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To-be Listed (Grey Market Trading Session: 16:15-18:30)
Name
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Code
Industry Listing Price Lot Size Entry Fee Phillip Grey Market Futu (HK) Grey Market
REFIRE
02570.HK
Grey Market Today
Electrical Components & Equipment Pending 20 3,333
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Detail Quote
Dmall
02586.HK
Grey Market Today
Application Software 30.210 100 N/A
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Detail Quote
Last update: 2024-12-05 08:30:05
Name
/
Code
Industry Offer Price Lot Size Entry Fee Closing Date
Grey Market Date
Listing Date
Mao Geping
01318.HK
Beauty & Toiletries Products and Services 26.3-29.8 100 3,010 2024/12/05 2024/12/09 2024/12/10
Summary
We are an autonomous driving solution provider in China with a focus on AD domain controllers. We have commercialized level 2 to level 2+ (level 2+ is not an official classification under SAE standard), and are developing level 2 to level 4, autonomous driving solutions for automotive manufacturers (OEMs). Our revenue increased significantly from RMB47.7 million in 2020 to RMB178.3 million in 2021 and further to RMB1,325.9 million in 2022, with a CAGR of 427.2%, and from RMB359.2 million for the six months ended June 30, 2022 to RMB543.2 million for the six months ended June 30, 2023, primarily due to the sales of SuperVision in collaboration with Mobileye. We act as the system integrator in SuperVision projects, which are based on Mobileye’s technology and the base version of AD domain controllers acquired from Mobileye. In 2021, 2022 and the six months ended June 30, 2023, our revenue generated from the sales of SuperVision amounted to RMB86.0 million, RMB1,248.8 million and RMB510.2 million, respectively, accounting for 48.3%, 94.2% and 93.9% of our total revenue during the same periods, respectively, which were primarily generated from the sales of SuperVision to Geely Group. At the relatively early stages of large-scale commercialization, we have been loss-making since 2020 and we expect to incur net loss and net operating cash outflow in 2023. For details, see “Business — Business Sustainability.” As an automotive system integrator (Tier 1 supplier), we offer various autonomous driving in-vehicle solutions and products to OEMs on both new energy vehicles (NEVs) and internal combustion engine (ICE) vehicles. Our autonomous driving domain controller (AD domain controller) solutions typically include (i) an AD domain controller; (ii) associated sensors, which we procure from third-party suppliers and integrate into our solutions; (iii) integrated software, algorithms and functions; and (iv) relevant services such as sensor implementation, vehicle systems integration, and function testing and validation.

We have commercialized two AD domain controller product lines which support level 2 to level 2+ autonomous driving functions, covering a wide price range of passenger vehicles and all types of driving scenarios, including highways, ring roads, complex urban roads, country roads, and parking areas. In addition to SuperVisionTM, we also provide self-designed and self-developed iDC series which includes iDC Mid and iDC High. In terms of revenue generated from sales of AD domain controller solutions in 2022, we were the fourth largest AD domain controller provider in China taking into account the in-house developed domain controllers by OEMs, with a market share of 8.6%.

AD domain controllers function as the brain of autonomous driving solutions - fusing and processing data from the vehicle’s sensors to make autonomous driving decisions and trigger actuators in the vehicles.

We also offer iFC products to OEMs based on our core algorithms on a stand-alone basis without providing relevant implementation and installation services. Our iFC product, which incorporates a controller supported by a SoC and a camera, is able to independently realize level 2 autonomous driving functions.

We possess comprehensive R&D capabilities for the development of iDC and iFC products, including self-developed algorithms and hardware-software co-design capabilities, and are able to capture the massive opportunities in the autonomous driving market with (i) our comprehensive capabilities in hardware, software, algorithms, functions and cloud, (ii) our continued algorithm optimization based on years of experience in commercializing level 2+ solutions, and (iii) our stable relationship with OEM customers and strategic partners.

According to Frost & Sullivan, under the trends of vehicle electrification, intelligence and connectivity, the autonomous driving market in China is expected to maintain significant growth momentum in the future. The size of the autonomous driving market, including software and hardware for passenger and commercial vehicles as well as robotaxi services, is expected to reach more than RMB1,100 billion and RMB3,100 billion in China and globally, respectively, in 2035. Accordingly, the market for AD domain controllers which are described as the brain of autonomous driving solutions, is expected to grow rapidly in the near future. The market size for AD domain controllers in China was RMB9.8 billion in 2022, of which RMB3.3 billion was attributed to third-party AD domain controller providers. The market size for AD domain controllers in China is expected to reach RMB64.5 billion in 2026, at a CAGR of 60.1% from 2022 to 2026. It is anticipated that third-party AD domain controller providers will occupy a larger market share in the future by offering more diverse and cost-effective solutions to OEMs.

During the Track Record Period, we generated most of our revenue from the sale of our autonomous driving solutions and products to OEMs and we delivered approximately 130 thousand units of AD domain controllers in total. Most of these were SuperVision supplied to Geely Group, which were based on Mobileye’s technology and the base version of AD domain controllers acquired from Mobileye. As of the Latest Practicable Date, we obtained letters of nomination associated with 15 renowned OEM customers, such as Geely, Great Wall Motor, Chery and Dongfeng, among others, who sourced or are expected to source AD domain controllers and iFC products from us. Obtaining a letter of nomination indicates that we are selected as a designated supplier for autonomous driving solutions and products for a particular vehicle model of an OEM customer, and are qualified to join an OEM’s supply chains for such particular vehicle model. However, there is no guarantee that our OEM customers will purchase our solutions and products in large quantities or at all and at a price that will be profitable to us even having entered into a letter of nomination and no certainty of finalization of contract and such letter of nomination may be terminated. There is also no guarantee that we will be able to recover the significant upfront costs incurred during the development of autonomous driving solutions. As of the Latest Practicable Date, to our knowledge, we were the sole suppliers for 16 of 17 projects in which we obtained letters of nomination for AD domain controllers, except in one case where, another autonomous driving solutions provider was engaged for lower-end versions of the vehicle model.

Since 2018, we have established a strategic partnership with Mobileye, and Mobileye has become one of our key suppliers who primarily supplied the base version of AD domain controllers for SuperVisionTM. The AD domain controller solution we provided for ZEEKR 001 was one of the first applications in the industry equipped with Mobileye’s EyeQ5H systems on chips (SoCs). The AD domain controller solution we provided for ZEEKR contributed to nil, 48.2%, 93.6% and 93.5% of our total revenue for the three years ended December 31, 2022, and six months ended June 30, 2023, respectively. For details, see “Business — Our Customers — Our Relationship with Geely Group” and “Business — Our Suppliers — Our Relationship with Mobileye.” We also collaborate with renowned upstream business partners, such as Renesas, Texas Instruments, and Sunny Optical, to deliver tailored solutions to our OEM customers.

Through our established and stable partnerships with high-profile business partners and extensive experience in series production of autonomous driving solutions and products, we are able to accurately and quickly assess the varying needs of our OEM customers and continue to expand our business relationships with OEMs. Meanwhile, as we continue to update our technologies and enhance our solutions and products, we can respond to market trends in a timely manner. Therefore, leveraging our experience in the commercialization of autonomous driving solutions and products and outstanding capabilities in series production, we believe that we are able to seize the growth opportunities in the industry.



Source: iMotion Automotive (01274) Prospectus (IPO Date : 2023/12/12)
Listing Market MAIN
Industry Auto Parts & Equipment
Background H Shares
Major Business Area N/A
Corporate Information
Substantial Shareholders SONG Yang & Associates (Total share: 35.31%); (H share: 15.37%)
The China State-owned Enterprise Mixed Ownership Reform Fund Co., Ltd (Total share: 7.98%)
HL Mando Corporation (Total share: 6.64%); (H share: 14.44%)
LI Shuangjiang (Total share: 6.17%); (H share: 4.48%)
Huang Mingming & Associates (Total share: 5.35%); (H share: 11.63%)
Directors SONG Yang (Chairman and Chief Executive Officer and Executive Director)
LI Shuangjiang (Vice President and Executive Director)
LU Yukun (Chief Technology Officer and Executive Director)
LI Chengsheng (Non-Executive Director)
TAO Zhixin (Non-Executive Director)
YANG Yuankui (Non-Executive Director)
LIU Yong (Independent Non-Executive Director)
XUE, Rui Shirley (Independent Non-Executive Director)
ZHANG Weigong (Independent Non-Executive Director)
Company Secretary CHUNG Ming Fai
LIU Fang
Principal Bankers China Construction Bank
Solicitors Jingtian & Gongcheng Law Firm
Beijing Yingke Law Firm (Shanghai Office)
Auditors PricewaterhouseCoopers
Registered Office 40th Floor, Dah Sing Financial Centre, 248 Queen’s Road East, Wanchai, Hong Kong
Share Registrars Computershare Hong Kong Investor Services Ltd. [Tel: (852) 2862-8628]
Share Registrars Tel No (852) 2862-8628
Internet Address http://www.imotion.ai
Email Address [email protected]
Tel No (86 512) 6500-1565
Fax No
 
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