PATEO CONNECT Technology (Shanghai) Corporation (2889.HK) has launched its Hong Kong IPO. The subscription period runs from September 22 to September 25, with a proposed global offering of approximately 10,436,900 H shares and a 15% over-allotment option. The offer price is set at HK$102.23 per share, with a board lot of 20 shares and a minimum investment of about HK$2,065.23. Trading of the H shares is expected to commence on the Main Board of the Hong Kong Stock Exchange on September 30. The joint sponsors are CICC, Guotai Junan, CMB International, Huatai Financial, and CITIC Securities.

PATEO Connect: A Leading Smart Cockpit and Connected Vehicle Solutions Provider in China

Offering structure: Hong Kong public offering of about 10% (1,043,700 shares) and international placing of about 90% (around 9,393,200 shares).

Offer price: HK$102.23 per share; board lot of 20 shares; minimum investment about HK$2,065.23.

Subscription period: September 22–25 (expected pricing date: September 26).

Listing date: September 30.

Joint sponsors: CICC, Guotai Junan, CMB International, Huatai Financial, CITIC Securities.

Company Overview

Founded in 2009, PATEO Connect specializes in smart cockpits, connected vehicle systems, and cloud platforms, with operations spanning design, software and hardware development, manufacturing, and services. According to a report by CIC, PATEO ranks among the top five smart cockpit software providers in China and maintains long-term partnerships with major automakers including SAIC, FAW, and Dongfeng. The company also holds multiple patents in AI-based voice interaction, in-car entertainment, and cloud services.

Financial Information

The Group has achieved notable growth in recent years. Revenue was approximately RMB1.218 billion, RMB1.496 billion, and RMB2.557 billion in 2022, 2023, and 2024, respectively, with revenue of about RMB754 million for the five months ended May 31, 2025. Net losses for the same periods were approximately RMB452 million, RMB284 million, and RMB541 million, with a net loss of around RMB220 million for the first five months of 2025. Based on the offer price, the company expects net proceeds of about HK$1.02 billion, which will be used mainly for smart cockpit R&D and upgrades (around 45%), cloud platform development (around 25%), international market expansion (around 20%), and general working capital (around 10%).

uSMART launches “HK IPO Fee-Waiver Offer” – subscribe to new shares at zero cost

Margin subscription: 0 % interest, leverage up to 10×

Cash subscription: HK$0 handling fee

Grey-market trading supported

* 0 % interest applies to margin subscription amounts of HK$10 million or below.

^ All handling fees are waived for cash subscriptions.

This promotion is effective from 20 May 2025 until further notice. Certain high-profile IPOs may be excluded. The actual interest rates and fees charged are those shown in the uSMART App subscription interface; statutory government and exchange levies will still apply. The company reserves the right to amend, suspend or terminate the above offer or its terms and conditions at any time without prior notice, and its interpretation shall be final.

How to Subscribe for PATEO Connect via uSMART HK

The uSMART HK App features an IPO Centre with exclusive perks, allowing clients to subscribe instantly to new public offerings. After logging in, tap “Trade” at the bottom-right, select “IPO Subscription,” choose PATEO Connect, tap “Public Offer,” enter the subscription quantity, and submit your order.

(Image source: uSMART HK app)