Futu News reported on December 27 that $MINIEYE (02431.HK)$ On the first day, it opened high, rising by 9.41%, reaching 18.6 Hong Kong dollars as of press time, with a transaction amount of 38.7191 million Hong Kong dollars and a total market value of 7.425 billion Hong Kong dollars.

Market source: Futu Securities.

According to previous news, in the last trading day of Futu's dark trading, Youjia Innovation opened high and closed up 7.65%, priced at 18.3 Hong Kong dollars, with a transaction volume of 22.2691 million Hong Kong dollars; each hand represented 200 shares, excluding handling fees, with each hand earning 260 Hong Kong dollars.

Additionally, according to previously publicly available information, Youjia Innovation received 14.04 times subscription during the public offering phase, and the final number of shares offered in the public offering totaled 3.919 million shares, accounting for about 10% of the total number of shares offered (before any oversubscription options are exercised). A total of 11,407 valid applications were received, with 7,899 applications processed, and the rate of allocation for each subscription of H shares was about 50.01% of the total number applied.

In addition, during the international placement phase, Youjia Innovation received 1.09 times subscription, with the final number of shares in the international offering totaling 35.271 million shares, equivalent to 90% of the total shares offered (before any oversubscription options are exercised). Futu News compiled the relevant data in the table below:

Company Overview.

Youjia Innovation, established in 2014, is a supplier of intelligent driving and smart cockpit solutions in China. It is committed to gradually achieving mass production of L0-L2+ level autonomous driving technology through its fully self-developed integrated hardware and software technology, while also actively developing more advanced autonomous driving solutions. The solutions include intelligent driving, smart cockpit, and vehicle-road collaboration, covering key aspects of the driving experience, including navigation, parking, and cabin functions, gradually developing intelligent driving solutions with increasing levels of automation from L0 to L4.

As of June 30, 2024, Youjia Innovation has engaged in mass production with 29 vehicle manufacturers for 94 models, including seven of the top ten domestic vehicle manufacturers by sales, achieving SOP for 21 export models for four vehicle manufacturers; as of December 10, 2024, Youjia Innovation has accumulated mass production for 35 vehicle manufacturers.

According to data from Zhaoshang Consulting, based on the revenue from L0 to L2+ solutions in 2023, Youjia Innovation ranks fourth among all emerging technology companies in China. In addition, Youjia Innovation is also developing and testing L4 autonomous driving capabilities, with the iRobo solution expected to be delivered in the first quarter of 2025.

Financial Overview

In 2021, 2022, and 2023, Youjia Innovation's revenues were approximately 0.175 billion yuan, 0.279 billion yuan, and 4.76 billion yuan, respectively, with a compound annual growth rate of 64.9%. During the same period, the company's gross margins were 9.7%, 12.0%, and 14.3%, respectively. In the first half of this year, the company's revenue increased by 44.5% to 0.237 billion yuan from 0.164 billion yuan in the same period of 2023.

Cornerstone Investors

Youjia Innovation introduced two cornerstone investors, Kangchengheng International Investment Co., Ltd. and Horizon Together Holding Ltd., in this issuance, with a total subscription of over 0.54 billion Hong Kong dollars. Among them, Horizon Together Holding Ltd. is $HORIZONROBOT-W (09660.HK)$ wholly owned.

Use of funds

In terms of fundraising purposes, the net proceeds from the sale of Youjia Innovation will be approximately 0.606 billion Hong Kong dollars (calculated based on the final issue price of 17.00 Hong Kong dollars). According to the prospectus, the company intends to use the net proceeds from the share sale for the following purposes: about 40% will be used to enhance the company's research and development capabilities and to recruit and retain relevant research and development talent; about 30% will be used to improve the company's production efficiency and competitive solutions over the next three years; about 20% will be used to strengthen the company's sales and marketing capabilities over the next three years; and approximately 10% of the net proceeds will be used for working capital and general corporate purposes.

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