New Stock News: Smart Technology Confirms Submission to Hong Kong Stock Exchange as China's Largest Domestic Supplier for Automotive Forward Millimeter Wave Radar Market.

According to the disclosure on December 24 by the Hong Kong Stock Exchange, Shenzhen Chengtai Technology Co., Ltd. (referred to as Chengtai Technology) has submitted an application for listing on the main board of the Hong Kong Stock Exchange, with GUOTAI JUNAN I as its exclusive sponsor. According to data from Zhishi Consultancy, in 2024, in terms of shipment volume, Chengtai Technology is the largest domestic supplier in the Chinese automotive front millimeter-wave radar market, and in terms of shipment volume, the company is the third largest supplier in the Chinese automotive millimeter-wave radar market, with market shares of 9.3% and 4.5%, respectively. The prospectus shows that Chengtai Technology is a leading supplier of millimeter-wave radar, engaging in the design, research and development, manufacturing, and commercialization of millimeter-wave radar products. Chengtai Technology develops, manufactures, and sells radar products with standard hardware and customized software, tailored to specific integration requirements, performance standards, and compatibility requirements for OEMs. The company combines software and algorithm capabilities with radar hardware to enhance adaptability on different vehicle models, streamlining the OEMs' research and development, testing, and mass production processes. The company has production bases in Shenzhen and Suzhou, producing radar products according to customer needs, product positioning, and delivery arrangements, effectively reducing supply chain risks, ensuring consistent product quality, and enhancing operational efficiency. Chengtai Technology provides comprehensive radar hardware and software solutions, tailored to the evolving demands of intelligent driving. The company's business model is based on the "three-ring" model of Chengtai: high-quality hardware, competitive and reliable radar hardware products; agile software, maintaining efficient and continuous software updates; and rapid delivery, with delivery as the core goal of the support system, ensuring effective project execution. This framework forms the basis of the company's long-term growth and differentiation in the market. The company believes that under this framework, it is committed to providing high-quality and rapidly deployable products and services to assist its OEM customers in enhancing their intelligent driving capabilities. Currently, Chengtai Technology has developed a matrix of multiple generations of millimeter-wave radar products to meet different intelligent driving requirements from L0 to L2+. These products are widely used in intelligent driving for passenger cars and commercial vehicles. As of the latest feasible date, the company has launched seven main radar models, mainly categorized into forward radar and rear and side radar (also known as angle radar). According to data from Zhishi Consultancy, among the company's millimeter-wave radar products, the 5th generation 4D radar and the 5.5th generation 4D high-resolution radar products have become one of the most competitive millimeter-wave radar products in the industry. The company has independent research and development capabilities for millimeter-wave radar applications and specially developed software and hardware technologies. As of the latest feasible date, Chengtai Technology has attracted more than 20 automotive industry customers, including several leading OEMs in China. The company's 5.5th generation 4D high-resolution forward radar and angle radar products were adopted by Customer A and another major Chinese OEM in 2024 for integration into their advanced intelligent driving systems. Since 2025, the 5.5th generation 4D high-resolution forward radar products have also been integrated into the intelligent driving system of a leading OEM in Hangzhou. In addition, the company has initiated discussions with several leading European automotive brands. The company also emphasizes delivery performance. According to data from Zhishi Consultancy, on average, the delivery cycle of customized software manufactured by Chengtai Technology based on customer specifications ranges from six to nine months from signing the agreement to delivering the product, far shorter than the industry average of 12 to 24 months. Leveraging a platform-based technological foundation and an agile and efficient organizational collaboration mechanism, the company can even deliver projects within a month for certain customers with existing product designs and collaborations. Financially, the company has achieved rapid revenue growth during the reporting period, with revenues of RMB 57.65 million, RMB 157 million, RMB 348 million, and RMB 539 million in the fiscal years 2022, 2023, 2024, and for the six months ended June 30, 2025, respectively; during the same periods, gross profits of RMB 16.541 million, RMB 48.488 million, RMB 118 million, and RMB 74.512 million were recorded, respectively.