New Stock News | Tiangong Vision Second Delisting of Hong Kong Stock Exchange Mainly Provides L2-L2+ and L4 Level Driving Solutions.

According to the disclosure by the Hong Kong Stock Exchange on May 28, Suzhou Pertan TechVision Electronic Technology Co., Ltd. (referred to as TechVision) submitted its listing application to the main board of the Hong Kong Stock Exchange, with HSBC and Huatai International as its joint sponsors. The company had previously submitted documents to the Hong Kong Stock Exchange on October 31, 2025. Company Overview The prospectus indicates that TechVision is a software-focused provider of L2-L2+ and L4 level driving solutions, with commercial performance in various automation levels. The company's product portfolio includes pure software solutions as well as integrated software and hardware solutions, primarily providing software solutions for mass production of passenger vehicles and not engaging in car manufacturing business. In the field of L2-L2+ level solutions, the company provides driving and parking solutions, as well as intelligent cockpit solutions with active safety features such as Driver Monitoring System ("DMS"). It has received invitations for 198 models from 23 car brands and achieved mass production of 105 models from six car brands. Additionally, out of the 198 models with invitations, 87 models cover overseas markets, with 59 models already in mass production. According to information from Zhishi Consulting, the company is the first Chinese provider to deliver L2-L2+ level solutions in overseas markets. By installed capacity in 2024, the company is the second largest software-focused provider of L2-L2+ solutions in China that simultaneously provides driving and parking solutions. Furthermore, the company is also a leading provider of L4 level solutions in China, delivering safe and reliable L4 solutions to assist fleet operators in accelerating commercialization across various application scenarios. In 2025, the company generated 68.4% of its revenue from L4 solutions, with most of the revenue coming from L4 software solutions. As of now, the company has secured intention orders for L4 solutions, covering over 2,500 Robobuses, Robotaxis, and Robotrucks, with a total contract value exceeding RMB 1 billion. The deliveries are expected to be completed within the next 3 to 5 years, demonstrating its capability to commercialize large-scale L4 solutions. The company's main customers include leading vehicle manufacturers (vehicles equipped with the company's L2-L2+ and L4 level driving solutions), Tier 1 automotive suppliers (direct suppliers to vehicle manufacturers), and fleet operators. In each of the historical years leading up to December 31, 2023, 2024, and 2025, revenue from the top five customers accounted for 91.4%, 44.6%, and 35.3% of the total revenue, respectively. Financial Information Revenue For the years 2023, 2024, and 2025, the company achieved revenues of approximately RMB 204 million, 483 million, and 548 million, respectively. Yearly Loss For the years 2023, 2024, and 2025, the company experienced losses of approximately RMB 231 million, 463 million, and 208 million, respectively. Gross Profit Margin For the years 2023, 2024, and 2025, the company's gross profit margins were approximately 35.3%, 30%, and 31.4%, respectively. Industry Overview Global new passenger car sales are expected to continue to rise from 55.7 million units in 2022 to 64.8 million units in 2025, and further increase to 80.9 million units by 2030. At the same time, a more comprehensive regulatory framework for L2-L2+ systems is expected to promote safer and more standardized development, build consumer confidence, and support the long-term commercialization of automotive automation solutions. In 2024, the penetration rate of intelligent cars with L1-L4 functions reached 61.2% globally and 70.0% in China. It is expected to increase to 88.0% and 99.4% respectively by 2030. Correspondingly, global and Chinese shipments of L1-L4 intelligent cars are projected to grow from 38.5 million units and 16 million units in 2024 to 71.2 million units and 30.1 million units in 2030, with compound annual growth rates between 2025 and 2030 projected to be 9.4% and 8.1%, respectively. The usage rate of advanced driver assistance systems in China is expected to increase from 44.8% in 2022 to 57.1% in 2024, indicating rapid growth in the utilization of advanced driver assistance systems, as the market continues to transition towards higher levels of automated driving. The global penetration rate of L2-L2+ systems is expected to increase from 41.0% in 2024 to 74.6% in 2030, with sales rising from 25.8 million units to 60.3 million units. The compound annual growth rate between 2025 and 2030 is projected to be 12.4%. China's L2-L2+ penetration rate is forecasted to rise from 61.7% in 2024 to 91.3% in 2030, with sales increasing from 14.1 million units to 27.7 million units. The compound annual growth rate between 2025 and 2030 is projected to be 7.7%. The global market size for automotive automation solutions is expected to increase from RMB 80.5 billion in 2024 to RMB 279.5 billion in 2030, with a compound annual growth rate of 14.5% between 2025 and 2030. Similarly, the market size for automotive automation solutions in China is expected to grow from RMB 31 billion in 2024 to RMB 106.6 billion in 2030, with a compound annual growth rate of 15.5% between 2025 and 2030. As hardware technologies mature, the core of unlocking hardware potential lies in the continuous optimization of software. Consequently, the value of software is increasingly recognized, driving steady growth in its deployment. The market size of mass-produced automotive automation software solutions globally and in China is projected to increase from RMB 23.1 billion and RMB 9.1 billion in 2024 to RMB 81.1 billion and RMB 31.5 billion in 2030, with compound annual growth rates between 2025 and 2030 of 17.1% and 18.9%, respectively. Since L2-L2+ levels currently represent the highest level of automated driving available in mass-produced passenger vehicles, in 2024, the company was the second-largest provider of L2-L2+ solutions in China that simultaneously offered driving and parking capabilities, with software as the core. It was also the first Chinese provider to deliver L2-L2+ solutions in overseas markets. In the broader market of L2-L2+ solutions in 2024, the company ranked fourth among Chinese L2-L2+ software solution providers, capturing a 13.1% market share by installed capacity and an 8.0% market share by revenue. Board of Directors Information The company's board of directors consists of 9 members, including 4 executive directors, 2 non-executive directors, and 3 independent non-executive directors. Ownership Structure As of May 18, 2026, the company's controlling shareholders include Mr. Wang, Qingyuan TechVision, Ningbo TechVision, and WX Technology. Mr. Wang owns approximately 27.86% of the company's shares directly; indirectly, through the employee shareholding platform Qingyuan TechVision (of which Mr. Wang owns 99% equity of Ningbo TechVision), he holds approximately 8.62% of the shares; and through the employee shareholding platform WX Technology (with Mr. Wang controlling the management decisions of WX Technology), he holds approximately 4.36% of the shares, giving him a total equity of approximately 40.83% in the share capital. Intermediary Team Joint Sponsors: HSBC Corporate Finance (Hong Kong) Limited, Huatai Financial Holdings (Hong Kong) Limited Company Legal Advisers: Regarding Hong Kong and US laws: King & Wood Mallesons; Regarding Chinese law: Jingtian & Gongcheng Law Firm; Regarding Chinese cybersecurity and data protection laws: Jingtian & Gongcheng Law Firm; Regarding international regulatory matters: DLA Piper Singapore Pte. Ltd. Legal Advisers of Joint Sponsors: Regarding Hong Kong and US laws: Kirkland & Ellis; Regarding Chinese law: Grandall Law Firm (Shanghai) Reporting Accountants and Auditors: Deloitte Touche Tohmatsu Certified Public Accountants LLP Industry Consultants: Zhishi Enterprise Management Consulting (Shanghai) Co., Ltd. Compliance Adviser: Guotai Junan Financing Limited Company