Our industry consultant, Frost & Sullivan, confirms and our Directors are of the view that we fall within an acceptable sector of a Specialist Technology Industry, namely, Artificial Intelligence under Nextgeneration Information Technology as defined under Chapter 18C of the Listing Rules.
Summary · p. 7
Based on the following analysis and the view of the Directors and Frost & Sullivan, the Sole Sponsor is of the view that the models and agents offered by the Group as described in this prospectus fall within an acceptable sector of a Specialist Technology Industry, namely, Artificial Intelligence under Next Generation Information Technology as defined under Chapter 18C of the Listing Rules.
Summary · p. 8
Specifically, we plan to invest around 70.0% of our net proceeds from the Global Offering to strengthen our research and development capabilities in general purpose large AI model.
Our industry consultant, Frost & Sullivan, confirms and our Directors are of the view that based on the information above, each of our products and solutions falls within one or more acceptable sectors of a Specialist Technology Industry as defined under Chapter 18C of the Listing Rules. Accordingly, our Directors confirm that all of our revenue were generated from Specialist Technology Products as defined under Chapter 18C of the Listing Rules.
During the Track Record Period, we engaged in the offering of autonomous driving solutions in closed environments, V2X products and solutions and intelligent perception solutions, all of which are designated Specialist Technology Products as defined under Chapter 18C of the Listing Rules.
Summary · p. 27
Our total research and development expenses during the Track Record Period amounted to RMB545.4 million.
Financial Information · p. 379
As of June 30, 2025, our research and development team consisted of 249 members, representing 54.1% of total employees as of the same date.
All of these are Specialist Technology Products as defined under Chapter 18C of the Listing Rules.
Business · p. 385
We are the second largest company globally for L4 and above autonomous driving on city roads in terms of revenue in 2024, representing 21.8% market share, according to CIC.
Business · p. 385
We expect these development activities would start to generate meaningful future economic benefit between 2026 and 2028.
We have met the revenue requirement of HK$250 million to qualify as a commercial company in 2024 as set out in Rule 18C.03(4) of the Listing Rules.
Summary · p. 25
Our industry consultant, Frost & Sullivan, confirms, and our Directors are of the view, that each of our solutions falls within an acceptable sector of a Specialist Technology Industry, namely Artificial Intelligence under Next-generation Information Technology as defined under Chapter 18C of the Listing Rules.
Our industry consultant, Frost & Sullivan, confirms each of the products and services, except for the limited sales of merchandise through smart vending machines to individual customers, fall within the Robotics and Automation sector and Artificial Intelligence sector of a Specialist Technology Industry as defined under Chapter 18C of the Listing Rules.
Business · p. 267
During the Track Record Period, our research and development expenses were RMB67.8 million, RMB69.4 million, RMB57.4 million, RMB23.4 million and RMB24.9 million for the years ended December 31, 2022, 2023 and 2024 and the five months ended May 31, 2024 and 2025, respectively, representing 42.0%, 47.8%, 23.4%, 31.5% and 28.2% of our total revenue for the same periods, respectively.
Although we generated meaningful revenue during the Track Record Period, we are a Pre-Commercial Company as defined under Chapter 18C of the Listing Rules.
Summary · p. 4
Taking into account our Existing Contracts and other contracts we expect to enter into in 2024, we believe that our revenue in 2024 (“2024 Revenue”) is expected to be largely similar to the revenue threshold of a Commercial Company, and we expect that our revenue in 2025 would achieve such revenue threshold, assuming that there will be at least a low level of growth in our revenue in 2025.
Summary · p. 35
Based on our development strategies, commercialization plans and the above analysis, we anticipate that we will be able to qualify as a Commercial Company by 2025.