Saimu Technology (02571) conducted a public offering from December 31 to January 10, with cornerstone investor China Mobile International subscribing to approximately HK$149 million worth of shares.

Saim Technology (02571) will be listed from December 31, 2024 to January 10, 2025. The company plans to globally issue 33.334 million H shares, with 10% for sale in Hong Kong and 90% for international sale. The offering price per share is HK$12-18, with 200 shares per board lot. It is expected that the H shares will begin trading on the Hong Kong Stock Exchange at 9:00 am on January 15, 2025 (Wednesday). The company is a technology company in China that focuses on intelligent connected vehicles (ICV) simulation testing technology. It is primarily engaged in the design and development of ICV simulation testing products and provides related testing, validation, and evaluation solutions. ICV refers to vehicles equipped with advanced onboard sensors, controllers, brakes, and other devices, integrating advanced communication and networking technologies. According to Frost & Sullivan data, based on revenue in 2023, the company is the largest market participant in the ICV testing, validation, and evaluation solutions industry in China, with a market share of approximately 5.3%. Additionally, based on revenue in 2023, the company is the largest market participant in the Chinese ICV simulation testing software and platform market, with a market share of approximately 5.9%. The company is also one of the few market participants in China that can provide one-stop ICV testing, validation, and evaluation solutions. In the past reporting periods, the company's revenues were approximately RMB 107 million, RMB 145 million, RMB 176 million, and RMB 55.6 million, while the company's net profits/(losses) were approximately RMB 37.6 million, RMB 48.7 million, RMB 53.4 million, and RMB (4.6) million, respectively. The company has entered into a cornerstone investment agreement with cornerstone investor China Mobile Limited International Holdings Co., Ltd. (China Mobile International), where, subject to certain conditions, the cornerstone investor has agreed to subscribe for a maximum total amount of approximately HK$149 million of the relevant offering shares at the offering price. Assuming the exercise of the over-allotment option and the offering price of HK$15.0 per share, the company estimates that it will receive a net amount of approximately HK$428 million from the global offering. Approximately 62.2% of this amount will be used for continuous investment in research and development over the next three years to enhance the company's technological capabilities and competitive advantage in key technologies, approximately 27.8% will be used for geographical expansion and marketing of the company's products and services, and approximately 10.0% will be used for general corporate purposes and to supplement the company's operational capital.