New Stock News: Suzhou Tiantong Weishi Electronic Filed for Listing on Hong Kong Stock Exchange, with Smart Driving Solutions covering L2-L2+ and L4 levels of automation.

According to the disclosure of the Hong Kong Stock Exchange on October 31, Suzhou Hikvision Electronic Technology Co., Ltd. has submitted an application for listing on the main board of the Hong Kong Stock Exchange, with China International Capital Corporation, HSBC, and Huatai International as joint sponsors. The prospectus shows that the company is a leading Chinese provider of intelligent driving solutions with software at its core. The company provides comprehensive intelligent driving solutions to the global market, covering L2-L2+ and L4 levels of automation, achieving outstanding commercial performance in each level of automation field. In the L2-L2+ solution field, the company provides intelligent driving and parking solutions, as well as intelligent cockpit solutions with active safety functions such as DMS. According to data from Vision Consulting, based on installation volume by 2024, the company is the second largest software-centric provider of L2-L2+ level solutions in China that offer both driving and parking solutions, as well as the third largest provider of DMS solutions. The company is committed to serving the mass market and making intelligent driving technology more widely accessible. As of the last practical date, the company has obtained designated point letters for L2-L2+ level solutions for 144 vehicle models. The company's comprehensive, high-performance, and highly adaptable L2-L2+ level solutions can help vehicle manufacturers accelerate product iteration and improve R&D cost efficiency in an increasingly competitive environment. The company is also a leading provider of L4 level solutions in China. As early as 2019, the company started commercializing L4 level solutions by providing software development services for a 5G intelligent driving heavy truck project led by a state-owned vehicle manufacturer in Shanghai at Yangshan Port. The company provides safe and reliable L4 level solutions to help fleet operators accelerate commercialization in various application scenarios. By 2024, the company generated revenue of RMB 242.8 million from L4 level solutions, accounting for over 50% of the company's total revenue, with most of the revenue coming from L4 level software solutions. As of the last practical date, the company has secured intention orders for L4 level solutions, covering over 2,500 Robobus, Robotaxi, and Robotruck vehicles with a total contract value of approximately RMB 1 billion, expected to be delivered in the next three to five years, demonstrating customer recognition of the company's ability to commercialize L4 level solutions on a large scale. The company is one of the few intelligent driving solution providers in China that have successfully commercialized both L2-L2+ and L4 level solutions. The company employs a highly collaborative approach to develop its L2-L2+ and L4 level solutions. The company has accumulated rich R&D, engineering, and testing validation experience through its L2-L2+ level solutions, laying the foundation for developing L4 level solutions on the same system architecture. At the same time, the company's L4 level solutions can generate high-quality data collected in real-world operating scenarios without human intervention, thereby promoting iteration and optimization of the company's L2-L2+ level solutions. In terms of performance, the company's adjusted loss and total comprehensive expenditure (non-International Financial Reporting Standards measurement) decreased by 53.1% from RMB 187.7 million in 2022 to RMB 88.1 million in 2023, and significantly decreased to RMB 4.4 million in 2024. For the six months ended June 30, 2024, the amount decreased by 42.1% to RMB 4.2 million for the same period in 2025, due to operational efficiency improvements.