New stock news | Huizhou Desay SV Automotive submits application to Hong Kong Stock Exchange. It has constructed a platform-based product and service system covering smart cockpits and smart driving.

According to the disclosure on April 12 by the Hong Kong Stock Exchange, Huizhou Desay SV Automotive Co., Ltd. (referred to as Huizhou Desay SV Automotive, 002920.SZ) has submitted an application to the Hong Kong Stock Exchange's main board for listing, with Morgan Stanley and Huatai International as joint sponsors. Company Overview The prospectus shows that Huizhou Desay SV Automotive is a leading global mobile intelligent technology platform company dedicated to advancing smart mobility and a wider range of intelligent applications. In the field of intelligent automobiles, the company has built a platform-based product and service system covering intelligent cabins and intelligent driving. The company's products and services are already being used by over 80 global OEMs and cover major automotive markets. The company has business cooperation with nine of the top ten OEMs by global sales volume by 2025, as well as the top fifteen OEMs by sales volume in China. The company aims to further expand its core technology and platform capabilities validated in the intelligent automotive industry into a wider range of intelligent applications, including unmanned delivery vehicles and intelligent Siasun Robot&Automation. The company focuses on intelligent cabins and intelligent driving, continuously developing systematic intelligent hardware and leading software algorithms to provide global customers with safe, comfortable, and efficient smart mobility solutions and services. Additionally, leveraging systemic technology platforms and engineering experience, the company is expanding its capabilities to create a platform for a wider range of intelligent applications. The company continues to expand its global customer layout. By 2025 sales volume, nine of the top ten global OEMs have adopted the company's products and services. Following a localization strategy, the company is promoting R&D, manufacturing, and supply chain localization in major automotive markets worldwide. The company has established R&D centers in China, Singapore, Japan, Germany, among other locations, forming a research and manufacturing network covering Asia, Europe, and other major markets to serve local OEMs. Financial Information Revenue The company recorded revenue of approximately RMB 21.908 billion, RMB 27.618 billion, and RMB 32.557 billion in 2023, 2024, and 2025 respectively. Net Profit The company recorded net profits of approximately RMB 1.542 billion, RMB 2.018 billion, and RMB 2.473 billion in 2023, 2024, and 2025 respectively. Gross Profit The company recorded gross profits of approximately RMB 4.376 billion, RMB 5.490 billion, and RMB 6.208 billion in 2023, 2024, and 2025 respectively. Industry Overview Driven by the continuous deepening of global automotive intelligence and electrification trends and OEMs accelerating the standardization of intelligent cabins, the global market for intelligent cabin solutions continues to grow rapidly. The global market for intelligent cabin solutions is estimated to increase from RMB 185.8 billion in 2021 to RMB 370.5 billion in 2025, with a compound annual growth rate of 18.8%. It is projected that the global market for intelligent cabin solutions will further increase to RMB 935 billion by 2030, with a compound annual growth rate of 20.3% from 2025 to 2030. The continued expansion of the global market for intelligent cabin solutions is primarily driven by consumers' rapidly upgrading demands for intelligent interactive experiences in the cabin, OEMs' strategic investment in intelligent cabins as a core branding leverage, and the decreasing cost of high-performance cabin system-level chips ("SoCs") accelerating the penetration rate of domain controllers. In terms of regional structure, China is the largest and fastest-growing market for intelligent cabin solutions globally, accounting for approximately 41.5% of the total market size in 2025. The Asia-Pacific region (excluding China), Europe, and North America also continue to grow steadily, benefiting from increased investment in the upgrading of intelligence and electrification by OEMs in Japan and South Korea, intensified competition in cabin experience among European luxury car brands, and the continued increase in demand driven by the rising penetration rate of electric vehicles in the North American market. The global market for intelligent driving solutions is expected to increase from RMB 126.6 billion in 2021 to RMB 458.3 billion in 2025, and is projected to reach RMB 1,197 billion in 2030. China maintains a leading position, with the market size increasing from RMB 43.3 billion in 2021 to RMB 190.4 billion in 2025, and is expected to reach RMB 509.6 billion in 2030, expanding more than ten times in a decade, serving as the core engine driving market growth globally. Board of Directors and Executive Management Information The company's board of directors consists of nine members, including two executive directors, four non-executive directors, and three independent non-executive directors. Directors serve a three-year term and may be re-elected upon term expiration. Ownership Structure As of the last practicable date, the company is held by Desay Group with approximately 25.33% and directly by Mr. Jiang Jie with 0.03%. Desay Group is wholly owned by Deheng Industrial. Deheng Industrial is held by (including) Deheng Qin, Deheng Cheng, Deheng Xue, Deheng Yong, and Deheng He, holding approximately 65.09%, 14.74%, 7.84%, 5.22%, and 2.00% respectively. The general partners of Deheng Qin, Deheng Cheng, Deheng Xue, Deheng Yong, and Deheng He are Deheng Hui, which is owned by Mr. Jiang Jie with 54.10%. Additionally, Mr. Jiang Jie is a limited partner of Deheng Qin, holding approximately 32.33% of the partnership interest. Following this compilation, Desay Group, Deheng Industrial, Deheng Qin, Deheng Cheng, Deheng Xue, Deheng Yong, Deheng He, Deheng Hui, and Mr. Jiang Jie together will constitute a single largest shareholder group. Advisory Team Joint Sponsors: Morgan Stanley Asia Limited, Huatai Financial Holdings (Hong Kong) Limited Company Legal Advisors: For Hong Kong and US law: Freshfields Bruckhaus Deringer LLP; for Chinese law: Jia Yuan Law Firm; for export control and sanction laws: King & Wood Mallesons Audit and Reporting Accountants: Ernst & Young LLP Industry Advisor: Frost & Sullivan Consulting (Beijing) Co., Ltd. Shanghai Branch