BRIEF: Minieye passes Hong Kong listing hearing

Autonomous driving technology company Minieye Technology Co. Ltd. has passed its listing hearing in Hong Kong, paving the way for an IPO that could raise more than $100 million. The company revealed the development by filing an updated listing document on Monday on the Hong Kong Stock Exchange website.

The company first filed for its listing in June, at which time media reported it was looking to raise about $150 million. The listing is being underwritten by Citic Securities and CICC, two of China’s top investment banks, indicating it will mostly target investors in China and Asia.

Minieye’s revenue grew 44.5% in the first half of 2024 to 236.7 million yuan ($32.6 million) from 164 million yuan a year earlier. Its net loss for the period narrowed to 108 million yuan from 126 million yuan over that time.

Minieye is the latest in growing group of Chinese autonomous driving technology companies to list in Hong Kong and the U.S. this year. Three of the latest are robotaxi operators WeRide (WRD.US) and Pony.ai (PONY.US), which listed in the U.S. in October and November, respectively, and autonomous driving chipmaker Horizon Robotics (9660.HK), which listed in Hong Kong in late October.

By Doug Young

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