According to a disclosure by the Hong Kong Stock Exchange on 27 September, Shanghai Yinjia Electronic Technology Co., Ltd. (referred to as Yinjia Technology) has submitted an application for listing on the Main Board of the Hong Kong Stock Exchange, with Guotai Junan Financing Limited acting as its sole sponsor.

Company Profile

Yinjia Technology is an intelligent solutions supplier focused on the research, development and sales of intelligent driving, intelligent cockpit and general robotics solutions and products, leveraging its integrated and cross-domain capabilities in visual perception, multi-sensor fusion positioning and navigation, as well as planning and control. According to Frost & Sullivan, based on 2025 revenue, the company ranks ninth among all intelligent driving and visual safety solution suppliers in China and fifth among domestic suppliers in the same market. Yinjia Technology became a member of the China Society of Automotive Engineers in 2021 and a member of the China Association of Automobile Manufacturers in 2022. In addition, the company has participated in the formulation of multiple guidelines and standards, such as industry guidelines related to software-defined vehicle service application interfaces and group standards related to electronic exterior mirrors. In 2024, the company was recognised by the Ministry of Industry and Information Technology as a "specialised, refined, distinctive and innovative little giant enterprise." Yinjia Technology maintains long-term cooperation with globally leading OEMs, and its solutions and products have been deployed across multiple vehicle models of these customers. During the track record period, by sales volume, its solutions and products have been applied to vehicle models of all of China's top ten OEMs, as well as seven of the world's top ten OEMs.

Financial Information

Revenue

For the years 2023, 2024 and 2025, and the six months ended 30 June 2026, the company's revenue was approximately RMB 111 million, RMB 229 million, RMB 481 million and RMB 336 million, respectively.

Gross Profit

For the years 2023, 2024 and 2025, and the six months ended 30 June 2026, the company's gross profit was approximately RMB 22.432 million, RMB 22.839 million, RMB 59.264 million and RMB 59.989 million, respectively.

Gross Margin

For the years 2023, 2024 and 2025, and the six months ended 30 June 2026, the company's gross margin was 20.3%, 10%, 12.3% and 17.8%, respectively.

Loss for the Period

For the years 2023, 2024 and 2025, and the six months ended 30 June 2026, the company's loss for the period was approximately RMB 46.76 million, RMB 108 million, RMB 95.758 million and RMB 35.086 million, respectively.

Industry Overview

Against the backdrop of the intelligent transformation of the automotive industry, China's intelligent driving solutions market has maintained rapid growth. It climbed from RMB 45.7 billion in 2021 to RMB 197.3 billion in 2025, representing a compound annual growth rate of 44.1% during the period. Driven by the strengthening of active safety configurations, differentiated competition among OEMs and rising consumer safety awareness, more intelligent driving functions are rapidly migrating from mid-to-high-end vehicle models to mass-market models, while continuously improving in perception accuracy, system stability and adaptability to complex scenarios. China's intelligent driving solutions market will also continue its steady growth trajectory, reaching RMB 553 billion by 2030. Over the next five years, ADAS will continue to be a mainstream configuration for automotive intelligence, with global ADAS penetration expected to reach approximately 70% by 2030 and China's market penetration expected to reach approximately 80%. As L2 and above intelligent driving functions are gradually applied at scale, intelligent driving will penetrate from a differentiated configuration of high-end models to a broader range of vehicle models and price segments, with application scenarios extending from basic functions such as adaptive cruise control and lane keeping to complex scenarios such as highway NOA, urban NOA and intelligent parking. The continuous expansion of functional complexity and application scenarios will further raise vehicles' requirements for environmental perception, computing, decision-making and control capabilities, and drive demand growth for intelligent driving solutions including cameras, domain controllers, algorithm software and multi-sensor fusion, providing a demand foundation for the continuous expansion of the intelligent driving solutions market.

At the intelligent cockpit solutions level, China's intelligent cockpit market has continued to expand. By revenue, the market size grew from RMB 68.6 billion in 2021 to RMB 173.6 billion in 2025, with a compound annual growth rate of 26.1% from 2021 to 2025. As intelligent functions continue to penetrate more vehicle models and intelligent cockpit functions develop towards multi-modal interaction and intelligent display, the market is expected to maintain growth, reaching RMB 358.6 billion by 2030, with a compound annual growth rate of 15.1% from 2026 to 2030. China's cockpit visual safety product market grew from RMB 2 billion in 2021 to RMB 11.8 billion in 2025. Looking ahead, as new energy vehicles continue to gain popularity and the level of automotive intelligence continues to rise, application scenarios such as driver and passenger state monitoring, environmental perception and visual safety warnings will be further deepened, driving continued growth in demand for cockpit visual safety products. It is expected that by 2030, China's cockpit visual safety product market will reach RMB 44.6 billion, with a compound annual growth rate of 27.0% from 2026 to 2030.

Board of Directors Information

The board of directors comprises eight directors, including four executive directors, one non-executive director and three independent non-executive directors.

Shareholding Structure

As at the latest practicable date, Hangjia holds all equity interests in Wenjie Wuhu. Under the Securities and Futures Ordinance, Hangjia is deemed to be interested in the shares held by Wenjie Wuhu. As at the latest practicable date, Mr. Chen Yinren, an executive director, chief executive officer and chairman of the board of the company, holds 49.99% interest in Hangjia, Ms. Liu holds 33.33% interest and Mr. Chen Yinyuan holds 16.68% interest. On 14 September 2026, Mr. Chen Yinren, Mr. Chen Yinyuan and Ms. Liu (collectively the "Concerted Action Parties") entered into a concert party agreement, pursuant to which they confirmed that they have been acting in concert in respect of the management and operations of the Group since 22 January 2019, and agreed to continue to act in concert, provided that if consensus cannot be reached, they shall act in accordance with the decision of Mr. Chen Yinren. The concert party agreement will remain effective until the earlier of the date on which any party no longer directly or indirectly holds any equity interest in the company, or the date on which all parties agree to terminate the concert party agreement. Under the concert party agreement and the Securities and Futures Ordinance, the Concerted Action Parties collectively have interests in the shares held by Wenzheng Zhicheng, Wenjie Wuhu and Shanghai Bijie. Shanghai Bijie is controlled by Bijie Yunfan as its general partner, and Bijie Yunfan holds approximately 63.98% of the partnership interests in Shanghai Bijie. Bijie Yunfan is in turn controlled by Mr. Chen Yinren as its general partner, and Mr. Chen Yinren holds approximately 0.1% of the partnership interests in Bijie Yunfan. In addition, 19.57% of the interests in Shanghai Bijie are held by Bijie Canghai, whose general partner is Mr. Chen Yinren, who holds approximately 0.1% of the partnership interests in Bijie Canghai. As at the latest practicable date, none of the limited partners of Shanghai Bijie holds 30% or more of its partnership interests.

Intermediary Team

Sole Sponsor: Guotai Junan Financing Limited. Company Legal Advisers: Zhou Junxuan Law Firm (in association with Commerce & Finance Law Offices), Commerce & Finance Law Offices. Legal Advisers to the Sole Sponsor: Morgan, Lewis & Bockius LLP, Shanghai Jintian City Law Firm. Auditor and Reporting Accountant: Ernst & Young. Industry Consultant: Frost & Sullivan (Beijing) Consulting Co., Ltd. Shanghai Branch. Compliance Adviser: Ad capital Limited.