Core Viewpoint - Magic View Intelligent Technology (Shanghai) Co., Ltd. has submitted its IPO application to the Hong Kong Stock Exchange, with a valuation exceeding 2.5 billion yuan after 11 rounds of financing, despite not being profitable and incurring cumulative losses of 773 million yuan over three and a half years [1][4][6]. Company Overview - Founded in 2015 in Shanghai, Magic View Intelligent is an AI-driven provider of intelligent driving solutions, ranking eighth among third-party solution providers in China's intelligent driving solutions market as of 2024 [3][10]. - The company has delivered over 3.3 million sets of solutions across 92 vehicle models by mid-2025 [4]. Financial Performance - Revenue for the years 2022 to 2025 (first half) was 118 million yuan, 147 million yuan, 357 million yuan, and 189 million yuan, respectively, showing a compound annual growth rate (CAGR) of 73.9% [4]. - Net losses for the same period were 200 million yuan, 228 million yuan, 233 million yuan, and 112 million yuan, with total cumulative losses of 773 million yuan [4][6]. - Operating cash outflows were 114 million yuan, 154 million yuan, 139 million yuan, and 73 million yuan during the reporting period [5]. Research and Development - R&D expenditures were 128 million yuan, 143 million yuan, 160 million yuan, and 84 million yuan, with cash and equivalents of approximately 144 million yuan as of August 2025, indicating a need for further financing [6]. Market Context - The global market for intelligent driving solutions (L0 to L2+) is projected to grow from 120.7 billion yuan in 2020 to 320 billion yuan by 2024, with a CAGR of 27.6% [8]. - In China, the intelligent driving solutions market is expected to expand from 21.6 billion yuan in 2020 to 91.2 billion yuan by 2024, with a CAGR of 43.3% [8]. Competitive Landscape - Magic View Intelligent ranks eighth among third-party providers, with competitors including Desay SV, which leads the market with an 8% share and annual revenue of 7.314 billion yuan [10][11]. - The company’s product offerings include Magic Drive, Magic Parking, and Magic Safety, with Magic Drive accounting for over 60% of revenue in recent years [12]. Shareholder Structure - The company was founded by Yu Zhenghua, who holds approximately 29.65% of the shares, making him the largest single shareholder [15].