New stock news | Hong Kong Stock Exchange filing failed for Zonemind Technology, a leading Chinese provider of ADAS solutions.

Zongmu Technology (Shanghai) Co., Ltd. (hereinafter referred to as "Zongmu Technology") submitted its Hong Kong IPO prospectus on March 28, 2024, which has been valid for 6 months and expired on September 28. Huatai International and BNP Paribas were its sponsors at the time of submission. The prospectus shows that Zongmu Technology is a leading provider of ADAS solutions in China, offering comprehensive solutions with advanced autonomous driving technology. The company also utilizes its expertise to develop Siasun Robot & Automation, an autonomous driving energy service for property operators. As a tier-one supplier, the company is involved in various aspects of the autonomous driving field including software design, hardware design, system design, and integration of these components to develop scalable solutions. According to data from Torch Consulting, in the Chinese passenger car ADAS solution market based on 2022 sales revenue, the company ranks fifth among suppliers headquartered in mainland China with a market share of 1.0%. In the Chinese passenger car automatic parking solution market, the company ranks second with a market share of 4.9%. In the Chinese passenger car APA parking solution market, the company ranks first with a market share of 5.6% according to Torch Consulting. In terms of finances, in 2021, 2022, and 2023, the company achieved operating revenues of approximately RMB 225 million, 470 million, and 498 million respectively, with a compound annual growth rate of 48.7%. During the same period, the company incurred losses of approximately RMB 434 million, 588 million, and 564 million respectively.