IPO Timeline Raw facts
Company Overview
| Stock Name | New Vision Co |
|---|---|
| Stock Code | 02632 |
| Company Full Name | Jiangsu New Vision Automotive Electronics Co., Ltd. |
| Industry | Consumer Discretionary |
| Principal Activities | We focus on HUD solutions, providing comprehensive solutions primarily comprising the windshield HUD (W-HUD) solution CyberLens and the augmented reality HUD (AR-HUD) solution CyberVision, supplemented by testing solutions and other innovative visual technology solutions. |
| Listing Date | 2026-03-24 |
| Listing Rules Era | New Rules (after Aug 2025) |
| Listing Rules Chapter | To be extracted |
| Weighted Voting Rights (WVR) | No |
| Registered Address (Mainland China) | 江蘇省揚州市儀徵市汽車工業園天越路3號汽車電子產業園1棟 |
| Business Address (Hong Kong) | 香港銅鑼灣希慎道33號利園1期19樓1918室 |
| Place of Incorporation | To be extracted |
| Listing Method | To be extracted |
| Listing Board | Main Board |
| Website | zjautomotive.com |
| Share Registrar | 卓佳证券登记有限公司 (Tricor Investor Services Limited) |
| Registrar Contact | (852)2980 1333 |
| A-Share/US Dual Listing | No |
Offering Information
| Offering Mechanism | Mechanism B |
|---|---|
| Offer Price | HK$ 44.20 / shares |
| Offer Price Range | Final offer price only, no range |
| Lot Size | 50 shares |
| Entry Threshold | HK$ 2,210 |
| Par Value | RMB 0.5 / shares |
| Offer Period | 2026-03-16 to 2026-03-19 |
| Global Offering Shares | 16,226,500 shares |
| HK Public Offer Shares (Initial) | 1,622,650 shares (10.0%) |
| Public Offer Lots (Initial) | 32,453lots (Pool A16,226lots，Pool B16,227lots) |
| International Placing Shares (Initial) | 14,603,850 shares (90.0%) |
| Offer Ratio | ~13.15% |
| Total Shares Post-IPO | 123,395,266 shares |
| Greenshoe (Over-allotment Option) | No |
| Stabilizing Manager (Greenshoe) | — |
| Cornerstone Share | 15.1% |
| Clawback Tiers | Mechanism B: no clawback |
| Reallocation Option | No |
| Total Global Offering Size | HK$ 717,211,300 |
Subscription Tiers
Minimum subscription unit: 1 lot. Subscription amount ≤ HK$5,000,000 is Pool A, > HK$5,000,000 is Pool B.
| Lots Subscribed | Shares Subscribed | Subscription Amount (HKD) |
|---|---|---|
| 1 lots | 50 | HK$ 2,210 |
| 2 lots | 100 | HK$ 4,420 |
| 3 lots | 150 | HK$ 6,630 |
| 4 lots | 200 | HK$ 8,840 |
| 5 lots | 250 | HK$ 11,050 |
| 6 lots | 300 | HK$ 13,260 |
| 7 lots | 350 | HK$ 15,470 |
| 8 lots | 400 | HK$ 17,680 |
| 9 lots | 450 | HK$ 19,890 |
| 10 lots | 500 | HK$ 22,100 |
| 12 lots | 600 | HK$ 26,520 |
| 14 lots | 700 | HK$ 30,940 |
| 16 lots | 800 | HK$ 35,360 |
| 18 lots | 900 | HK$ 39,780 |
| 20 lots | 1,000 | HK$ 44,200 |
| 30 lots | 1,500 | HK$ 66,300 |
| 40 lots | 2,000 | HK$ 88,400 |
| 50 lots | 2,500 | HK$ 110,500 |
| 60 lots | 3,000 | HK$ 132,600 |
| 70 lots | 3,500 | HK$ 154,700 |
| 80 lots | 4,000 | HK$ 176,800 |
| 90 lots | 4,500 | HK$ 198,900 |
| 100 lots | 5,000 | HK$ 221,000 |
| 120 lots | 6,000 | HK$ 265,200 |
| 140 lots | 7,000 | HK$ 309,400 |
| 160 lots | 8,000 | HK$ 353,600 |
| 180 lots | 9,000 | HK$ 397,800 |
| 200 lots | 10,000 | HK$ 442,000 |
| 400 lots | 20,000 | HK$ 884,000 |
| 600 lots | 30,000 | HK$ 1,326,000 |
| 800 lots | 40,000 | HK$ 1,768,000 |
| 1,000 lots | 50,000 | HK$ 2,210,000 |
| 1,200 lots | 60,000 | HK$ 2,652,000 |
| 1,400 lots | 70,000 | HK$ 3,094,000 |
| 1,600 lots | 80,000 | HK$ 3,536,000 |
| 1,800 lots | 90,000 | HK$ 3,978,000 |
| 2,000 lots | 100,000 | HK$ 4,420,000 |
| Lots Subscribed | Shares Subscribed | Subscription Amount (HKD) |
|---|---|---|
| 4,000 lots | 200,000 | HK$ 8,840,000 |
| 6,000 lots | 300,000 | HK$ 13,260,000 |
| 8,000 lots | 400,000 | HK$ 17,680,000 |
| 10,000 lots | 500,000 | HK$ 22,100,000 |
| 12,000 lots | 600,000 | HK$ 26,520,000 |
| 14,000 lots | 700,000 | HK$ 30,940,000 |
| 16,226 lots | 811,300 | HK$ 35,859,460 |
Stock Connect Inclusion Analysis
| HK Market Cap | HK$ 7.33B |
|---|---|
| Analysis Result | Already included in Stock Connect (both) |
Valuation & Financials
| Market Cap (at Offer Price) | HK$ 5,454,070,757 |
|---|---|
| H-Share Market Cap (at Offer Price) | HK$ 4,819,436,681 |
| Pre-IPO Valuation (Last Round) | Not disclosed |
| P/E Ratio | Not applicable (loss-making) |
| Profit/Loss Status | Net loss RMB 137.9 million (2024) |
| Period-End Cash Balance | RMB 230.4 million |
| Listing Expenses | ~HK$ 68,100,000 |
| Listing Expenses / Funds Raised | ~9.3% |
| Total Pre-IPO Investment | To be extracted |
| First Day Close | HK$ 27.88 |
|---|---|
| First Day Open | HK$ 43.9 |
| First Day Change | -36.92% |
| First Day Volume | 5219350.0 |
| First Day Turnover | 230200000.0 |
| Use of Proceeds | 1、約46.7%（或309.1百萬港元）將用于生產線擴展及自動化、智能化升級；
2、約32.4%（或214.7百萬港元）將用于提升研發及技術能力，以及升級現有解決方案及開發基于同源技術的新產品；
3、約10.9%（或72.1百萬港元）將用于與專注于光學成像、近眼顯示、可穿戴產品等其他相關領域的產業價值鏈參與者的潛在戰略合作，旨在鞏固及提升領先市場地位及技術能力；
4、約10.0%（或66.2百萬港元）將用于營運資金及一般公司用途。 |
Underwriting Syndicate
Service Providers
| Role | Institution |
|---|---|
| Legal Advisor to Company |
Clifford Chance 上海市锦天城律师事务所 Ashurst Tokyo (Ashurst Horitsu Jimusho Gaikokuho Kyodo Jigyo) |
| Legal Advisor to Sponsors/Underwriters |
贝克•麦坚时律师事务所 世辉律师事务所 |
| Auditor and Reporting Accountant | 安永会计师事务所 |
| Industry Advisor | 灼识行业咨询有限公司 |
| Receiving Banks | 交通银行股份有限公司 |
Cornerstone Investors
| # | Investor Name | Investment Amount | Shares Subscribed | % of Offer Shares | % of Total Shares | Lock-up Period | Est. Unlock Date |
|---|---|---|---|---|---|---|---|
| 1 | 盈科壹号 | 55,000,000 USD | 1,222,200 | 7.53% | 8.37% | 6 months | 2026-09-24 |
| 2 | 香港高精尖 | 54,950,000 USD | 1,221,100 | 7.53% | 8.36% | 6 months | 2026-09-24 |
Directors & Management
| Position | Chinese name | English Name |
|---|---|---|
| Chairman | 張濤 | — |
| Company Secretary | 馬海蓉 | — |
| Executive Director | 张涛 | Zhang Tao |
| Non-Executive Director | 胡滨 | Hu Bin |
| Independent Non-Executive Director | 杨孟瑛 | Young Meng Ying |
| Executive Director | 张波 | Zhang Bo |
| Non-Executive Director | 由天宇 | You Tianyu |
| Independent Non-Executive Director | 孙晖 | Sun Hui |
| Executive Director | 范鑫 | Fan Xin |
| Non-Executive Director | 郑诗赢 | Zheng Shiying |
| Independent Non-Executive Director | 白剑 | Sun Hui |
| Independent Non-Executive Director | 张宁波 | Zhang Ningbo |
| Independent Non-Executive Director | 肖江玉 | Xiao Jiangyu Group |
| Independent Non-Executive Director | 单超 | Shan Chao |
Major Shareholders
| Major Shareholders & Holdings | The controlling shareholder group (including Mr. 張濤, Mr. 張波, Mr. 王正剛, Mr. 呂濤, Ms. 葉靜, Ms. 郭慧, Ms. 呂湘連, 揚州澤盈 and 揚州澤蕪) collectively holds approximately 44.66% of the equity interests. Immediately after the completion of the Global Offering, the controlling shareholder group will hold approximately 38.79%. |
|---|
Market Sentiment
The offer attracted 68.89 times oversubscription from 31,183 valid applications, indicating strong subscription enthusiasm. The final offer price is 44.2 HKD, but the upper/lower price range is not provided in the source data, so we cannot assess where pricing landed relative to the indicative range. The accepted application count is also not provided, so an overall success rate cannot be calculated from this dataset. (This is AI-generated commentary based on historical data. Past patterns do not guarantee future outcomes. Not financial advice.)
Tier Analysis
The A-tier tail (100,000 HKD) expects 1.0 lot per application, while the B-tier head (200,000 HKD) expects only 0.0435 lots — so doubling the capital from 100k to 200k yields less than one-twentieth of a lot rather than a larger allocation. This suggests a sharp inefficiency at the A/B boundary, with B-head applicants facing a far lower expected allocation per dollar subscribed. Note that broker fee structures vary and actual costs may differ, and no broker fee data is present in the source data, so fee efficiency cannot be compared. (This is AI-generated commentary based on historical data. Past patterns do not guarantee future outcomes. Not financial advice.)
Demographics
Among the 14,607 total holders, mainland China applicants represented 90.3% and Hong Kong applicants 9.5%, indicating a heavily mainland-dominated applicant pool. The gender split was 67.7% male and 32.3% female, with an average age of 38.5 years. These demographics describe the applicant population only; no regional breakdown beyond mainland/HK is provided, and the sample reflects a single IPO. (This is AI-generated commentary based on historical data. Past patterns do not guarantee future outcomes. Not financial advice.)
