Nason Technology (02261) plans to sell 57.5945 million shares globally and is expected to be listed on August 7

According to the Zhitong Finance App, Nassen Technology (02261) will raise shares from July 30, 2026 to August 4, 2026. It plans to sell 57.5945 million H shares globally. The Hong Kong public sale accounts for about 10%, the international sale accounts for about 90%, and the additional 15% over-allotment rights. The offering price is HK$10.42 to HK$11.18 per share, with 100 shares per lot. It is expected that H shares will start trading on the Hong Kong Stock Exchange at 9:00 a.m. on August 7, 2026.

According to reports, the company is developing motion control technology for intelligent driving and currently provides line control motion solutions. The company focuses on providing mission-critical line control solutions for intelligent driving. “Intelligent driving” refers to the application of advanced sensing, calculation and control technology to enable vehicles to assist or automate driving functions to improve safety, comfort and efficiency. This field is a field with strict security requirements and high technical barriers, and the company's solutions integrate full-stack self-developed control algorithms, software and hardware. Line-controlled motion solutions are wire-controlled solutions, which refer to advanced automotive systems that replace traditional mechanical or hydraulic control with electronic systems, including but not limited to wire-controlled steering and wire-controlled drive solutions. During the track record period, the company's wire-controlled steering solution was still in the development phase and did not generate any revenue. Perception, decision-making, and execution are the three key elements of automobile intelligence. Wire control technology (including line control movement and line control steering) is like the “cerebellum” of intelligent driving cars to ensure the safety and advanced development of motion control execution, just as the cerebellum coordinates autonomous movement, maintains posture balance, and realizes motor learning functions in the human body. The company's line control solutions are based on control instructions output from the “brain” of intelligent driving cars (that is, an intelligent driving system responsible for sensing and planning), and can accurately and quickly control vehicle motion, thereby significantly improving the safety, handling and comfort of intelligent driving.

The company currently provides line control solutions to respond to China's national strategy and enhance the autonomy of the intelligent driving industry chain. As an industry player, the company uses full-stack solutions to promote the development of the line control industry and push the industry to leap from nothing, from existence to excellence. According to Insight Consulting, the company is: the first company in China to apply electronic control power solutions (NBS solutions) to commercial operation of L4 class driverless cars; the first Chinese company to supply autonomous electric vehicle OEMs (NBS solutions) to leading domestic electric vehicle OEMs; one of the top three domestic line control solution suppliers in China based on the 2025 line control solution sales volume; and the second largest domestic independent third-party line control solution supplier in China.

The company recorded strong revenue and gross profit growth during the track record period. The company's revenue increased from RMB 272.2 million in 2023 to RMB 390.7 million in 2024, and further increased to RMB 614.5 million in 2025, with a compound annual growth rate of 50.2% from 2023 to 2025. The company's revenue also increased from RMB 102.7 million for the three months ended March 31, 2025 to RMB 150.8 million for the three months ended March 31, 2026. The company's gross profit increased from RMB 3.1 million in 2023 to RMB 41.9 million in 2024, then to RMB 83.6 million in 2025, with a compound annual growth rate of 418.3% from 2023 to 2025. The company's gross profit also increased from RMB 7.3 million for the three months ended March 31, 2025 to RMB 15.3 million for the three months ended March 31, 2026. In 2023, 2024 and 2025, and the three months ended 2025 and March 31, 2026, the company recorded net losses of RMB2008 million, RMB169.5 million, RMB189.5 million, RMB40 million and $54.9 million respectively.

Assuming that the over-allotment rights were not exercised and that the offer price was HK$10.8 per share, the net proceeds from the global sale would be approximately HK$554.2 million. Of this, approximately 50% will be spent on continuing to increase R&D investment over the next five years to further enrich the company's solution portfolio. Approximately 30% will be used over the next three years to expand and upgrade the company's manufacturing capacity, thereby increasing the company's delivery capacity. Approximately 10% will be used over the next five years to enhance the company's services and raise the company's international brand awareness. Approximately 10% will be used for working capital and other general corporate purposes.