Minieye Technology: Intelligent driving solution provider
Offering Details: Youjia plans to globally offer 39.19 million H shares, with 10% allocated for the Hong Kong offering and 90% for the international offering.
Pricing: The issue price per share is between HKD 17 and HKD 20.20, with a minimum lot size of 200 shares, making the entry fee approximately HKD 4,080.75.
Offering Period: December 17 to December 20
Listing Date: December 27
IPO Sponsors: CICC and CITIC Securities
China's intelligent driving and smart cockpit solution provider Minieye Technology (02431.HK) has announced its IPO details, planning to publicly offer 39.19 million shares, with 10% for the Hong Kong public offering and 90% for international placement. The share price ranges from HKD 17 to HKD 20.20. The stock starts offering today (17th) and will close at noon on Friday (20th), with listing expected next Friday (27th). The joint sponsors are CITIC Securities and CICC.
(Source: Minieye Technology Prospectus)
Company Overview
Minieye Technology is a Chinese provider of intelligent driving and smart cockpit solutions, focusing on offering intelligent driving solutions that include navigation, parking, and in-car functions. The company develops its technologies from L0 to L2+ levels, all of which have been validated through mass production, aiming to promote automotive automation and enhance safety and driving experience.
As of June 30, 2023, Minieye Technology has achieved mass production with 29 automotive manufacturers for 94 vehicle models, including seven of the top ten domestic manufacturers by sales. Additionally, the company is developing the L4 autonomous driving solution iRobo, which is expected to be delivered in the first quarter of 2025.
As of May 20, 2024, Minieye Technology is conducting ongoing development projects for 35 vehicle models with 20 automotive manufacturers and has begun mass production for 88 models with 29 manufacturers. Its pre-installation customers include new players like NIO and Nezha, as well as traditional manufacturers such as FAW, Geely, and SAIC. The company is committed to creating a comprehensive solution portfolio to meet diverse customer needs and contribute to the development of an intelligent automotive ecosystem.
Financial Information
In terms of financial data, Minieye Technology’s revenues from 2021 to 2023 were RMB 175 million, RMB 279 million, and RMB 476 million, with a compound annual growth rate of 64.9%. In the first half of this year, the company's revenue increased by 44.5% from RMB 164 million in the same period of 2023 to RMB 237 million.
The gross margins for Minieye Technology from 2021 to 2023 were 9.7%, 12.0%, and 14.3%; in the first half of this year, the gross margin rose nearly 6 percentage points from 8.3% in the same period of 2023 to 14.1%.
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(Source: uSMART HK)