Core Viewpoint - Yushi Technology plans to list on the Hong Kong main board through Chapter 18C, focusing on its R&D capabilities in a competitive landscape with significant disparities among industry leaders. The company targets closed scenarios like airports, but the market ceiling appears lower compared to open scenarios. Additionally, the company is in a cash-burning phase with insufficient funds, indicating a need for external financing [1][2][3]. Group 1: Company Overview - Yushi Technology, established in February 2016, specializes in L4-level autonomous driving technology for closed scenarios such as airports and factories, providing solutions to commercial vehicle and passenger vehicle manufacturers [2]. - The company has experienced rapid revenue growth, with revenues of 0.66 billion, 1.61 billion, and 2.66 billion RMB from 2022 to 2024, reflecting a compound annual growth rate (CAGR) of 101.3%. However, it recorded losses of 2.5 billion, 2.13 billion, and 2.12 billion RMB during the same period, indicating ongoing cash burn [2][3]. Group 2: Financial Performance - Despite explosive revenue growth, the quality of growth is average, with continuous negative operating cash flow. The company appears to be using accounts receivable to boost revenue scale [3]. - Accounts receivable and notes receivable were 1.21 billion, 1.4 billion, and 2.43 billion RMB from 2022 to 2024, representing 186%, 87%, and 92% of the corresponding revenues [5]. - Yushi Technology has raised approximately 17.51 billion RMB through multiple financing rounds from angel to C round, but as of the end of 2024, its cash reserves were only 2.22 billion RMB [7]. Group 3: Market Position and Competition - In 2024, the revenue from autonomous vehicle solutions was 1.47 billion RMB, accounting for 55.2% of total revenue, while the revenue from autonomous driving kits and software solutions accounted for 18.4% and 25.4%, respectively [8]. - The company is a leader in the closed scenario market, holding a 91.7% market share in L4-level autonomous driving solutions for commercial vehicles in Greater China [10]. - The market ceiling for closed scenarios is significantly lower than for open scenarios, with a projected market size of approximately 40 billion RMB for closed scenarios by 2030, compared to 1700 billion RMB for open scenarios [10][11]. Group 4: Industry Growth Potential - The market for L4-level autonomous driving solutions in closed scenarios in Greater China is expected to grow from 9 billion RMB in 2021 to 29 billion RMB in 2024, with a CAGR of 47.7%, and is projected to reach 415 billion RMB by 2030 [11]. - The global market for closed scenarios is anticipated to grow from 20 billion RMB in 2021 to 55 billion RMB in 2024, with a CAGR of 40.1%, reaching 1625 billion RMB by 2030 [12]. - The open scenario market is expected to see even more significant growth, with projections of 1749 billion RMB in Greater China and 4096 billion RMB globally by 2030, reflecting CAGRs of 116.2% and 118.1%, respectively [12]. Group 5: R&D and Competitive Landscape - Yushi Technology's R&D expenditures were approximately 1.89 billion, 1.84 billion, and 1.96 billion RMB from 2022 to 2024, with 2024 spending not exceeding 2 billion RMB. In contrast, competitors like Pony.ai spent 17 billion RMB on R&D during the same period [13][14].

Core Viewpoint - Shenzhen Youjia Innovation Technology Co., Ltd. has completed a placement of new H shares, raising approximately HKD 158 million, with a net price of about HKD 22.81 per share [2][3]. Fundraising Details - The company issued a total of 6,800,000 new H shares, resulting in a gross fundraising amount of HKD 158 million and a net amount of HKD 155 million after deducting listing expenses [2]. - Approximately 40% of the net proceeds (around HKD 62.05 million) will be used to enhance the performance of the company's intelligent driving solutions and meet the growing demand for mid-to-high-level assisted driving projects [3]. - About 30% of the net proceeds (around HKD 46.53 million) will be allocated for technological upgrades of L4 autonomous driving solutions to support the commercialization of passenger and cargo autonomous driving scenarios [3]. - Approximately 20% of the net proceeds (around HKD 31.02 million) will be used to explore potential strategic partnerships, alliances, and acquisition opportunities [3]. - The remaining 10% of the net proceeds (around HKD 15.51 million) will be allocated for working capital and general corporate purposes [3]. Shareholder Structure - The largest shareholder group holds approximately 13.60% of the total issued shares, while the concert party group holds about 10.96% [3]. - The total number of issued shares after the placement is 399,946,400, with H shares accounting for 77.60% of the total [3]. Initial Public Offering (IPO) Background - Youjia Innovation was listed on the Hong Kong Stock Exchange in December 2024, with an IPO price of HKD 17 and a net fundraising amount of HKD 606 million [4]. - Key cornerstone investors in the IPO included Kang Cheng Heng International Investment Co., Ltd. and Horizon Together Holding Ltd., which collectively subscribed for HKD 540 million [4][5].

Group 1 - The company has entered into a placement agreement with CITIC Securities to issue up to 6.8 million new H-shares at a price of HKD 23.26 per share, potentially raising approximately HKD 158 million [1] - The net proceeds from the placement are expected to be around HKD 155 million after deducting commissions and estimated expenses [1] - The intended use of the net proceeds includes approximately 40% for enhancing smart driving solutions, 30% for upgrading L4 autonomous driving technology, 20% for exploring strategic partnerships and acquisitions, and 10% for working capital and general corporate purposes [1] Group 2 - Since 2025, the demand for mid-to-high-level assisted driving has rapidly increased due to the automotive industry's push for intelligent driving equality, leading to significant growth in projects undertaken by the company [2] - The placement proceeds will support the company's L4 autonomous driving business, iRobo, which is experiencing a surge in project demand [2] - The board views the placement as an opportunity and a suitable financing option to raise additional funds for business growth, particularly for scaling mid-to-high-level assisted driving and commercializing the L4 autonomous driving iRobo business [2]

Group 1: Hand Return Group - Hand Return Group plans to list on the Hong Kong Stock Exchange on May 30, 2025, with the stock code "2621" [3] - The IPO will issue a total of 24,358,400 shares, with a subscription rate of 990 times for the Hong Kong public offering and 1.13 times for the international offering [3] - The company aims to provide insurance service solutions through its online platform, with three main platforms: Xiao Yusan, Kachaba, and Niu Bao 100 [3] - Hand Return Group is the second-largest online insurance intermediary in China, holding a 7.3% market share in long-term life insurance premiums as of 2023 [4] - The company has distributed over 1,900 products since its establishment, including more than 280 customized products [4] - Financial data shows revenues of 806 million, 1.634 billion, and 1.387 billion CNY from 2022 to 2024, with adjusted net profits of 75 million, 253 million, and 242 million CNY respectively [5] Group 2: Yingshi Innovation - Yingshi Innovation plans to open subscriptions on May 30, 2025, and is expected to list on the Sci-Tech Innovation Board in mid-June [7] - The company will issue 41 million new shares, with 20% allocated for strategic placement [7] - Yingshi Innovation specializes in smart imaging devices, focusing on panoramic and action cameras, with a global market share of 67.2% in panoramic cameras as of 2023 [8] Group 3: Lin Qingxuan - Lin Qingxuan submitted its prospectus to the Hong Kong Stock Exchange on May 29, 2025, aiming for a main board listing [10] - The brand ranks first among domestic high-end skincare brands in China by retail sales as of 2024 [11] - Financial data indicates revenues of 691 million, 805 million, and 1.21 billion CNY from 2022 to 2024, with a compound annual growth rate of 32.5% [11] Group 4: Yushi Technology - Yushi Technology submitted its prospectus on May 28, 2025, planning to list on the Hong Kong Stock Exchange [14] - The company is the largest supplier of L4-level autonomous driving solutions for airport and factory scenarios in Greater China as of 2024 [15] - Financial data shows revenues of 66 million, 161 million, and 266 million CNY from 2022 to 2024, with a compound annual growth rate of 101.3% [15] Group 5: Yisiwei Computing - Yisiwei Computing submitted its prospectus on May 30, 2025, aiming for a main board listing [19] - The company is a leading provider of RISC-V solutions in China, with over 100 system-level solutions commercialized as of 2024 [20] - Financial data indicates revenues of 2 billion, 1.752 billion, and 2.025 billion CNY from 2022 to 2024 [20] Group 6: Xian Gong Intelligent - Xian Gong Intelligent submitted its prospectus on May 27, 2025, planning to list on the Hong Kong Stock Exchange [22] - The company ranks first in global robot controller sales for two consecutive years, with a market share of 23.6% in 2024 [22] - Financial data shows revenues of 184 million, 249 million, and 339 million CNY from 2022 to 2024, with a compound annual growth rate of 35.7% [23] Group 7: Tuopu CNC - Tuopu CNC submitted its prospectus on May 26, 2025, aiming for a main board listing [27] - The company is the top supplier of five-axis CNC machine tools in China's aerospace market, with an 11.6% market share as of 2024 [29] - Financial data indicates revenues of 136 million, 335 million, and 531 million CNY from 2022 to 2024, with a compound annual growth rate of 97.9% [29] Group 8: Xiantong Pharmaceutical - Xiantong Pharmaceutical submitted its prospectus on May 26, 2025, planning to list on the Hong Kong Stock Exchange [32] - The company is the first in China to obtain approval for innovative radioactive drugs, focusing on oncology and neurodegenerative diseases [32] Group 9: Ledong Robotics - Ledong Robotics submitted its prospectus on May 30, 2025, aiming for a main board listing [35] - The company has a customer retention rate of approximately 90% in 2024, with a compound annual growth rate of about 41.4% in revenues from 2022 to 2024 [36] Group 10: Saintong Special Medical - Saintong Special Medical submitted its prospectus on May 30, 2025, planning to list on the Hong Kong Stock Exchange [38] - The company ranks first among domestic special medical food brands in China, with a market share of 6.3% as of 2024 [39] - Financial data shows revenues of 491 million, 654 million, and 834 million CNY from 2022 to 2024, with a compound annual growth rate of 30.3% [39] Group 11: Jushuitan - Jushuitan updated its prospectus on May 22, 2025, continuing its listing process on the Hong Kong Stock Exchange [41] - The company is the largest e-commerce SaaS ERP provider in China, holding a 24.4% market share as of 2024 [42] - Financial data indicates revenues of 523 million, 697 million, and 910 million CNY from 2022 to 2024, with a compound annual growth rate of 31.9% [42]

Core Viewpoint - Yushi Technology (Beijing) Co., Ltd. is set to go public on the Hong Kong Stock Exchange, becoming the 10th specialized technology company to list under the 18C framework, focusing on L4-level autonomous driving solutions for various scenarios including airports and factories [2][3]. Group 1: Company Overview - Founded in 2016, Yushi Technology specializes in true unmanned, all-scenario L4-level autonomous driving technology, covering both closed environments like airports and factories, as well as open scenarios such as logistics and buses [3][4]. - As of May 20, 2025, Yushi Technology has partnered with 17 airports in China and 3 overseas airports, exploring opportunities with 4 additional airports globally [3][4]. Group 2: Technological Achievements - Yushi Technology is the only global provider of sustainable L4-level autonomous driving solutions for large-scale commercial operations at airports, having started deployment at Hong Kong International Airport 7 years ago [4][5]. - The implementation timeline for autonomous driving solutions has significantly decreased, from approximately 2 years in 2019 to just 6 months by 2025 for Hong Kong International Airport [5]. Group 3: Market Position and Financials - According to Frost & Sullivan, Yushi Technology is the largest supplier of L4-level autonomous driving solutions for airport and factory scenarios in the Greater China region, with a total of approximately 5.8 million kilometers of true unmanned driving mileage as of May 20, 2025 [6]. - The company has developed and launched 52 vehicle models applicable to various scenarios and has deployed solutions for 198 clients across 6 countries and regions, including 35 Fortune Global 500 companies [6]. Group 4: Financial Performance - Yushi Technology's revenue is projected to grow from 66 million RMB in 2022 to 266 million RMB in 2024, reflecting a compound annual growth rate (CAGR) of 101.3%, with gross margins of 45.7%, 48.8%, and 43.7% for the same years [6]. - The company has completed 5 rounds of financing, raising over 1.75 billion RMB, with a valuation of 7.3 billion RMB following its last round before the IPO [7][8]. Group 5: Future Plans - The net proceeds from the IPO will primarily be used to enhance R&D capabilities, expand domestic and international business, improve commercialization, make strategic investments, and for general corporate purposes [8].