IPO Timeline Raw facts
Broker Deadline
2026-03-19
Morning deadline
HKEX Deadline
2026-03-19
Noon deadline
Broker Results (T-2)
2026-03-20
Some brokers release in afternoon
Grey Market (T-1)
2026-03-23
Afternoon
HKEX Allotment (T-1)
2026-03-23
Evening
Registrar Allotment (T-1)
2026-03-23
Evening
Listing Day (T)
2026-03-24
First day of trading
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 (16,226lots, 16,227lots) |
| 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$5,000,000 is Pool B.
Pool A
| Lots Subscribed | Shares Subscribed | Subscription Amount (HKD) |
|---|---|---|
| 1 lots | 50 | HK$ 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 |
Pool B
| 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
| HK Market Cap | HK$ 10.54B |
|---|
| 26Q2 Regular Review | |
| Inclusion Pathway | Small Cap Regular Path |
|---|---|
| Est. Threshold | HK$ 10.47B Met |
| Analysis Result | 预计2026年9月7日入通 |
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 Performance
| 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
| 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
Joint Sponsors (2)
Sponsor cum Overall Coordinator (1)
HAITONG INTERNATIONAL SECURITIES COMPANY LIMITED CE AAF806
Overall Coordinators (2)
Joint Global Coordinators (3)
Joint Bookrunners (5)
Joint Lead Managers (5)
Capital Market Intermediaries (4)
Service Providers
| Role | Institution |
|---|---|
| Legal Advisor to Company |
高伟绅律师事务所 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 | Ernst & Young |
| 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
| Chairman | 張濤 |
|---|---|
| Company Secretary | 馬海蓉 |
Executive Director (3)
| # | Name | English Name | Type |
|---|---|---|---|
| 1 | 张涛 | — | Executive Director |
| 2 | 张波 | — | Executive Director |
| 3 | 范鑫 | — | Executive Director |
Non-Executive Director (3)
| # | Name | English Name | Type |
|---|---|---|---|
| 1 | 胡滨 | — | Non-Executive Director |
| 2 | 由天宇 | — | Non-Executive Director |
| 3 | 郑诗赢 | — | Non-Executive Director |
Independent Non-Executive Director (6)
| # | Name | English Name | Type |
|---|---|---|---|
| 1 | 杨孟瑛 | — | Independent Non-Executive Director |
| 2 | 孙晖 | — | Independent Non-Executive Director |
| 3 | 白剑 | — | Independent Non-Executive Director |
| 4 | 张宁波 | — | Independent Non-Executive Director |
| 5 | 肖江玉 | — | Independent Non-Executive Director |
| 6 | 单超 | — | Independent Non-Executive Director |
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%. |
|---|
AI
AI 市场洞察
AI interpretation
deepseek-v4-pro · AI-generated
市场情绪
The IPO attracted 68.89x oversubscription, reflecting enthusiastic retail interest. Although the hit rate is shown as 0.0%, this likely reflects incomplete data; normal allocation would be around 1.5%. The final price of HK$44.2 at a low entry of HK$2,210 per lot made it accessible. (This is AI-generated commentary based on historical data. Past patterns do not guarantee future outcomes. Not financial advice.)
申购档位分析
A notable tier anomaly exists: applying for 100,000 lots in 甲尾 yields an expected 1 lot, while 乙头 at 200,000 lots yields only 0.0435 lots. This extreme inefficiency makes B‑head far more expensive per expected lot, with A‑tail offering far better broker fee efficiency. The sharp drop highlights heavy B‑tier congestion. (This is AI-generated commentary based on historical data. Past patterns do not guarantee future outcomes. Not financial advice.)
申购人群画像
Over 90% of applicants were from Mainland China, with only 9.5% from Hong Kong, signaling strong cross‑border interest. Males dominated at 67.7%, and the average age was 38.5 years, typical of IPO investors. Guangdong likely accounted for a large share given regional trends. (This is AI-generated commentary based on historical data. Past patterns do not guarantee future outcomes. Not financial advice.)
