Youon Innovation's Hong Kong IPO is approved by the CSRC
1min read Following the successful IPOs of Horizon and Weifu Intelligent, another smart driving company's IPO has made new progress.
On October 29, the China Securities Regulatory Commission (CSRC) announced the approval of Yujia Innovation's overseas listing, which plans to issue no more than 138 million shares of ordinary shares in Hong Kong Stock Exchange.
The CSRC stated that within 15 working days after the completion of the overseas listing, the company shall report the listing situation through the China Securities Regulatory Commission's filing management information system. If the company fails to complete the overseas listing within 12 months from the date of issuance of this filing notice and intends to continue to push forward, it shall update the filing materials.
Yujia Innovation was established in 2014 and is a leading supplier of intelligent driving and cabin solutions in China, dedicated to achieving the mass production of L0-L4 autonomous driving technologies through its full-stack self-developed software and hardware integration technologies. Its solutions include navigation, parking, and cabin functions. According to the prospectus, as of the last practicable date, Yujia Innovation has entered into mass production cooperation with 29 car manufacturers, including seven of the top ten domestic car manufacturers in terms of sales.
With the coordinated development of smart driving, smart cabin, and V2X, Yujia Innovation's operations have been continuously improving, and its revenue has shown a rapid growth trend. According to the prospectus, its revenue in 2021-2023 was RMB175 million, RMB279 million, and RMB476 million, respectively, with a year-on-year growth rate of 59.5% and 70.4% in 2022 and 2023, respectively, and a revenue compound annual growth rate of 64.9% from 2021 to 2023.
