Nobicam (02635) December 15 to December 18 stock offering is expected to be listed on December 23

According to the Zhitong Finance App, Nobicam (02635) will raise shares from December 15 to December 18, 2025. The company plans to sell 3.786,600 shares globally, of which Hong Kong sales account for 10%, international sales account for 90%, and 15% over-allotment rights, with a sale price of HK$80-106 per share. Each lot is 50 shares, and it is expected that the shares will start trading on the Stock Exchange on December 23, 2025.

The company mainly develops and sells monitoring and inspection products and solutions for railway operators and power grid companies in China, as well as other urban governance solutions. The company mainly provides integrated software and hardware solutions based on a comprehensive AI industry model for monitoring, inspection, operation and maintenance. According to Insight Consulting, based on the company's revenue related to power supply in the rail transit sector in 2024, the company is the second-largest AI+ power supply testing and monitoring system provider in China, with a market share of about 5.9%. In terms of revenue, the AI+ power supply inspection and monitoring solution market will account for about 2.2% of the AI+ rail transit solutions industry market share in China in 2024. Based on the company's rail transit revenue in 2024, the company ranked third among companies providing AI+ inspection and monitoring solutions in the Chinese rail transit industry, with a market share of about 1.8%. According to Insight Consulting, in terms of revenue, the AI+ rail transit inspection and monitoring solutions market will account for about 11.6% of China's AI+ rail transit solutions industry market share in 2024.

Furthermore, controlling operating expenses to achieve optimal operating efficiency is also important to the company's success. For the year ended December 31, 2022, 2023 and 2024, and for the six months ended June 30, 2025, the company's profit for the year or period was RMB 63.2 million, RMB 88.6 million, RMB 115 million and RMB 40.1 million, respectively. As the company's business continues to grow, the company plans to optimize the company's main business costs and operating expenses by increasing economies of scale and cost efficiency. The company plans to optimize administrative expenses by improving the level of centralized management, streamlining internal work processes, and using technology to improve cost efficiency and productivity. The company's success will depend on the company's ability to further develop the company's products and solutions in a cost-effective manner and maintain competitive profit margins as the business expands.

Assuming that the offering price was HK$93.0 per share (that is, the median of the offer price range), after deducting the underwriting fees and commissions and estimated expenses paid and payable by the company for the global offering and assuming that the over-allotment rights are not exercised, the company estimates that the net proceeds from the global sale will be approximately HK$307 million. Assuming that the offering price is HK$93.0 per share (the median of the indicative offer price range), according to the company's strategy, the company plans to use the net proceeds from the global offering over the next three years for the following purposes: approximately 40.0% will be used to conduct and strengthen the company's core technology to reinforce the company's technical capabilities and the foundation of product and service functions; approximately 40.0% will be used to build the company's R&D technology center and new headquarters base; approximately 10.0% will be used to seek potential strategic investment and acquisition opportunities to implement the company's long-term growth in optimizing products and solutions Strategy, and expand and/or penetrate the end customer industry covered by the company; approximately 10.0% will be used as working capital and general corporate purposes.