Core Viewpoint - Jiangsu Zejing Automotive Electronics Co., Ltd. (referred to as "Zejing Electronics") is progressing with its IPO application on the Hong Kong Stock Exchange, with Cathay Pacific Securities and CITIC Securities as joint sponsors [2][3]. Financial Performance - Zejing Electronics reported revenues of RMB 214 million, RMB 549 million, and RMB 578 million for the years 2022, 2023, and 2024 respectively, with losses attributable to shareholders of RMB 252 million, RMB 182 million, and RMB 143 million for the same years [3][4]. - For the first five months of 2025, the company achieved revenue of RMB 262 million, a year-on-year increase of 17.87%, while the loss attributable to shareholders was RMB 246 million, compared to a loss of RMB 105 million in the same period last year [3][4]. Financial Ratios - The company’s asset-liability ratios were reported at 246%, 213.8%, 215.6%, and 251.7% for the years 2022, 2023, 2024, and the first five months of 2025 respectively [4][5]. - The gross profit margins for the years 2022, 2023, 2024, and the first five months of 2025 were 22.6%, 25.6%, 27.3%, and 25.7% respectively [5]. - Current ratios were 31.7%, 38.4%, 41.2%, and 33.7% for the same periods, indicating a strong liquidity position [5].

Core Viewpoint - Jiangsu Zejing Automotive Electronics Co., Ltd. (Zejing Electronics) has submitted an application for listing on the Hong Kong Stock Exchange, focusing on the development of HUD (Head-Up Display) solutions [1][3]. Company Overview - Zejing Electronics specializes in HUD solutions, including W-HUD (Windshield HUD) and AR-HUD (Augmented Reality HUD), and collaborates closely with OEMs to enhance user interaction and smart driving experiences [3][5]. - The company employs an integrated self-research technology architecture that encompasses optical design, mechanical engineering, electronic design, software algorithms, and human-machine interface (HMI) [3][4]. Product Offerings - The company offers a full range of platform-based HUD solutions, including CyberLens, CyberVision, testing solutions, and other innovative business solutions to meet diverse customer needs [5]. - Key features of the CyberLens and CyberVision products include personalized HMI development, dynamic distortion visualization, and advanced navigation capabilities [7]. Financial Performance - Zejing Electronics' revenue increased from RMB 214.09 million in 2022 to RMB 549.36 million in 2023, with a projected revenue of RMB 577.62 million in 2024, reflecting a compound annual growth rate (CAGR) of 64.3% from 2022 to 2024 [9]. - The company recorded losses of RMB 256.14 million in 2022, RMB 175.63 million in 2023, and RMB 138.56 million in 2024, with interim losses of RMB 102 million and RMB 240 million for the periods ending May 31, 2024, and May 31, 2025, respectively [10][11]. Industry Overview - The HUD market in China is expected to grow significantly, with sales volume projected to increase from 1 million units in 2020 to 3.9 million units in 2024, representing a CAGR of 41.2% [14]. - The global market for W-HUD is anticipated to grow from 10.7 million units in 2024 to 20.9 million units by 2029, while AR-HUD is expected to increase from 2 million units to 7.6 million units during the same period [17].

Group 1 - Jiangsu Zejing Automotive Electronics Co., Ltd. (referred to as Zejing Electronics) has submitted an application to list on the main board of the Hong Kong Stock Exchange as of November 12 [1] - The company previously submitted its application on May 9, 2025 [1] - Zejing Electronics focuses on the research and development of HUD (Head-Up Display) solutions, primarily offering W-HUD (Windshield HUD) solution CyberLens and AR-HUD (Augmented Reality HUD) solution CyberVision, along with testing solutions and other innovative visual technology solutions [1]

Core Viewpoint - Jiangsu Zejing Automotive Electronics Co., Ltd. (referred to as Zejing Electronics) has submitted an application to list on the Hong Kong Stock Exchange's main board, with Haitong International Capital Limited and CITIC Securities (Hong Kong) Limited acting as joint sponsors [1] Group 1: Company Overview - Zejing Electronics focuses on the research and development of Head-Up Display (HUD) solutions [1] - The company offers a comprehensive range of solutions primarily centered around Windshield HUD (W-HUD) solutions named CyberLens and Augmented Reality HUD (AR-HUD) solutions called CyberVision, along with testing solutions and other innovative visual technology solutions [1] Group 2: Historical Context - The company previously submitted an application to the Hong Kong Stock Exchange on May 9, 2025 [1]

Group 1 - Jiangsu Zejing Automotive Electronics Co., Ltd. (referred to as Zejing Electronics) submitted its Hong Kong IPO prospectus on May 9 and it became invalid after six months on November 9, with Haitong International and CITIC Securities serving as joint sponsors [1] - According to the previously disclosed prospectus, Zejing Electronics is a pioneer and leader in China's innovative smart cockpit visual and interactive solutions, providing comprehensive solutions primarily based on its windshield HUD (referred to as "W-HUD") solution CyberLens and augmented reality HUD (referred to as "AR-HUD") solution CyberVision, supplemented by testing solutions and other innovative visual technology solutions [2]

Group 1 - Jiangsu Zejing Automotive Electronics Co., Ltd. submitted its Hong Kong IPO prospectus on May 9, 2025, which became invalid after six months on November 9, 2025 [1] - Haitong International and CITIC Securities are the joint sponsors for the IPO [1] - Zejing Electronics is a pioneer and leader in China's innovative smart cockpit visual and interactive solutions, primarily offering its windshield HUD solution CyberLens and augmented reality HUD solution CyberVision, along with testing solutions and other innovative visual technology solutions [2]

Group 1 - The China Securities Regulatory Commission (CSRC) issued supplementary material requirements for overseas listing applications, specifically requesting additional information from Zhejing Electronics [1][2] - Zhejing Electronics is seeking to list on the Hong Kong Stock Exchange and has submitted its application [1] - The CSRC has raised concerns regarding the compliance of the company's implemented equity incentive plan and the reasonableness of the share price for new shareholders in the past 12 months [2] Group 2 - The CSRC has requested Zhejing Electronics to clarify whether its business scope involves areas listed in the "Negative List for Foreign Investment Access (2024 Edition)" [2] - The company must provide a detailed explanation of the differences in share prices for new shareholders and whether there are any issues related to benefit transfer [2] - Zhejing Electronics is recognized as a leader in innovative smart cockpit visual and interactive solutions, offering products such as the CyberLens and CyberVision HUD solutions [2]

Core Viewpoint - Jiangsu Zejing Automotive Electronics Co., Ltd. (referred to as "Zejing Electronics") has achieved significant growth in the automotive electronics sector, attracting investments from notable institutions despite not yet being profitable, with a recent valuation exceeding 2.5 billion RMB [1][2]. Company Overview - Zejing Electronics was founded in 2015 and has become the second-largest supplier of vehicle HUD solutions in China, with a market share of approximately 16.2% [15][16]. - The company specializes in innovative smart cockpit visual and interaction solutions, primarily focusing on HUD technologies [15]. Financial Performance - Over the past three years, Zejing Electronics has reported cumulative losses of approximately 577 million RMB, with total liabilities increasing significantly [2][14][17]. - The company's revenue for 2022, 2023, and 2024 was 214 million RMB, 549 million RMB, and 578 million RMB, respectively, while losses for the same periods were 256 million RMB, 175 million RMB, and 138 million RMB [16][17]. - The asset-liability ratio reached 215.6% in 2024, indicating a high level of debt relative to assets [17]. Investment and Growth - Zejing Electronics has undergone multiple financing rounds since its inception, with the latest E-round valuation reaching 2.585 billion RMB, marking a 42-fold increase over seven years [11][12]. - The company plans to use funds from its upcoming IPO for production line expansion, automation upgrades, and enhancing research and development capabilities [19]. Leadership Background - The co-founders, Zhang Tao and Zhang Bo, bring over 20 years of experience in the automotive and electronics sectors, respectively, which has contributed to the company's strategic positioning [5][8].

Core Viewpoint - The company Zejing Automotive Electronics is seeking to capitalize on the growing demand for intelligent cockpit visual interaction solutions, particularly in the HUD (Head-Up Display) market, which is expanding in both high-end and mid-to-low-end automotive segments [1][5]. Group 1: Company Overview - Zejing Automotive Electronics has submitted its listing application to the Hong Kong Stock Exchange, aiming to become a leading player in the HUD market following Huayang Group [1]. - The company specializes in innovative visual and interaction solutions for smart cockpits, primarily offering W-HUD and AR-HUD solutions [1]. - As of 2024, Zejing has over 20 main engine factory clients and has secured 90 model designations, ranking second in the Chinese HUD market with a market share of 16.2% [2][5]. Group 2: Financial Performance - Revenue has shown significant growth, increasing from 214 million RMB in 2022 to 549 million RMB in 2023, and projected to reach 578 million RMB in 2024, with a compound annual growth rate (CAGR) of 64.3% from 2022 to 2024 [2][3]. - Despite revenue growth, the company has incurred net losses of 256 million RMB, 175 million RMB, and 138 million RMB from 2022 to 2024, totaling approximately 569 million RMB in losses over three years [3][4]. - The company’s cash flow situation is tight, with operating cash outflows of 139.9 million RMB and 124.5 million RMB in 2022 and 2023, respectively, but a slight cash inflow of 29 million RMB in 2024 [3]. Group 3: Market Trends - The Chinese HUD market is experiencing rapid growth, with the market size expected to increase from 1 million units in 2020 to 3.9 million units by 2024, representing a CAGR of 41.2% [5][6]. - W-HUD solutions are anticipated to penetrate mid-to-low-end models, with sales projected to rise from 3.2 million units in 2024 to 7 million units by 2029, at a CAGR of 19.0% [6]. - AR-HUD solutions are expected to lead industry growth, with sales forecasted to grow from 600,000 units in 2024 to 5.7 million units by 2029, achieving a CAGR of 45.9% [6]. Group 4: Competitive Landscape - The competition in the HUD market is intensifying, with local manufacturers increasing their market share from approximately 16.7% in 2020 to 79.2% in 2024, expected to expand further by 2029 [9]. - Zejing ranks second in the market but faces challenges due to its reliance on a narrow product line and high customer concentration, with the top five clients accounting for over 80% of total revenue [9][11]. - The company has invested heavily in R&D, with expenses reaching 39% of revenue in 2022, although this has since decreased to around 10% [10].

Group 1: IPO Market Overview - The number of companies applying for IPOs in Hong Kong is increasing, with 130 applications currently under review as of April 30, and 19 companies already listed [1][2] - In May alone, 8 companies have submitted applications, with 4 companies applying on May 9 [2][3] Group 2: Featured Companies - Tongshifu, a new consumption company, ranks first in China's copper cultural products market with a market share of 35% and an average online transaction value exceeding RMB 750 [3][4] - Zhejing Electronics, a hard technology company, has seen a 3-fold increase in solution delivery from FY2022 to FY2024, with a compound annual growth rate of 64.3% [4][5] - Zhongding Intelligent, a provider of smart logistics solutions, ranks fourth in the overall market and first in the lithium-ion battery sector in China [5] - Fuyou Payment, a digital payment technology platform, ranks eighth in China's comprehensive digital payment service providers with a market share of 0.8% [5] Group 3: Market Trends and Predictions - The Hong Kong IPO market is experiencing a resurgence, with 17 companies listed in Q1 2024, raising a total of HKD 18.7 billion, nearly four times the amount from Q1 2023 [7][8] - The upcoming IPO of CATL is expected to raise approximately HKD 30.7 billion, potentially surpassing the previous record set by Midea Group [7][8] - Factors driving the recovery of the IPO market include advancements in AI technology, improved liquidity due to the Federal Reserve's interest rate cuts, and a noticeable profit-making effect from new listings [8]