IPO News | Yundong Intelligent Resubmits Application to Hong Kong Stock Exchange as a Domestic Supplier of In-Vehicle Intelligent Connectivity Solutions

According to a disclosure by the Hong Kong Stock Exchange on August 4, Hangzhou Yundong Intelligent Automotive Technology Co., Ltd. (hereinafter referred to as Yundong Intelligent) has submitted a listing application to the main board of the Hong Kong Stock Exchange, with CICC as the exclusive sponsor. The company had previously submitted its application to the Hong Kong Stock Exchange on January 19, 2026. Company Profile The prospectus indicates that, according to a Frost & Sullivan report, Yundong Intelligent is a leading domestic supplier in the smart connected vehicle solution industry in China. Smart connected vehicles (referred to as smart connected vehicles) are vehicles equipped with technologies that enable communication between the vehicle, its internal systems, and external networks, thereby supporting connected, safer, and smarter vehicle functions. The company provides customized solutions to OEM clients in China, covering primarily vehicle communication, emergency call, and sensing & domain control functions. The company primarily serves Chinese automotive OEMs, covering the midstream segment of the value chain in the vehicle-mounted intelligent connectivity solution space. In the upstream segment, the company procures chips, PCBs, communication modules, and other automotive-grade components from suppliers and authorized agents. In the midstream segment, the company develops, manufactures, and commercializes vehicle communication solutions, emergency call solutions, and sensing & domain control solutions. In the downstream segment, the company sells products directly to OEM clients to integrate them into specific vehicle models. The company's role in this value chain is to transform the specific technical and functional requirements of the OEMs into customized automotive-grade products and solutions that can be validated, achieve mass production, and be delivered according to vehicle projects. The company provides integrated vehicle-mounted intelligent connectivity solutions for smart connected vehicles. It integrates automotive-grade hardware, embedded software, and connectivity capabilities into solutions that can be directly applied to vehicles, aiming to adapt to different OEMs and vehicle models' architectures, functions, and compliance requirements. The company's solutions are mainly divided into three categories: vehicle communication solutions, emergency call solutions, and sensing & domain control solutions. The company's vehicle communication solutions handle the external communication and networking needs of vehicles. They enable vehicles to exchange information with cloud platforms and other external networks, supporting connected services and remote vehicle management, allowing vehicles to continuously improve through software updates and ongoing data exchanges after delivery. In a typical smart connected vehicle, these solutions also facilitate interaction with other vehicle domains by supporting the exchange of information for connected cockpit services, various intelligent driving scenarios (such as Siasun Robot & Automation taxi), and remote vehicle status detection, monitoring, and control functions. Driven by the industry trend towards higher capacity, reliability, and low-latency communication, the company continues to optimize its solutions and technologies to support intelligent vehicle communication infrastructure, vehicle-cloud collaboration, operational data processing, and regulatory compliance requirements. The company's emergency call solutions are safety-focused automotive solutions designed to enable emergency communication in the event of a serious accident, supporting OEMs in compliance with applicable regulations and market access requirements in the relevant jurisdictions. Depending on the architecture of specific automotive projects, the relevant functionalities can be integrated with broader connectivity solutions or deployed in a more specialized form, but in either case, the aim is to provide reliable automotive emergency communication under demanding operational conditions. The company's sensing & domain control solutions address the coordination aspects within the vehicle. They support the routing, coordination, and secure exchange of information within typical smart connected vehicles, becoming increasingly important as vehicle architectures evolve towards greater centralization, domain control, and area enhancement, further enhanced into a comprehensive perception-decision-control intelligent system through multi-anchor layouts and multi-sensors. They also support secure access and digital key functionalities, helping OEMs enhance vehicle communication efficiency, system coordination, and vehicle-level safety. The revenue breakdown by solution is as follows: In the Chinese market, the company is the fourth largest domestic supplier of vehicle communication solutions (market share: 4.9%). According to the Frost & Sullivan report, as of the year ending December 31, 2025, based on the shipment volume of 4G vehicle communication solutions' 4GT-Box, the company ranks third among all domestic suppliers and fourth among all suppliers (market share: 5.2%). The companys competitive advantages extend to the emergency call solutions sector, where it has become the second largest domestic supplier based on the shipment volume of emergency call terminals during the year ending December 31, 2025 (market share: 2.6%). Moreover, leveraging its overall advantages in the vehicle communication solutions space, the company has accelerated the development of 5G vehicle communication solutions, achieving approximately 54,600 units in shipments for the year ending December 31, 2025. According to the Frost & Sullivan report, the company has established itself as one of the largest domestic suppliers of vehicle communication solutions, characterized by communication modules equipped with domestically produced chips. Financial Information Revenue: For the fiscal years 2023, 2024, 2025, and the five months ending May 31, 2026, the companys revenues were approximately RMB 206 million, RMB 398 million, RMB 449 million, RMB 131 million, and RMB 179 million, respectively. Net Profit: For the fiscal years 2023, 2024, 2025, and the five months ending May 31, 2026, the net profit was RMB 10.935 million, RMB 40.145 million, RMB 39.574 million, RMB -634,000, and RMB 4.384 million, respectively. Gross Margin: For the fiscal years 2023, 2024, 2025, and the five months ending May 31, 2026, the gross margins were 23.5%, 27.4%, 26.3%, 21.1%, and 23.6%, respectively. Industry Overview Vehicle-mounted intelligent connectivity solutions typically consist of hardware, software, and services. The hardware layer predominantly includes communication modules, vehicle-mounted networking control units, and other hardware devices, while the software layer encompasses vehicle networking platforms and other related services. As the production of smart connected vehicles continues to grow, the market sizes for global and Chinese vehicle-mounted intelligent connectivity solutions are expanding, expected to grow from RMB 757.2 billion and RMB 169.3 billion in 2025 to RMB 1,509.7 billion and RMB 553.0 billion in 2030. From 2021 to 2025, the shipment volume of emergency call systems globally and in China is on the rise, reaching approximately 51.67 million units and 9.01 million units respectively by 2025. During the forecast period, driven by upcoming mandatory installation policies, the growth rate of China's emergency call system shipment volume is expected to surpass the global average. The revenues of the global and Chinese emergency call solutions market continue to grow along with the increase in shipment volume. Despite expected declines in the unit price of emergency call solutions due to large-scale production, intensifying market competition, and increased technological maturity during the forecast period, the overall market revenue will continue to grow driven by the rising penetration rates spurred by mandatory regulations and the rapid expansion of smart connected vehicle shipments. By 2030, global emergency call solutions market revenue is projected to reach RMB 49.7 billion, with the Chinese market reaching RMB 15.7 billion. In 2025, based on the shipment volumes of vehicle-mounted networking control units, the top five manufacturers in the vehicle communication solutions market account for 35.7% of the total market share. The company ranks fifth among all suppliers and fourth among domestic suppliers, with a shipment volume of 898,000 units, which constitutes a market share of 4.9%. In 2025, based on the revenue generated from T-Boxes in the vehicle communication solutions market, the top three market participants are Company B, Company C, and Company A, with revenues of RMB 1.1 billion, RMB 1.0 billion, and RMB 600 million, respectively. In 2025, based on the shipment volume of 4G T-Boxes, the top five manufacturers in the vehicle communication solutions market represent 32.5% of the total market share. The company ranks fourth among all suppliers and third among domestic suppliers, with a shipment volume of 843,400 units, capturing 5.2% of the entire market. In 2025, based on the revenue from 4G T-Boxes in the vehicle communication solutions market, the top three players are Company A, Company B, and Company C, with revenues of RMB 500 million, RMB 300 million, and RMB 300 million respectively. In 2025, in terms of shipment volume for 5G T-Boxes, the top five participants cumulatively hold 71.5% of the total market share. In 2025, based on the shipment volumes of emergency call systems, the top five manufacturers in the emergency call solutions market account for 20.0% of the market share. The company ranks second among all domestic emergency call suppliers, with a shipment volume of 238,000 units, representing 2.6% of the total market share. In 2025, based on revenue from the emergency call solutions market, the top three participants are Company D, Company E, and this company, with revenues of RMB 600 million, RMB 200 million, and RMB 100 million respectively. Board Information The companys board of directors will consist of six members, including three executive directors and three independent non-executive directors. Shareholding Structure Mr. Li, Hangzhou Yunhui, and Hangzhou Lizhi, as of the last practicable date, collectively hold approximately 48.14% of our total issued share capital and are regarded as the controlling shareholder group, given that (i) Hangzhou Yunhui serves as the employee shareholding platform, with Mr. Li and Mr. Lu Chaohong acting as its general partners, and Mr. Li as its sole executive managing partner. As of the last practicable date, (i) the remaining 71.00% partnership interests of Hangzhou Yunhui are held by Mr. Lu Chaohong (holding approximately 19.00% interest) and 30 limited partners (including one director from the group, four senior management personnel, and 25 employees), with none of the partners of Hangzhou Yunhui holding 30% or more of the partnership interests in the partnership. Intermediary Team Sole Sponsor: China International Capital Corporation Hong Kong Securities Limited Company Legal Advisors: JunHe LLP, Beijing JunHe LLP Legal Advisors to the Sole Sponsor: Eversheds Sutherland, Haiwen & Partners Independent Auditor and Reporting Accountant: KPMG Industry Advisors: Frost & Sullivan (Beijing) Consulting Co., Ltd. Shanghai Branch Compliance Advisor: China Everbright Finance Limited