IPO 申购指南 泽景股份（2632.HK） 建议谨慎申购 2026-3-16 星期一 | 【招股详情】 | | | | --- | --- | --- | | 保荐人 | 中信证券，国泰海通/海通国际 | | | 上市日期 | 年 月 日（星期二） 2026 3 24 | | | 招股价格 | 42~48 港元/股（中间价：45 港元/股） | | | 集资额 | 6.621 亿港元（扣除包销费及佣金，按中间价计算） | | | 每手股数 | 50 股 | | | 入场费 | 港元 2,424.2 | | | 招股日期 | 2026 年 3 月 16 日-2026 年 3 月 19 日 | | | 国元证券认购截止日期 | 2026 年 3 月 18 日 | | | 招股总数 | 万股(可予调整及视乎超额配售权的行使情况而定) 1,622.65 | | | 国际配售 | 1,460.385 万股(可予调整及视乎超额配售权的行使情况而定)，约占 | 90% | | 公开发售 | 162.265 万股(可予调整及视乎超额配售权的行使情况而定)，约占 | 10% | 【申购建议】 公司专注于 HUD 解决方案。于 ...

江蘇澤景汽車電子股份有限公司 JIANGSU NEW VISION AUTOMOTIVE ELECTRONICS CO., LTD. （於中華人民共和國註冊成立的股份有限公司） 股份代號 : 2632 全球發售 聯席保薦人、整體協調人、聯席全球協調人、聯席賬簿管理人及聯席牽頭經辦人 整體協調人、聯席全球協調人、聯席賬簿管理人及聯席牽頭經辦人 JIANGSU NEW VISION AUTOMOTIVE ELECTRONICS CO., LTD. 江蘇澤景汽車電子股份有限公司 （於中華人民共和國註冊成立的股份有限公司） 全球發售 | 全球發售的發售股份數目 | ： | 16,226,500股H股 | | --- | --- | --- | | 香港發售股份數目 | ： | 1,622,650股H股（可予重新分配） | | 國際發售股份數目 | ： | 14,603,850股H股（可予重新分配） | | 最高發售價 | ： | 每股H股48.00港元，另加1.0%經紀 | | | | 佣金、0.0027%證監會交易徵費、 | | | | 0.00015%會財局交易徵費 | | | | 及0.00565%聯交所交易費 ...

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聆訊後資料集的內容概不負責，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聆訊後資料集全部或任何部分內容而產生或依賴該等內 容而引致的任何損失承擔任何責任。 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登記前， 不會向香港公眾人士提出要約或邀請。倘在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 依據於香港公司註冊處處長登記的本公司招股章程作出投資決定。該文件的文本將於發售期內向公眾人士 派發。 (a) 本文件僅向香港公眾人士提供有關本公司的資料，概無任何其他目的。投資者不應根據本文件中的 資料作出任何投資決定； (b) 在聯交所網站登載本文件或其任何補充、修訂或更換附頁，並不引起本公司、本公司的各保薦人、 整體協調人、顧問或承銷團成員在香港或任何其他司法管轄區必須進行發售活動的責任。本公司最 終會否進行任何發售仍屬未知之數； (c) 本文件或其任何補充、修訂或更換附頁的內容可能會亦可能不會在最後正式的上市文件內全部或部 分轉載； (d) 本文件並非最終的上市文件，本公司可能不時根據《聯交所證券 ...

The Stock Exchange of Hong Kong Limited and the Securities and Futures Commission take no responsibility for the contents of this Post Hearing Information Pack, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this Post Hearing Information Pack. Post Hearing Information Pack of Jiangsu New Vision Automotive Electronics Co., Ltd. 江蘇澤景汽車電子股份有限公司 (A joint sto ...

Core Viewpoint - Zhejing Electronics has submitted a second IPO application to the Hong Kong Stock Exchange, aiming for a main board listing, despite ongoing losses and a previous application that lapsed in May 2025 [1][2]. Company Overview - Founded in 2015, Zhejing Electronics specializes in the research and development of Head-Up Display (HUD) solutions, being the first in the Chinese market to launch self-developed HUD solutions [2]. - The company has achieved a compound annual growth rate (CAGR) of 64.3% over the past three years, with significant backing from notable investors such as Geely Holding, Shunwei Capital, and FAW Group [1][2]. Financial Performance - Zhejing Electronics reported revenues of 214 million yuan, 549 million yuan, 578 million yuan, and 262 million yuan for the years 2022 to 2024 and the first five months of 2025, respectively [2]. - The net losses for the same periods were 256 million yuan, 175 million yuan, 138 million yuan, and 240 million yuan, totaling cumulative losses of 809 million yuan [2]. - Adjusted losses (excluding certain financial impacts) showed a narrowing trend, with figures of 79.1 million yuan, 13.3 million yuan, 7.1 million yuan, and 1.6 million yuan over the same periods [3]. Market Position - Zhejing Electronics ranks second in the Chinese HUD solutions market with a market share of 16.2%, while Huayang Group leads with a 23.3% share [2]. - The overall market for vehicle-mounted HUD solutions in China is projected to grow from 1 million units in 2020 to 3.9 million units by 2024, with a CAGR of 41.2% [4]. Product and Revenue Sources - The majority of Zhejing Electronics' revenue comes from HUD solutions, which accounted for 90% of total revenue in 2023, up from 80% in 2022 [3]. - The company has served 18 automotive OEM clients and secured 94 model designations, with cumulative sales reaching 1.6 million units [2]. Future Prospects - The company plans to use the proceeds from the IPO for production line expansion, automation upgrades, and enhancing R&D capabilities [4]. - Zhejing Electronics aims to leverage its technological advantages in optical design and system integration to capture overseas market opportunities [4]. Shareholder Composition - The controlling shareholders of Zhejing Electronics hold a combined 44.66% stake, with significant investments from various industry and financial investors [5]. - The company's valuation has increased from 60 million yuan in 2017 to 2.585 billion yuan in 2024, marking a 42-fold growth over seven years [5].

Core Viewpoint - Zhejing Electronics, a leading player in China's HUD (Head-Up Display) solutions, has submitted a second IPO application to the Hong Kong Stock Exchange after a previous attempt failed in May 2025. The company has shown significant growth but continues to incur losses [1][5]. Group 1: Company Overview - Zhejing Electronics was established in 2015 and focuses on the research and development of HUD solutions, being the first in China to launch self-developed HUD solutions [4]. - The company has achieved a compound annual growth rate (CAGR) of 64.3% over the past three years, with notable investors including Geely Holding, Shunwei Capital, and major automotive groups [1][5]. - As of May 31, 2025, Zhejing Electronics has served 18 automotive OEM clients and secured 94 model designations, with cumulative sales reaching 1.6 million units [5]. Group 2: Financial Performance - Zhejing Electronics reported revenues of 214 million yuan, 549 million yuan, 578 million yuan, and 262 million yuan for the years 2022 to 2024 and the first five months of 2025, respectively, with a CAGR of 64.3% during this period [5]. - The net losses for the same periods were 256 million yuan, 175 million yuan, 138 million yuan, and 240 million yuan, totaling a cumulative loss of 809 million yuan [3][5]. - Adjusted losses, excluding certain financial impacts, showed a narrowing trend, with figures of 79.1 million yuan, 13.3 million yuan, 7.1 million yuan, and 1.6 million yuan [5]. Group 3: Market Position and Growth Potential - According to market research, Zhejing Electronics holds a 16.2% market share in China's HUD solutions market, ranking second behind Huayang Group, which has a 23.3% share [4][7]. - The market for automotive HUD solutions in China is projected to grow from 1 million units in 2020 to 3.9 million units by 2024, with a CAGR of 41.2% [7]. - Globally, W-HUD remains the mainstream solution, while AR-HUD is expected to drive future growth, with sales projected to increase significantly from 200,000 units in 2024 to 760,000 units by 2029 [8]. Group 4: IPO and Future Plans - The upcoming IPO aims to raise funds for production line expansion, automation upgrades, and enhancing R&D capabilities, as well as potential strategic collaborations in related fields [8]. - The company plans to leverage its technological advantages to expand both domestically and internationally, targeting collaborations with local and overseas automotive manufacturers [8].

Core Viewpoint - Jiangsu Zejing Automotive Electronics Co., Ltd. (Zejing Electronics) has submitted an application to list 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, offering products such as W-HUD (Windshield HUD) and AR-HUD (Augmented Reality HUD) [3][5]. - The company collaborates closely with OEMs during the solution definition phase to enhance user interaction and intelligent driving experiences in new vehicle models [3]. Technology and Solutions - Zejing Electronics employs an integrated self-research technology architecture that combines optical design, mechanical engineering, electronic design, software algorithms, and human-machine interface (HMI) [3][4]. - The company has developed a comprehensive optical design capability, achieving precise analysis and optimization of optical systems through proprietary algorithms [4]. - In mechanical engineering, Zejing Electronics has improved component integration and shared parts across its products, with over 60% part sharing for CyberLens and 65% for CyberVision, enhancing development efficiency and cost-effectiveness [4]. - The electronic design platform is adaptable to various HUD solutions, ensuring compatibility with key components [4]. - Zejing Electronics is the first domestic HUD solution provider to implement the Automotive SPICE framework for software development, establishing a self-developed software algorithm platform [4]. Financial Performance - Revenue increased from RMB 214.09 million in 2022 to RMB 549.36 million in 2023, with a projected rise to 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 [10]. - Gross profit improved from RMB 48.38 million in 2022 to RMB 140.43 million in 2023, with gross profit margins increasing from 22.6% to 25.6% during the same period [11]. Industry Overview - The market for automotive HUD solutions in China is expected to grow from 1 million units in 2020 to 3.9 million units by 2024, with a CAGR of 41.2% [14]. - The global market for W-HUD is projected to increase from 10.7 million units in 2024 to 20.9 million units by 2029, while AR-HUD is anticipated to grow from 200,000 units to 760,000 units in the same timeframe [17].

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依賴該等內容而引致 的任何損失承擔任何責任。 Jiangsu New Vision Automotive Electronics Co., Ltd. 江蘇澤景汽車電子股份有限公司 （於中華人民共和國註冊成立的股份有限公司） 的申請版本 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 而刊發，僅用作提供資訊予香港公眾人士。 本申請版本為草擬本，其內所載資訊並不完整，亦可能會作出重大變動。 閣下閱覽本文件，即代表 閣 下知悉、接納並向江蘇澤景汽車電子股份有限公司（「本公司」，連同其附屬公司統稱「本集團」）、本公司 的聯席保薦人、整體協調人、顧問及承銷團成員表示同意： 本申請版本不會向於美國的人士刊發或分發，當中所述證券並無亦不會根據1933年美國證券法登記，且 在根據1933年美國證券法辦理登記手續或取得豁免前不得於美國發售或出售。不會於美國公開發售證券。 本申請版本及當中所載資料均非於美國 ...

The Stock Exchange of Hong Kong Limited and the Securities and Futures Commission take no responsibility for the contents of this Application Proof, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this Application Proof. Application Proof of Jiangsu New Vision Automotive Electronics Co., Ltd. 江蘇澤景汽車電子股份有限公司 (A joint stock company incorporated in the Peopl ...

Core Viewpoint - Jiangsu Zejing Automotive Electronics Co., Ltd. (Zejing Technology), a leading Chinese HUD manufacturer valued at 2.585 billion RMB, has submitted its IPO application to the Hong Kong Stock Exchange, highlighting the growing demand for HUD solutions in the smart automotive sector [1][30]. Group 1: Company Overview - Zejing Technology has captured approximately 16.2% of the domestic HUD market, ranking second among solution providers [1][15]. - The company has established partnerships with major automotive manufacturers in China, including NIO, Li Auto, Xiaomi, BYD, Chery, Geely, FAW, GAC, BAIC, and Changan [1][12]. - Founded in 2015 by two brothers, Zejing Technology has rapidly grown to become a key player in the HUD industry, leveraging their extensive experience in automotive electronics [24][26]. Group 2: Product and Technology - The primary products offered by Zejing Technology include W-HUD (Windshield HUD) and AR-HUD (Augmented Reality HUD), with the latter being the latest generation of HUD solutions [4][6]. - The company’s HUD solutions are designed to enhance driving safety and convenience by projecting critical information directly into the driver's line of sight [2][6]. - Zejing Technology's CyberLens and CyberVision products have been integrated into various vehicle models, showcasing their adaptability and technological advancements [8][10]. Group 3: Financial Performance - From 2022 to 2024, Zejing Technology's HUD solution sales are projected to grow from 175,700 units to 624,600 units, reflecting a significant increase in demand [13]. - The company's total revenue is expected to rise from 214 million RMB in 2022 to 578 million RMB in 2024, with a compound annual growth rate of 64.3% [15]. - The gross profit margin has improved from 22.6% in 2022 to 27.3% in 2024, driven by effective cost control and increased operational efficiency [20][18]. Group 4: Market Trends - The global automotive HUD market, particularly in China, 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 compound annual growth rate of 41.2% [31][32]. - Domestic manufacturers have significantly increased their market share from 16.7% in 2020 to 79.2% in 2024, indicating a shift in the competitive landscape [36]. - The top five suppliers in the Chinese HUD market collectively hold a 66.5% market share, with four of them being domestic companies [37].