Jiangsu New Vision Automotive Electronics Co., Ltd. (02632.HK) has launched its Hong Kong initial public offering (IPO). The subscription period runs from March 16 to March 19, 2026. The company plans to offer a total of 16,226,500 H shares globally, with an offer price range of HK$42.00–HK$48.00 per share. Each board lot consists of 50 shares, representing an estimated minimum subscription amount of approximately HK$2,424.20.The company is expected to list on the Main Board of the Hong Kong Stock Exchange on March 24, 2026. Haitong International Capital and CITIC Securities (Hong Kong) act as joint sponsors.

New Vision Automotive Electronics: Ranked Second in China’s HUD Solutions Market in 2024

Offering Structure：Approximately 10% of the offered H shares (1,622,650 shares) are available for public offering in Hong Kong, while around 90% (14,603,850 shares) are allocated for international placing.

Price range: HK$42.00–HK$48.00 per share

Board lot: 50 shares

Minimum subscription amount: approximately HK$2,424.20

Subscription period: March 16–19, 2026

Expected pricing date: March 20, 2026

Listing date: March 24, 2026

Joint sponsors: Haitong International Capital, CITIC Securities (Hong Kong)

Company Overview

New Vision Automotive Electronics specializes in the R&D, production and sales of head-up display (HUD) solutions. Its core products include the windshield HUD (W-HUD) solution “CyberLens” and the augmented reality HUD (AR-HUD) solution “CyberVision.”According to Frost & Sullivan data, based on 2024 sales volume, the company ranked second among China’s HUD solution providers, with a market share of approximately 16.2%. It was also the first domestic enterprise to launch self-developed HUD solutions.The company aims to drive the evolution of intelligent cockpit visualization and human-vehicle interaction systems from 2D to 3D and AR, thereby boosting market penetration.

Financial Information

According to the IPO prospectus, New Vision Automotive Electronics recorded revenues of approximately RMB 214 million, RMB 549 million, and RMB 578 million for 2022, 2023, and 2024, respectively, with net losses of approximately RMB 256 million, RMB 175 million, and RMB 138 million during the same period. For the first nine months of 2025, the company reported revenue of approximately RMB 480 million and a net loss of RMB 344 million.

Assuming an offering price at the mid-point of HK$45.00 per share and that the over-allotment option is not exercised, the company expects to raise net proceeds of approximately HK$662 million. The funds are intended to be used for the following purposes: expansion and automation of production lines (approximately 46.7%), enhancement of research and development and technological capabilities (approximately 32.4%), potential strategic collaborations with participants in the industrial value chain (approximately 10.9%), and working capital and general corporate purposes (approximately 10.0%).

uSMART launches “HK IPO Fee-Waiver Offer” – subscribe to new shares at zero cost

Margin subscription: 0 % interest, leverage up to 10×

Cash subscription: HK$0 handling fee

Grey-market trading supported

* 0 % interest applies to margin subscription amounts of HK$20 million or below.

^ All handling fees are waived for cash subscriptions.

This promotion is effective from 5 December 2025 until further notice. Certain high-profile IPOs may be excluded. The actual interest rates and fees charged are those shown in the uSMART App subscription interface; statutory government and exchange levies will still apply. The company reserves the right to amend, suspend or terminate the above offer or its terms and conditions at any time without prior notice, and its interpretation shall be final.

How to Subscribe for New Vision Automotive Electronics via uSMART HK

The uSMART HK App features an IPO Centre with exclusive perks, allowing clients to subscribe instantly to public offerings. After logging into the app, tap "Trade" at the bottom-right, go to "IPO Subscription," select New Vision Automotive Electronics, tap "Public Offer," enter your subscription quantity, and submit your order.

(Image source: uSMART HK App)