Shenzhen Youjia Innovation Technology Co., Ltd. MINIEYE (hereinafter referred to as "Youjia Innovation") began its IPO subscription on December 17 and ended on the 20th, planning to officially list on the Hong Kong Stock Exchange Main Board under the stock code "2341.HK" on December 27, 2024.

Youjia Innovation plans to issue 39.19 million shares in this IPO (depending on whether the over-allotment option is exercised). The issuing price per share is between 17.00 and 20.20 Hong Kong dollars, with a minimum lot size of 200 shares. The co-sponsors are CITIC SEC and China International Capital Corporation.

According to the regulatory documents submitted by Youjia Innovation, Kang Cheng Heng International Investment Co., Ltd. and Horizon Together Holding Ltd. are participating as cornerstone investors in this issuance. Horizon Together Holding Ltd. is wholly owned by Horizon (Stock Code: 9660.HK).

Founded in 2014, Youjia Innovation is a supplier of intelligent driving and smart cockpit solutions in China. It is dedicated to realizing the mass production of L0-L2+ level autonomous driving technology through its fully self-developed hardware and software integrated technology while actively developing more advanced autonomous driving solutions. Its offerings include intelligent driving, smart cockpit, and vehicle-road collaboration.

It is reported that Youjia Innovation's fully self-developed core algorithms cover four major intelligent driving modules: perception, fusion, mapping and positioning, and regulation and control, achieving comprehensive coverage of intelligent driving algorithm stacks. As of June 30 of this year, Youjia Innovation has engaged in mass production with 29 automakers for 94 models, including seven of the top ten automakers in terms of sales in China. As of December 10 of this year, Youjia Innovation had cumulatively achieved mass production for 35 automakers. Meanwhile, Youjia Innovation is developing and testing the L4 level autonomous driving solution iRobo, which is expected to be delivered in the first quarter of 2025.

At the same time, Youjia Innovation is continuously expanding overseas, creating new growth curves. As of the first half of this year, Youjia Innovation has achieved SOP for 21 export models for four automakers. These export models are sold to regions including the European Union, Australia, the United Kingdom, Southeast Asia, and others. In addition, Youjia Innovation recently assisted a certain automaker's model to pass the EU ADDW (Advanced Driver Distraction Warning System) certification, making it one of the first suppliers in China to help automakers obtain this certification.

From the financial data perspective, Youjia Innovation's operation has been continuously improving, with revenues showing a rapid growth trend. Revenues from 2021 to 2023 were 0.175 billion yuan, 0.279 billion yuan, and 0.476 billion yuan, respectively, with a compound annual growth rate of 64.9%. In the first half of this year, Youjia Innovation achieved revenue of 0.237 billion yuan, a year-on-year increase of 44.5%. At the same time, the company's gross margin has been continuously increasing, 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% in the same period of 2023.

With three core advantages of fully self-developed algorithms, platformization, and integration of hardware and software, Youjia Innovation has attracted the attention of two cornerstone investors. Amidst the wave of intelligent driving companies going public, Youjia showcases tremendous market potential and sustainable development capabilities. In the long race of technology and capital, its development prospects are highly anticipated.