New stock news | Streamax Technology (002970.SZ) will submit a secondary listing application to the Hong Kong Stock Exchange, as a leading global provider of in-vehicle video equipment.

According to the disclosure by the Hong Kong Stock Exchange on April 2, Streamax Technology Co., Ltd. (Streamax Technology) from Shenzhen (002970.SZ) has submitted its listing application to the Hong Kong Stock Exchange Main Board, with CICC as its exclusive sponsor. This is the company's second time submitting an application to the Hong Kong Stock Exchange, having previously submitted an application on September 29, 2025. Company Overview The prospectus shows that Streamax Technology is a leading global commercial vehicle AI solutions provider. The company focuses on providing two core values: enhancing safety and optimizing operational efficiency. The company's solutions and products mainly include AI solutions and video devices. The company's AI solutions use vision-based AI technology for perception, analysis, and decision-making to enhance driving safety and fleet operational efficiency. The company's video devices capture, record, and transmit driving information through cameras and other integrated devices. The company's solutions and products are used in (i) logistics vehicles, mainly trucks; (ii) public transportation vehicles, including school buses, public buses, and taxis; and (iii) special vehicles, including mining vehicles, construction vehicles, forklifts, and sanitation vehicles, among others. According to Frost & Sullivan data, Streamax Technology is a leading company in the global commercial vehicle visual AI solutions field. Based on 2025 revenue, it ranks fourth globally in the overall commercial vehicle visual AI solutions market with a market share of 7.2%; it ranks third globally in the logistics scenario with a market share of 7.0%; and it ranks second globally in the public transportation scenario with a market share of 10.3%. Additionally, the company is the world's number one provider of onboard video equipment with a market share of 5.5%. The company's business footprint covers over 100 countries and regions, with overseas market revenue accounting for 61.6%. It has sold approximately 5 million sets of AI solutions to date, benefiting over 750,000 commercial vehicles through the company's AI large-scale model systems. Streamax Technology operates two production bases in Guangdong, China, and Vietnam, dedicated to manufacturing AI solutions and video equipment. The company's Chinese base started production in 2021 with a total floor area of approximately 25,000 square meters. The Vietnamese base commenced production in 2023, with the first phase covering an area of approximately 8,400 square meters and the second phase (to be produced) covering an area of around 17,000 square meters. Financial Information Revenue In the fiscal years 2023, 2024, and 2025, the company achieved revenues of approximately RMB 1.505 billion, RMB 1.998 billion, and RMB 2.477 billion, respectively. Profit In the fiscal years 2023, 2024, and 2025, the company reported annual profits of approximately RMB 98.224 million, RMB 294 million, and RMB 389 million, respectively. Gross Profit Margin In the fiscal years 2023, 2024, and 2025, the company recorded gross profit margins of 43.6%, 46.0%, and 44.2%, respectively. Industry Overview In recent years, the commercial vehicle visual AI solutions market has shown significant growth at a compound annual growth rate of 20.6% from 2020 to 2025, with compound annual growth rates of 20.9% for logistics vehicles, 18.9% for public transportation vehicles, and 23.4% for special vehicles. By 2025, the market size for commercial vehicle visual AI solutions reached RMB 30.4 billion, with market sizes of RMB 15.5 billion for logistics vehicles, RMB 9.9 billion for public transportation vehicles, and RMB 5.1 billion for special vehicles. In the foreseeable future, with the continuous advancement of AI technology and its accelerated application in the commercial vehicle sector, the market is expected to continue growing, with an estimated compound annual growth rate of 24.7% from 2026 to 2030, including compound annual growth rates of 25.7% for logistics vehicles, 22.4% for public transportation vehicles, and 25.1% for special vehicles. According to Frost & Sullivan, the global commercial vehicle visual AI solutions market reached RMB 30.4 billion in 2025, with the top five players collectively holding 45.6% of the market share. In 2025, the market size for logistics vehicle visual AI solutions globally was RMB 15.5 billion, with the top five players holding a market share of 62.9%. Based on 2025 revenue, the company's market share is 7.0%, ranking third. Board of Directors Information The board of directors will consist of eight members, including four executive directors and four independent non-executive directors. Ownership Structure Underwriters Exclusive Sponsor: China International Capital Corporation Hong Kong Securities Limited Company Legal Advisors: Regarding Hong Kong and US law: Winston & Strawn LLP (Hong Kong) LLP; Regarding Chinese law: King & Wood Mallesons; Regarding Chinese data compliance law: Grandall Law Firm Exclusive Sponsor Legal Advisors: Regarding Hong Kong law: Johnson Stokes & Master LLP; Regarding Chinese law: Beijing Co-Effort Law Firm Auditor: KPMG Certified Public Accountants Industry Consultant: Frost & Sullivan Consulting (Beijing) Co., Ltd. Shanghai Branch Compliance Advisor: Red Sun Capital Limited