Banma Network Technology Co., Ltd., known as Banma Zhixing, saw its Hong Kong IPO application expire on February 20, 2026, after being submitted on August 20, 2025. The six-month validity period for the application has lapsed. At the time of filing, Deutsche Bank, China International Capital Corporation, and Guotai Junan International served as joint sponsors. According to data from CIC, Banma Zhixing was the largest software-centric smart cockpit solutions provider in China by revenue in 2024. Based on the same source, it also ranked first by the number of solutions deployed. The company is one of only two third-party suppliers in China that fully self-develop automotive operating systems, and it is the sole provider that seamlessly integrates three core pillars of the smart vehicle experience—system-level OS solutions, end-to-end AI solutions, and automotive platform services—to deliver a differentiated cockpit solution business model.