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 ...