"New Stocks" Sunny Optical Technology's spin-off Zhixing Technology listed in Hong Kong, with a 6.3% increase in net profit in the first three quarters of last year

SUNNY OPTICAL (02382.HK) has spun off its automotive-related optical business, Aito Technology, for listing in Hong Kong and has submitted a listing application to the Stock Exchange, with China International Capital Corporation and CITIC Securities serving as joint sponsors.

According to preliminary prospectus information, Aito Technology focuses on providing in-vehicle camera solutions and other automotive optical solutions, with clients including mainstream suppliers and automobile manufacturers. As of the end of September last year, Aito Technology recorded revenue of approximately RMB 5.146 billion for the first three quarters, a year-on-year increase of nearly 15.5%, while net profit grew by 6.3% to nearly RMB 960 million.

Aito Technology expects that the funds raised from the listing in Hong Kong will be used for the research and development of in-vehicle camera solutions and other automotive optical solutions, enhancing technological capabilities and expanding the product matrix. The funds will also be used to improve production capacity, optimize supply chain management, strengthen sales deployment, and enhance the sales and service network