NASN Intelligent Tech IPO: Leading Chinese Drive-by-Wire Chassis Company Breaks Through with Hong Kong Listing

NASN Intelligent Tech is a pioneer in China’s brake-by-wire sector, focusing on providing critical brake-by-wire solutions for intelligent driving. The company is not only the first mainland Chinese enterprise to apply its electronic brake booster solution (NBS) to the commercial operation of L4 autonomous vehicles, but also one of the earliest suppliers of proprietary NBS solutions to leading domestic electric vehicle OEMs.

In the global offering, the company issued a total of 57,594,500 H shares at a final offer price of HK$10.42 per share. Each board lot comprises 100 shares, with an entry cost of HK$1,129.27. The IPO attracted significant attention from the capital markets, with the Hong Kong public offering receiving an exceptionally high subscription rate of 2,513.54 times and the international offering receiving subscriptions equivalent to 2.12 times the shares offered. This reflects strong market expectations for the domestic pioneer in drive-by-wire chassis technology.

Notably, no traditional cornerstone investors were disclosed for the offering. Prior to the listing, the company had already secured investments from prominent institutions, including the Advanced Manufacturing Industry Investment Fund, BOC Capital and Qiming Venture Partners.

NASN Intelligent Tech’s Financial Performance Before the Listing

In the years leading up to its listing, NASN Intelligent Tech displayed the typical characteristics of a growth company with “high growth, high investment and no profitability yet.” Financial data shows that the company’s revenue increased from RMB272 million in 2023 to RMB615 million in 2025, representing significant compound annual growth, primarily driven by its brake-by-wire solutions and, in particular, the rapid ramp-up in sales of its next-generation NBC solution.

However, the company remained loss-making during this period due to continued heavy investment in R&D to maintain its technological leadership, while production capacity was still in the ramp-up phase and economies of scale had yet to be fully realized. High R&D expenditure was one of the main reasons for the losses, accounting for as much as 52.0% of operating expenses in 2025. In addition, as of March 31, 2026, the company recorded net current liabilities and net liabilities, mainly due to redeemable liabilities introduced through pre-IPO financing. Following the successful listing, these liabilities will be reclassified as equity in accordance with accounting standards, easing the company’s debt burden.

NASN Intelligent Tech’s Shareholding Structure Before and After the Listing

Following completion of the global offering, NASN’s shareholding structure became more diversified. The largest single shareholder group, comprising founder Mr. Tao Zhe, Ms. Liu Qian and the employee incentive platforms controlled by them, collectively held approximately 22.58% of the company’s voting rights after the listing, allowing them to retain significant influence over the company. Public shareholders held approximately 69.27% of the company’s total shares, while the public float of H shares accounted for approximately 21.71%, in compliance with Hong Kong Stock Exchange listing requirements. Nevertheless, shareholding remained relatively concentrated, with the five largest H-share places collectively holding more than half of the H shares offered.

Use of Proceeds from NASN Intelligent Tech’s IPO

NASN Intelligent Tech has established clear plans for the approximately HK$533.2 million in net proceeds raised from the listing. Around 50% of the proceeds will be used to strengthen R&D capabilities and expand the product portfolio, reinforcing the company’s technological moat. Approximately 30% will be invested in expanding and upgrading production capacity to meet growing order demand and improve delivery capabilities. Another 10% will be used to enhance service capabilities and expand into global markets, raising international brand awareness. The remaining 10% will be used for working capital and general corporate purposes.

NASN Intelligent Tech’s Major Business Segments and Market Footprint

NASN Intelligent Tech focuses on intelligent-driving drive-by-wire chassis systems, with brake-by-wire as its core business while expanding into steer-by-wire and motion controllers.

In the brake-by-wire segment, the company has three core products: the domestically developed NBS, which has entered large-scale mass production; ESC, which ensures driving stability; and the highly integrated next-generation NBC, which serves as a major growth driver.

Looking ahead, the company is developing L3+ redundant braking (RBC), electro-mechanical braking (EMB), and steer-by-wire (EPS/SBW) solutions, which are expected to enter mass production in 2027. In addition, the NXU motion controller, designed to enable coordinated control of braking, steering and suspension, is regarded as the “brain” of future intelligent chassis systems.

In terms of market coverage, the company has established deep partnerships with leading domestic OEMs. As of the end of March 2026, it had secured designated supply programs for 131 vehicle models from 26 automakers. In addition to systematically expanding into global markets, its technologies also have the potential to be transferred to emerging fields such as humanoid robots and low-altitude aircraft.

NASN Intelligent Tech’s Strengths and Challenges

NASN Intelligent Tech’s core strengths lie in its first-mover position and technological barriers. As a pioneer in China’s brake-by-wire sector, the company possesses full-stack in-house R&D capabilities spanning control algorithms, software and hardware. It has also established deeply integrated partnerships with leading domestic OEMs, resulting in strong customer stickiness. More importantly, the company is positioned to benefit from the historic opportunity of domestic substitution across China’s automotive industry chain and, as a leading domestic player, has the potential to continue capturing market share from foreign suppliers.

However, the company also faces a number of challenges. Continued losses put pressure on its cash flow and financing capabilities. Its revenue is highly dependent on a small number of major OEM customers, making customer concentration a risk that cannot be overlooked. In addition, competition in the brake-by-wire sector is intense: the company must compete not only with global giants such as Bosch, but also with other domestic suppliers and even OEMs’ in-house R&D teams. Supply-chain stability and cost control for key raw materials such as chips are also risks that require ongoing attention.

NASN Intelligent Tech’s Short- and Long-Term Strategic Plans After Listing

Looking ahead, NASN Intelligent Tech’s short-term strategy will focus on production ramp-up and delivery. The company will use the IPO proceeds to rapidly expand production capacity, ensure the smooth mass production of designated vehicle models, and convert orders into actual revenue. At the same time, it will accelerate market penetration of the next-generation NBC solution and advance the R&D of cutting-edge products such as RBC and EMB to maintain its technological leadership, while narrowing losses through economies of scale and product-structure optimization.

In the long term, the company aims to transform itself into a full-stack intelligent chassis solutions provider, building a technology platform advantage through coordinated control of braking, steering and suspension. From a market perspective, it plans to follow Chinese OEMs in expanding overseas and enter global markets. It also plans to transfer its mature drive-by-wire technologies to emerging fields such as robotics and low-altitude aircraft, creating a “second growth curve” and opening up broader development opportunities.

NASN Intelligent Tech’s Hong Kong Market Outlook and Market Enthusiasm

The successful listing on the Hong Kong capital market has accelerated NASN Intelligent Tech’s globalization strategy. Going forward, NASN Intelligent Tech is expected to use Hong Kong as a springboard to follow OEMs overseas and expand into Europe, the United States and Southeast Asia, accelerating its transformation into a global intelligent chassis solutions provider.

This ambitious vision has already received an enthusiastic response in grey-market trading. On the eve of its listing, NASN Intelligent Tech’s shares attracted substantial attention in grey-market trading on platforms operated by Phillip Securities, Bright Smart Securities and Futu, with the share price on some platforms briefly surging to HK$17.50. This represented an increase of nearly 68% over the HK$10.42 offer price, with a paper gain of as much as HK$708 per board lot. The grey-market closing price was HK$16.70, representing a gain of approximately 60.27%, with a profit of about HK$628 per board lot. This fully demonstrates the capital market’s strong recognition of the intelligent-driving sector and NASN Intelligent Tech’s position as a leading domestic substitute for foreign suppliers.