Today, the dark market opened high, and Shenzhen intelligent driving enterprise Youjia Innovation (02431) is about to be listed on the Hong Kong stock market.

The Chinese intelligent driving and intelligent cockpit solutions provider, Youjia Innovation (02431), which is about to be listed on the Hong Kong stock market, opened high in the dark market today, rising by 4.94% to HK$17.84, with a trading volume of HK$3.812 million and a total market value of HK$5.523 billion. It is understood that the IPO of Youjia Innovation is co-sponsored by CITIC SEC and CICC. Among them, since the beginning of this year, the joint sponsoring broker CITIC Project has not had any failed performances in the dark market. Established in 2014, Youjia Innovation is a Chinese provider of intelligent driving and intelligent cockpit solutions. It is committed to gradually achieving mass production and implementation of L0-L2+ level autonomous driving technology through self-developed full-stack software and hardware integrated technology, while also actively developing more advanced autonomous driving technology. The solutions include intelligent driving, intelligent cockpit, and vehicle-road cooperation. In recent years, Youjia Innovation's business operations have continued to improve, with revenue showing a rapid growth trend. The revenue for 2021, 2022, and 2023 are expected to be RMB 175 million, RMB 279 million, and RMB 476 million respectively, with a compound annual growth rate of 64.9%. In the first half of this year, Youjia Innovation achieved a revenue of RMB 237 million, a year-on-year increase of 44.5%. At the same time, the company's gross profit margin has continued to improve, growing from 9.7% in 2021 to 14.3% in 2023. The gross profit margin for the first half of this year was 14.1%, compared to 8.3% for the same period in 2023. It is reported that Youjia Innovation's self-developed core algorithm covers four major intelligent driving modules: perception, fusion, mapping and positioning, and regulation and control, achieving comprehensive coverage of the intelligent driving algorithm stack chain. As of June 30th this year, Youjia Innovation has launched mass production with 29 automobile manufacturers for 94 models, including seven of the top ten domestic automobile manufacturers in terms of sales volume. As of December 10th this year, Youjia Innovation has accumulated mass production for 35 automobile manufacturers. At the same time, Youjia Innovation is developing and testing the L4 level autonomous driving solution iRobo, and is expected to achieve delivery in the first quarter of 2025.