The Zhitong Finance App learned that according to the Hong Kong Stock Exchange disclosure on May 29, Beijing SiMu Technology Co., Ltd. (hereinafter: SiMu Technology) submitted the Hong Kong Stock Exchange main board, and Guangyin International is its sole sponsor. This is the third time that the company has submitted a Main Board listing application to the Hong Kong Stock Exchange. It previously submitted forms on October 31, 2023 and December 30, 2022.

According to the prospectus, Saimu Technology is a Chinese technology company focusing on innovation in simulation technology. It is mainly engaged in the design and development of ICV simulation testing products and provides related testing, verification and evaluation solutions. ICV means equipped with advanced on-board sensors, controllers, brakes and other devices, integrating advanced communication and network technology.

According to Frost & Sullivan, in terms of revenue in 2023, Saimu Technology is the largest market participant in China's ICV testing, verification and evaluation solutions industry, with a market share of about 5.3%. In terms of revenue in 2023, it is the largest market participant in China's ICV simulation testing software and platform market, with a market share of about 5.9%. The company is also one of several market players in China that can provide one-stop ICV testing, verification and evaluation solutions.

Through innovation, Saimu Technology has developed technical capabilities for ICV testing, verification and evaluation. In 2018, the company independently developed and commercialized SimPro, an ICV simulation testing, verification and evaluation tool chain. In June 2021, SimPro passed ASILD functional safety certification under the international standard ISO26262. According to Frost & Sullivan data, this makes it the world's first ICV simulation testing, verification and evaluation tool chain to obtain the highest level of functional safety certification. In 2021, the company also independently developed FUSA and SOTIF analysis tools SafetyPro for ICV. According to Frost & Sullivan data, this makes it one of the simulation solution providers in China that can combine self-developed safety analysis tools and simulation testing tools. SafetyPro obtained ISO26262tcl2 certification in July 2023.

In recognition of the innovative ability of competition technology, Chinese government departments have awarded a number of awards and certifications, including key software companies, Beijing's “Little Giant” enterprises, specialized and innovative “Little Giant” enterprises (issued by the Ministry of Industry and Information Technology), and state-level high-tech enterprises in Zhongguancun.

According to Frost & Sullivan, driven by the continuous development of intelligent driving technology and the increasing acceptance of smart cars in China, the market size (in terms of revenue) of China's ICV testing, verification and evaluation solutions industry has also grown steadily, from about RMB 1.2 billion in 2019 to around RMB 3.3 billion in 2023, with a compound annual growth rate of about 27.8%, and is expected to further increase to about RMB 27.9 billion by 2030, with a compound annual growth rate of about 33.6%.

Furthermore, in terms of revenue, the market share of ICV simulation testing software and platforms in China's ICV testing, verification and evaluation solutions market is expected to remain above 50% in 2023, and further increase to close to 60% in 2030.

On the financial side, from 2021 to 2023, Saimu Technology achieved revenue of approximately RMB 107 million, RMB 145 million, and RMB 176 million respectively; total profit and overall revenue for the same period were approximately RMB 375.71 million, RMB 486.86 million, and RMB 53.431 million respectively.