Core Viewpoint - Smart Interconnect Technology, backed by major shareholders like Xiaomi and NIO, has initiated its journey for a Hong Kong IPO, focusing on AI-based spatial intelligence solutions for urban traffic management [1][2]. Company Overview - Smart Interconnect Technology has submitted its IPO application to the Hong Kong Stock Exchange on October 31, with CITIC Securities and Jianyin International as joint sponsors [1]. - The company specializes in AI technology and products, particularly in the urban traffic management sector, ranking fourth in China's smart traffic industry with a market share of 6.6% as of 2024 [1][16]. - The company has four main business segments: road network spatial intelligence solutions, roadside spatial intelligence solutions, AIoT spatial intelligence solutions, and other services [2][6]. Financial Performance - The company has shown steady revenue growth from 2022 to 2024, with revenues of 538 million, 618 million, and 699 million RMB respectively, although it has not yet achieved profitability [2][8]. - Adjusted net losses have decreased from 187 million RMB in 2022 to 20.58 million RMB in 2024, indicating a narrowing loss trend [2][8]. - However, in the first half of 2025, revenue dropped significantly to 103 million RMB, with adjusted net losses increasing to 86.2 million RMB, raising concerns about the impact on IPO valuation [2][10]. Market Position - Smart Interconnect Technology's roadside spatial intelligence solutions have seen revenue growth from 227 million RMB in 2022 to 467 million RMB in 2024, increasing its share of total revenue from 42.2% to 66.8% [7][8]. - The company is positioned to benefit from the high growth of the spatial intelligence solutions market, which is projected to grow from 2.5 billion RMB in 2019 to 21.8 billion RMB in 2024, with a compound annual growth rate (CAGR) of 54.3% [12][15]. Shareholder Support - The company has received backing from various investors, including Xiaomi (4.41% stake), NIO (2.09%), and Yuntian Lifa (1.93%), along with support from state-owned enterprises and investment institutions [2][3]. Challenges - Despite its market position, Smart Interconnect Technology faces significant challenges, including intense competition in the spatial intelligence solutions market, where the top player holds only a 9.94% market share [18]. - The company is heavily reliant on a few key clients, with the top five clients accounting for 49.2% to 73.7% of revenue from 2022 to the first half of 2025, leading to extended payment cycles [18][20]. - The company's asset-liability ratio has increased from 149.79% in 2022 to 231.55% in the first half of 2025, indicating rising financial risk [18][20].

由小米-W(01810)、蔚来-SW(09866)、云天励飞(688343.SH)等共同持股的智慧互通科技已启动了赴港上市新征程。 智通财经APP了解到，10月31日，智慧互通科技股份有限公司向港交所主板提交上市申请书，中信证券、建银国际为联席保荐人。至11月16日，智慧互通科 技上传了修订版的《整体协调人-委任》公告，将整体协调人调整为中信里昂证券、建银国际、交银国际、利弗莫尔证券。 据招股书显示，智慧互通是基于人工智能技术及产品的空间智能解决方案提供商，公司特别专注于城市交通管理领域。弗若斯特沙利文表示，若按2024年的 收入计算，智慧互通科技在中国智慧交通行业内的所有空间智能解决方案提供商中排名第四，占有6.6%的市场份额。在细分的路侧空间智能解决方案市场 中则排名第一，市场份额19.3%。 在市场份额位居行业前列的同时，智慧互通科技亦获得了不同背景的股东的支持。截至IPO前，小米通过瀚星创投持有智慧互通科技4.41%的股份，蔚来通 过湖北蔚泊投资持有其2.09%的股份，云天励飞持有其1.93%的股份。除了上述具有产业背景的资方外，张家口空港、唐山国有资本运营、深创投等国资以 及中金盈润、交银科创等机构 ...

深耕智慧交通 "十五五"规划建议提出，要全面实施"人工智能+"行动，以人工智能引领科研范式变革，加强人工智能 同产业发展、文化建设、民生保障、社会治理相结合，抢占人工智能产业应用制高点，全方位赋能千行 百业。 此前，交通运输部会同相关部门制定了《关于"人工智能+交通运输"的实施意见》，提出系统推进"人工 智能+交通运输"行动，加速人工智能在交通运输领域的规模化创新应用。 10月31日，智慧互通科技股份有限公司(简称"智慧互通")向港交所递交上市申请，冲刺港股"高精度AI 第一股"。中信证券与建银国际担任此次IPO的联席保荐人。 公开信息显示，智慧互通致力于AI空间智能领域的发展。公司以领先的高精度AI技术为核心，深耕智 慧交通领域，凭借丰富的场景落地能力，构筑起较高的技术和竞争壁垒，进而为各行业客户提供结合先 进软硬件的全栈式高精度AI解决方案。 从专利数量上看，截至2025年6月末，智慧互通共申请1225项境内外专利(包括977项发明专利)，并持有 338项专利(包括3项国际专利)，累计获得340项软件著作权。 在政策和市场的加持下，人工智能行业与空间智能赛道迎来发展的黄金时期。智慧互通作为国内领先的 人工 ...