed Fund (506000) entered the top ten circulating shareholders of Huayi Technology in the second quarter, holding 2.53% of the circulating shares with 2.144 million shares [2] - The fund has achieved a return of 44.38% year-to-date, ranking 1574 out of 8173 in its category, and a return of 109.27% over the past year, ranking 383 out of 8003 [2] Fund Manager Profile - The fund manager of Southern Sci-Tech Innovation 3-Year Open Mixed Fund is Zheng Xiaoxi, who has been in the position for 6 years and 101 days. The fund's total asset size is 5.844 billion CNY, with the best return during his tenure being 143.5% and the worst being -33.69% [3] Fund Holdings - Southern Sci-Tech Innovation 3-Year Open Mixed Fund holds 2.144 million shares of Huayi Technology, representing 4.43% of the fund's net value, making it the tenth largest holding [4]

Group 1 - The core viewpoint of the news is that Huayi Technology's stock has experienced a decline of 5.2%, with a current price of 40.28 CNY per share and a total market capitalization of 3.415 billion CNY [1] - Huayi Technology, established on November 28, 1998, focuses on the development of intelligent testing technology for automotive powertrains, with its main business revenue composition being 54.81% from new energy vehicle powertrain testing services, 35.55% from intelligent testing equipment, 9.31% from intelligent driving, and 0.32% from other services [1] - The trading volume for Huayi Technology reached 129 million CNY, with a turnover rate of 3.64% [1] Group 2 - Among the top circulating shareholders of Huayi Technology, Penghua Fund's carbon neutrality theme mixed fund A (016530) reduced its holdings by 1.5115 million shares, now holding 1.6001 million shares, which accounts for 1.89% of the circulating shares [2] - The fund has reported a floating loss of approximately 3.5362 million CNY as of the latest data [2] - The carbon neutrality theme mixed fund A was established on May 5, 2023, with a current scale of 2.08 billion CNY, achieving a year-to-date return of 84.68% and a one-year return of 189.89% [2]