NASN Intelligent Tech (Zhejiang) Co. Ltd. (2261.HK), a Chinese provider of motion control solutions for intelligent driving, opened up 62.2% in its Hong Kong trading debut on Friday and traded at HK$18.2 by the midday break, 74.66% above the offer price.
The company offered 57.59 million shares for HK$10.42 each, the bottom of its indicative range of HK$10.42 to HK$11.18. The offering raised net proceeds of about HK$533 million ($79 million). The Hong Kong public offering for local investors was oversubscribed by more than 2,500 times, while the international offering was oversubscribed by 1.12 times.
Founded in 2016, NASN Tech specializes in motion control for intelligent driving, focusing on chassis-by-wire technologies. Its products include electronic power-assisted braking, electronic stability control and decoupled brake-by-wire solutions. It is also developing steer-by-wire systems, motion controllers and applications for humanoid robots and low-altitude aircraft.
NASN Tech’s revenue rose 46.9% year-on-year in the first quarter to 151 million yuan ($22.4 million), while its gross margin increased to 10.1% from 7.1%. Its loss for the period widened 37.3% to 54.88 million yuan.
The company will use 50% of the proceeds for R&D, 30% to expand capacity, and the remainder for services, branding and working capital.
By Lee Shih Ta
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