New stock news | Bohai Car Networking submits second listing application to Hong Kong Stock Exchange, focusing on smart cockpit solution supply.

According to the disclosure on March 25th by the Hong Kong Stock Exchange, BoT-Loc Intelligent Cockpit Technology (Shanghai) Co., Ltd. (referred to as BoT-Loc) has submitted an application for listing on the main board of the Hong Kong Stock Exchange, with CICC, Guotai Junan International, Zhongtai International, Huatai International, and CITIC SEC as its joint sponsors. Previously, the company had submitted the application to the Hong Kong Stock Exchange on June 28, 2024. The prospectus shows that BoT-Loc is a Chinese supplier of intelligent cockpit and intelligent connected solutions, and is one of the few suppliers in China that provides both intelligent cockpit and intelligent connected solutions. Most of the company's revenue comes from intelligent cockpit solutions, and the absolute amount and percentage of revenue from this business have been continuously increasing. At the same time, the company continues to mainly provide intelligent connected solutions to OEM customers and maintain the stability of this business. Intelligent cockpit is an essential part of the automotive industry's intelligent transformation, providing users with the most intuitive and perceptible experience of smart automotive technology. Consumers of high-end and emerging automotive brands are increasingly demanding better in-car experiences. This growing demand is driving the automotive industry's intelligent transformation, enhancing the value of intelligent cockpits. Based on the shipment volume in 2024, the company is the second largest supplier of intelligent cockpit domain controllers for domestically produced new energy vehicles in China, with a market share of 11.9%, second only to the participant with a market share of 22.8%. According to data from EO Intelligence, the size of the Chinese passenger car intelligent cockpit solution industry is expected to increase from 129 billion RMB in 2024 to 299.5 billion RMB in 2029 by revenue, with a compound annual growth rate of 18.4%. OEMs in China are occupying an increasing market share in the Chinese automotive industry and shifting towards developing high-end vehicles with advanced automotive intelligence features. This shift is expected to bring higher demand for intelligent cockpit solutions. In terms of intelligent connected solutions, the company mainly provides intelligent connected solutions to OEM customers, including user operation services and connected platform services, and charges them service fees. The company's user operation services include user support, participation, and ecosystem management through a customer service center, helping OEMs attract car owners and enhance their brand value. The company's connected platform services focus on maintaining the connected platforms developed by OEMs or the company itself to improve their stability, performance, system and data security, and adapt to evolving business requirements. Financially, in 2022, 2023, and 2024, BoT-Loc's revenue was approximately 1.218 billion, 1.496 billion, and 2.557 billion RMB respectively; and the annual losses were approximately 452 million, 284 million, and 541 million RMB respectively.