JOYSON ELEC (00699.HK) has successfully listed on the main board of the Hong Kong Stock Exchange today, with China International Capital Corporation (CICC) and UBS Group AG acting as joint sponsors. As a provider of intelligent automotive technology solutions, JOYSON ELEC offers advanced products and solutions in key segments of the automotive parts industry, primarily automotive electronics and safety.

The company focuses on the R&D, manufacturing, and sales of automotive components. In 2024, it ranked 41st globally in the automotive parts industry and was the second-largest supplier of automotive passive safety products in China and worldwide by revenue, according to Frost & Sullivan.

JOYSON ELEC’s Hong Kong IPO attracted cornerstone investors including Jun Sheng SP (JSC), Ningbo Xinzhi Industrial Investment Co., Ltd., Jump Trading Pacific Pte. Ltd., Zhongding Capital VIII Investment Co., Ltd., China Post & Capital Wealth Management, Vandi Investments Limited, and Fidelidade – Companhia de Seguros, S.A.

The stock opened at HKD 21.50 per share, giving the company a market capitalization of HKD 33.342 billion.

JOYSON ELEC provides comprehensive solutions covering major automotive domains such as cockpit, autonomous driving, connectivity, powertrain, and body control. By integrating its expertise in automotive safety, domain controllers, new energy management systems, and human-machine interaction, the company develops holistic solutions, including cockpit-driving integrated domain controllers and central computing units (CCUs).

In September, JOYSON ELEC announced collaborations with leading robotics firms, supplying key components such as controllers, energy management modules, and high-performance materials. Domestically, it partners with companies like Zhiyuan Robotics and Yinhe General, providing customized main control boards, IMUs, and fisheye cameras. Internationally, it supplies components for robotic heads, necks, shoulders, and knees to a top robotics company and is exploring next-gen display solutions.

With over 25 R&D centers and 60 production bases worldwide, JOYSON ELEC has established a highly globalized platform. Overseas sales accounted for 74.7% of its total revenue in 2024. The company has ranked first in China’s Top 100 Multinational Companies and Transnationality Index for four consecutive years since 2021.

The automotive industry’s shift toward intelligence and electrification presents significant opportunities. Global NEV sales surged from 3.32 million units in 2020 to 19 million in 2024, with further growth expected to 40.7 million by 2029, a CAGR of 14.9%. This trend drives demand for smart cockpits, autonomous driving, and user-centric technologies, benefiting JOYSON ELEC.

As of April 30, 2025, JOYSON ELEC serves over 100 global automotive brands, including the top 10 OEMs. Financially, its revenue reached RMB 49.793 billion, RMB 55.728 billion, RMB 55.864 billion, and RMB 19.709 billion for 2022, 2023, 2024, and the first four months of 2025, respectively, with profits of RMB 233 million, RMB 1.240 billion, RMB 1.326 billion, and RMB 491 million in the same periods.

In Q3 2025, JOYSON ELEC reported double-digit revenue growth, with net profit rising 35.40% YoY. Its gross margin hit a three-year high of 18.6%. New business orders surged, with Q3 contracts worth RMB 40.2 billion and cumulative orders of RMB 71.4 billion for the first nine months.

The global automotive electronics market is projected to grow at a 6.1% CAGR to RMB 3.1567 trillion by 2028, while China’s smart cockpit market is expected to expand at a 16.2% CAGR to RMB 231.7 billion. However, slow growth in overall vehicle sales intensifies competition.

As the fourth-largest global provider of smart cockpit domain control systems, JOYSON ELEC faces challenges from established players and innovative startups. To maintain its position, the company plans to allocate IPO proceeds as follows: 35% for R&D in smart automotive solutions, 35% for production and supply chain optimization, 10% for overseas expansion, 10% for strategic investments, and 10% for working capital.