Shenzhen Youjia Innovation Technology Co., Ltd. MINIEYE (hereinafter referred to as “Youjiao Innovation”) began offering on December 17 and ended on the 20th, and plans to officially list on the main board of the Hong Kong Stock Exchange under the stock code “2341.HK” on December 27, 2024.

Youjiao Innovation plans to issue 39.19 million shares in this IPO (depending on whether the over-allotment rights are exercised or not). The sale price per share ranges from HK$17.00 to HK$20.20, with 200 shares per lot. The co-sponsors are CITIC Securities and CICC.

According to regulatory documents submitted by Youjia Innovation, Kang Chengheng International Investment Co., Ltd. and Horizon Together Holding Ltd. participated in the launch as cornerstone investors. Horizon Together Holding Ltd. is wholly owned by Horizon (stock code: 9660.HK).

Established in 2014, Youjiao Innovation is a supplier of intelligent driving and smart cockpit solutions in China. We are committed to gradually mass production and implementation of L0-L2+ level autonomous driving technology through full-stack self-developed software and hardware technology. At the same time, we have also been actively developing more advanced autonomous driving. Solutions include smart driving, smart cockpit, and vehicle-road collaboration.

According to reports, Youchao's innovative full-stack self-developed core algorithm covers the four major intelligent driving modules of perception, integration, mapping and positioning, and regulation, achieving full coverage of the intelligent driving algorithm stack chain. As of June 30 this year, Youjiao Innovation and 29 automakers have begun mass production of 94 models, including 7 of the top ten domestic automakers in terms of sales. As of December 10 this year, Youjiao Innovation has carried out mass production for a total of 35 automakers. Meanwhile, Yujiao Innovation is developing and testing iROBO, an L4 autonomous driving solution, and is expected to deliver it in the first quarter of 2025.

At the same time, Youjia Innovation continues to expand overseas, opening up a new growth curve. As of the first half of this year, Youjiao Innovation has achieved SOP for 21 export models from 4 automakers. These export models are sold to regions such as the European Union, Australia, the United Kingdom, and Southeast Asia. Furthermore, Youjiao Innovation recently helped an automaker's model pass the EU ADDW (Advanced Driver Distraction Warning System) certification, and is one of the first suppliers in China to help automakers obtain this certification.

Judging from financial data, Youjiao's innovative operations continued to improve, and revenue showed a rapid growth trend. From 2021 to 2023, revenue was 0.175 billion yuan, 0.279 billion yuan, and 0.476 billion yuan, respectively, with a CAGR of 64.9%. In the first half of this year, Youjiao Innovation achieved revenue of 0.237 billion yuan, an increase of 44.5% over the previous year. Meanwhile, the company's gross margin continued to rise, from 9.7% in 2021 to 14.3% in 2023. The gross margin for the first half of this year was 14.1%, compared to 8.3% for the same period in 2023.

With the three core advantages of full-stack self-developed algorithms, platformization, and software and hardware integration, Youjiao Innovation is favored by the two cornerstone investors. In the wave of smart driving companies going public, Youchao has shown huge market potential and sustainable development capabilities. In the long run of technology and capital, its development prospects are highly anticipated.