Zhidrive Enterprises welcomes innovation with the launch of its IPO, introducing two cornerstone investors.

Shenzhen MINIEYE Innovative Technology Co., Ltd. (hereinafter referred to as "MINIEYE Innovation") started its IPO on December 17th and ended on the 20th, with plans to officially list on the main board of the Hong Kong Stock Exchange with the stock code "2431.HK" on December 27, 2024. In this IPO, MINIEYE Innovation plans to issue 39.19 million shares (subject to whether the over-allotment option is exercised). The offering price per share is between 17.00 and 20.20 Hong Kong dollars, with 200 shares per lot. The joint sponsors of the IPO are CITIC SEC and CICC. According to regulatory filings submitted by MINIEYE Innovation, Hong Cheng Hang International Investment Co., Ltd. and Horizon Together Holding Ltd. are cornerstone investors participating in this offering. Horizon Together Holding Ltd. is wholly owned by Horizon Robotics (stock code: 9660.HK). Established in 2014, MINIEYE Innovation is a Chinese supplier of intelligent driving and intelligent cockpit solutions. It is committed to gradually achieving mass production and implementation of level L0-L2+ autonomous driving technology through its self-developed full-stack technology, while actively developing more advanced autonomous driving solutions. Solutions include intelligent driving, intelligent cockpit, and vehicle-road coordination. MINIEYE Innovation's self-developed core algorithms cover perception, fusion, mapping positioning, and rule control, achieving comprehensive coverage of the intelligent driving algorithm stack chain. As of June 30 this year, MINIEYE Innovation has entered mass production with 94 vehicle models from 29 OEMs, including seven of the top ten domestic OEMs by sales volume. As of December 10 this year, MINIEYE Innovation has entered mass production with 35 OEMs. At the same time, MINIEYE Innovation is developing and testing the L4 level autonomous driving solution iRobo, with delivery expected in the first quarter of 2025. MINIEYE Innovation is also expanding overseas, tapping into new growth opportunities. As of the first half of this year, MINIEYE Innovation has achieved SOP for 21 exported vehicle models from 4 OEMs. These exported vehicles are sold to regions including the EU, Australia, the UK, and Southeast Asia. In addition, MINIEYE Innovation recently assisted a certain OEM in obtaining EU ADDW (Advanced Driver Distraction Warning System) certification, becoming one of the first Chinese suppliers to help OEMs obtain this certification. From a financial perspective, MINIEYE Innovation's operations are improving, with revenue showing rapid growth. Revenue for 2021-2023 was 175 million, 279 million, and 476 million RMB, with a compound annual growth rate of 64.9%. In the first half of this year, MINIEYE Innovation achieved revenue of 237 million RMB, a year-on-year increase of 44.5%. At the same time, the company's gross margin continues to improve, from 9.7% in 2021 to 14.3% in 2023. The gross margin for the first half of this year was 14.1%, compared to 8.3% in the same period of 2023. With its core advantages of self-developed algorithms, platformization, and integrated software and hardware, MINIEYE Innovation has gained the favor of two cornerstone investors. In the wave of intelligent driving companies going public, MINIEYE has shown tremendous market potential and sustainable development capabilities. In the race of technology and capital, its future development is highly anticipated.