Bo Tai Car Link (02889) IPO from September 22 to September 25 plans to globally sell 10.43 million H shares.

Botor Carlink (02889) will be listed for public offering from September 22 to September 25, 2025, with a plan to globally issue 10.43 million H shares. Of these, 10% will be offered in Hong Kong and 90% internationally. Unless otherwise stated, the offering price will be HK$102.23 per share. Each lot will consist of 20 H shares, and trading of H shares is expected to commence on the Stock Exchange on Tuesday, September 30, 2025, at 9:00 a.m. The group is a leading supplier of intelligent cockpit solutions in China. According to data from Torch Insight Consultancy, based on shipments in 2024, the group is the third largest supplier of intelligent cockpit domain controllers solutions for passenger cars in China, with a market share of 7.3%, behind participants with market shares of 21.7% and 10.4%. The group is one of the few enterprises that developed intelligent cockpit solutions early on, leading most of its peers. In contrast to other intelligent cockpit solution providers that mainly focus on hardware, the group differentiates itself by offering integrated intelligent cockpit solutions combining software, hardware, and cloud services. This approach allows the group to provide customized integrated solutions to meet diverse customer needs. In recent years, the group has achieved significant growth. In 2022, 2023, and 2024, as well as for the five months ended May 31, 2025, the group's revenues were RMB 1.218 billion, RMB 1.496 billion, RMB 2.557 billion, and RMB 754 million, respectively. For the same periods, the group's gross profits were RMB 171 million, RMB 231 million, RMB 301 million, and RMB 98.7 million, with gross profit margins of 14.1%, 15.4%, 11.8%, and 13.1%, respectively. The group incurred net losses of RMB 452 million, RMB 284 million, RMB 541 million, and RMB 220 million for 2022, 2023, and 2024, as well as for the five months ended May 31, 2025, respectively. The group's adjusted net losses (non-International Financial Reporting Standards measurement) for the same periods were RMB 391 million, RMB 218 million, RMB 352 million, and RMB 165 million. The group's adjusted EBITDA (non-International Financial Reporting Standards measurement) for the same periods were negative RMB 318 million, negative RMB 127 million, negative RMB 215 million, and negative RMB 101 million. The group has entered into cornerstone investment agreements with Horizon Together Holding Ltd., Huangshan SP, and Smart Ventures Limited. Pursuant to these agreements, the cornerstone investors have agreed to subscribe for a total amount of approximately HK$466 million at the offering price. Based on an offering price of HK$102.23 per share, the cornerstone investors will subscribe for a total of 4.5575 million shares. Based on an offering price of HK$102.23 per share, and assuming that the over-allotment option is not exercised, after deducting the estimated underwriting commissions, expenses, and charges payable by the group for the global offering, the group estimates that it will net approximately HK$919 million from the global offering. The group currently intends to use the net proceeds from the global offering as follows: approximately 30% of the net proceeds are expected to be used to expand the product portfolio and solutions, enhance technology, and further strengthen the group's comprehensive capabilities covering software, hardware, and cloud-based automotive connections; approximately 30% of the net proceeds are expected to be allocated to improve the group's production, testing, and validation capabilities; approximately 20% of the net proceeds are expected to be used to expand the group's sales and service network to enhance the group's brand awareness; approximately 10% of the net proceeds are expected to be used for strategic investments aimed at further integrating industry resources; and approximately 10% of the net proceeds will be allocated for working capital and general corporate purposes.