MINIEYE (02431) plans to allocate 6.8 million shares to be used for the expansion of mid- to high-level assisted driving and the implementation of L4 technology.

On July 3, 2025, China's leading intelligent driving and intelligent cockpit solution provider, MINIEYE (02431), announced that it plans to issue 6.8 million shares at a price of HK$23.26 per share, raising approximately HK$158 million. The offer price represents a discount of approximately 14.80% compared to the previous day's closing price of HK$27.30, and the shares offered represent approximately 1.67% of the enlarged issued share capital. According to the announcement, assuming all the shares offered are allocated to the placees, the net proceeds from the offering (after deduction of commissions and estimated expenses) are expected to total approximately HK$155 million. Of this, 40% will be used to enhance the functionality of the intelligent driving solutions and meet the scalability needs of mid-to-high-end assisted driving projects; 30% will be used for upgrading the technology of Level 4 autonomous driving solutions to support the commercial implementation of passenger and freight autonomous driving scenarios; 20% will be used to explore potential strategic partnerships, alliances, and acquisition opportunities; and 10% will be used for operational funds. MINIEYE stated that since 2025, driven by the smart driving platform strategy of automakers, the demand for mid-to-high-end assisted driving has grown rapidly, resulting in a significant increase in the projects undertaken by the company. This financing will ensure the timely delivery of the company's new projects, support the business scale expansion of mid-to-high-end assisted driving, and strengthen investment in the research and development of L4 autonomous driving technology and commercial implementation. It is understood that in the first half of this year, MINIEYE's two core businesses, intelligent driving and intelligent cockpit, have secured multiple designated projects, with customers including Chongqing Changan Automobile, SAIC Maxus, joint venture brands and luxury brands under globally renowned automakers. Recently, it has also received repeat orders from an old customer, providing an iPilot 4 integrated assistance driving controller for a medium-large luxury off-road vehicle. Meanwhile, its L4 business has made remarkable progress, with unmanned minibuses not only completing their first delivery in Suzhou, but also securing a designated project from China Telecom Corporation, fast-tracking its commercial development in L4. MINIEYE's impressive business performance has garnered recognition from the industry and customers, as well as from cornerstone investors. Last week on June 27th, MINIEYE entered its first unlock period after listing, with cornerstone investor Kang Cheng Hang International committing to "zero reduction within 3 months and not exceeding 10% reduction within 9 months," releasing long-term confidence. MINIEYE's stock price has also remained stable after the unlock period. Moreover, CICC Leasing, EB Securities, and Guotai Junan International have all released research reports, giving MINIEYE ratings of "outperform the market," "hold," and "buy," respectively. CICC Leasing mentioned in their report that MINIEYE, with its large customer base and rich product line, is expected to achieve rapid growth, with a projected total revenue compound annual growth rate of 49% for the fiscal years 2024-2027, and a target price of HK$32.00.