New Stock News | Nanson Technology Submits Application to Hong Kong Stock Exchange to Become the First Chinese Enterprise to Commercialize the Application of NBS Solution in L4 Level Autonomous Driving Vehicles.

According to the disclosure by the Hong Kong Stock Exchange on April 29, 2026, Nansen Intelligent Technology (Zhejiang) Co., Ltd. (referred to as "Nansen Technology") has submitted an application for listing to the Hong Kong Stock Exchange. Haitong INT'L Capital Limited and BOCI Asia Limited are the joint sponsors. Company Overview According to the prospectus, Nansen Technology is a leading Chinese intelligent driving motion control company focusing on wire control technology. The company focuses on wire control solutions with the highest vehicle safety requirements and strongest technical barriers in the field of intelligent driving, integrating self-developed control algorithms and software and hardware. Wire control solutions refer to advanced automotive systems that replace traditional mechanical or hydraulic controls with electronic systems, including but not limited to wire-controlled braking, wire-controlled steering, and wire-controlled driving solutions. Perception, decision-making, and execution are the three key elements of automotive intelligence, and wire control technology acts as the "small brain" of intelligent driving vehicles, ensuring the safety and advanced development of motion control execution, just as the cerebellum in the human body coordinates autonomous movement, maintains posture balance, and achieves motor learning functions. Nansen Technology's solutions are based on control commands output by the "brain" of intelligent driving vehicles (i.e., intelligent driving systems responsible for perception and planning), accurately and quickly achieving vehicle motion control, thereby significantly improving the safety, handling, and comfort of intelligent driving. According to Zhoushi Consultancy data, Nansen Technology is: the first Chinese company to apply the electric control braking assist solution (NBS solution) to L4-level unmanned driving commercial operations; the first Chinese company to supply independent electric control braking assist solutions (NBS solutions) to leading domestic electric vehicle manufacturers; one of the top three domestic wire-controlled braking solution suppliers in China in terms of sales of wire-controlled braking solutions in 2024; the second-largest independent third-party wire-controlled braking solution supplier in China, with the highest growth rate among the top five domestic wire-controlled braking solution suppliers in 2024 in terms of year-on-year growth based on sales of wire-controlled braking solutions. Nansen Technology's NBS solution NBooster was put into large-scale production in 2018, becoming China's first large-scale production electric control braking assist system. As of December 31, 2023, 2024, and 2025, the company's NBS solution has obtained 25, 26, and 26 points respectively from 10, 10, and 10 Chinese mainstream vehicle manufacturers. As of December 31, 2023, 2024, and 2025, the number of models using the company's NBS solution and already in mass production has reached 19, 21, and 21 models respectively. Nansen Technology's ESC solution was put into large-scale production in 2020, aiming to ensure optimal driving stability, precise dynamic response, and enhanced active safety in various road conditions, prevent skidding, and improve vehicle stability. As of December 31, 2023, 2024, and 2025, the company's ESC solution has obtained 22, 33, and 51 points respectively from eight, eight, and nine Chinese mainstream vehicle manufacturers. As of the fiscal year ending December 31, 2023, 2024, and 2025, the number of models using the company's ESC solution and already in mass production has reached 14, 17, and 25 models respectively. In 2023, Nansen Technology launched its NBC solution and put it into mass production in 2024, marking a milestone in its commercialization and accelerating its adoption as a standard configuration by mainstream vehicle manufacturers. As of December 31, 2023, 2024, and 2025, the company's NBC solution has obtained four, 14, and 40 points respectively from three, five, and seven Chinese mainstream vehicle manufacturers. As of the fiscal year ending December 31, 2023, 2024, and 2025, the number of models using the company's NBC solution and already in mass production has reached one, eight, and 19 models respectively. Financial Information Revenue The company recorded revenue of approximately RMB 272 million, RMB 391 million, and RMB 615 million in the fiscal years 2023, 2024, and 2025 respectively. Annual loss and comprehensive income The company recorded an annual loss and comprehensive income totaling approximately - RMB 201 million, - RMB 170 million, and - RMB 190 million in the fiscal years 2023, 2024, and 2025 respectively. Gross profit margin In the fiscal years 2023, 2024, and 2025, the company's gross profit margin was 1.1%, 10.7%, and 13.6% respectively. Industry Overview With the deepening of electrification and intelligence in automobiles, wire control solutions as key carriers of vehicle execution systems are experiencing rapid technological development. The continuous upgrading of global automotive safety and control standards is prompting mainstream manufacturers to accelerate the deployment of wire control solutions in new models to better meet consumer demands for intelligent control, safety, and comfort. Therefore, the global wire control solutions industry has experienced rapid growth in recent years. In terms of sales revenue, the corresponding market size has increased from RMB 108.8 billion in 2020 to RMB 263.9 billion in 2024, with a compound annual growth rate of 24.8%, and is expected to reach RMB 621.7 billion in 2030, with a compound annual growth rate of 15.4% between 2024 and 2030. China is the world's largest intelligent automobile market, and its steady development lays a solid foundation for the promotion and application of wire control solutions. In terms of sales revenue, the market size of China's wire control solutions industry has grown from RMB 22.4 billion in 2020 to RMB 75.2 billion in 2024, with a compound annual growth rate of 35.4%. As the level of automotive intelligence advances to higher levels, demand will also increase further. The market size of China's wire control solutions industry is expected to continue to grow to RMB 222.8 billion by 2030, with a compound annual growth rate of 19.8% between 2024 and 2030. Board of Directors Information The company's board of directors will consist of nine directors, including three executive directors, three non-executive directors, and three independent non-executive directors. Ownership Structure As of the last practicable date, Mr. Tao Zhe holds beneficial ownership of 15.61% of the company's issued share capital, and Ms. Liu Qian holds 0.29%. In addition, Mr. Tao, as the general partner of Nansen Limited Partnership, ultimately controls 6.68% of the voting rights attached to the share capital held by Nansen Limited Partnership. As of the last practicable date, Mr. Tao, Ms. Liu, and Nansen Limited Partnership collectively control 22.58% of the voting rights of the company and constitute a single largest shareholder group. Nansen Limited Partnership is controlled by Mr. Tao (as its general partner), and Ms. Liu is Mr. Tao's spouse. Nansen Limited Partnership and Shanghai Nasheng serve as employee incentive platforms for the company. Intermediary Team Joint sponsors: HAITONG INT'L Capital Limited, BOCI Asia Limited Company legal advisors: Gallant Y.T. Ho & Co., Shanghai Jingcheng Panming Law Firm Joint sponsor legal advisors: Slaughter and May, Jun He Law Office Reporting accountants and independent auditors: Ernst & Young Independent industry consultants: Zhoushi Industry Consulting Co., Ltd. Compliance advisor: Hony Capital Limited