BRIEF: Pateo launches $137 million Hong Kong IPO

Smart cockpit technology maker Pateo Connect Technology (Shanghai) Corp. (2889.HK) launched its Hong Kong IPO on Monday, aiming to raise about HK$1.07 billion ($137 million). The company plans to sell 10.44 million shares for HK$102.23 apiece, with 10% of the stock offered to local retail investors. The subscription period closes on Thursday, with trading set to begin next Tuesday in Hong Kong.

The company has sold about 4.6 million smart cockpit products to date. Its domain controller shipments rose from 488,000 units in 2022 to 915,000 units last year, equal to 36.9% compound annual growth. It delivered 266,000 domain controllers in the first five months of 2025, up 20.4% year-on-year.

The company’s revenue rose from 1.22 billion yuan in 2022 to 2.56 billion yuan last year, while its annual net losses over that time increased from 452 million yuan to 540 million yuan. Its revenue rose 34.4% year-on-year in the first five months of 2025 to 735 million yuan, while its net loss narrowed 10.2% to 220 million yuan.

By Lau Chi Hang

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