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LeiDi News, Lei Jianping, March 10
Jiangsu Zejing Automotive Electronics Co., Ltd. (referred to as &#34;Zejing Technology&#34;) today passed the listing hearing and is preparing to list on the Hong Kong Stock Exchange.
Revenue of 260 million in the first 5 months, loss of 240 million
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Zejing Technology was established in 2015 and is a national high-tech enterprise integrating research and development, production, and services. Its main products include W-HUD, AR-HUD, CMS, transparent A-pillars, transparent window displays, and other intelligent cockpit-related products.
Zejing Technology has established a presence in five regions across the country: Yizheng (headquarters and manufacturing center), Xi'an (R&amp;D center), Shanghai (management and customer service support center), Changchun (northern service center), and Chongqing (southwestern service center).
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Zejing claims to be committed to enhancing the digital experience of smart vehicles through technological means and is currently a leading supplier of in-car visual solutions in China, with mass production clients including Nio, Geely, BAIC, and Chery.
Zejing Technology collaborates deeply with OEMs during the solution definition phase to co-create new models that provide a more in-depth human-vehicle interaction and intelligent driving experience.
Xiaomi CEO Lei Jun once met with brothers Zhang Bo and Zhang Tao, after which Shunwei Capital became a shareholder of Zejing Technology, laying the groundwork for Zejing Technology to become a supplier for Xiaomi Automotive.
CyberVision has been applied to high-end electric vehicles developed by Xiaomi. CyberVision features a 4.1-inch TFT PGU display with a display area resolution of up to 1280×640. CyberVision can generate a super-large virtual image of 56 inches, with a projection VID of 7 meters, providing a wide 10°×3.6° field of view, creating an immersive interface.
In terms of interaction, CyberVision supports dual operation modes: voice activation via Xiao Ai Assistant and touch operation. This solution integrates with the central control screen, flip-type dashboard, rear seat tablet, and smartphone, forming a five-screen interactive ecosystem that enables cross-screen transmission of navigation, entertainment, and other information.
The prospectus shows that Zejing Technology's revenue for 2022, 2023, and 2024 is expected to be 214 million, 549 million, and 578 million respectively; gross profit is expected to be 48.38 million, 140 million, and 158 million respectively, with gross margins of 22.6%, 25.6%, and 27.3% respectively;
The losses during the period were 256 million yuan, 175 million yuan, and 140 million yuan, with annual loss rates of 119.7%, 31.8%, and 23.9%, respectively.
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Zhejiang Technology's revenue for the first nine months of 2025 was 479 million yuan, an increase of 11.4% compared to 430 million yuan in the same period last year; gross profit was 115 million yuan, with a gross margin of 23.9%, down 3.4% from 27.3% in the same period last year; the loss during the period was 343 million yuan, compared to a loss of 128 million yuan in the same period last year.
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Zhejiang Technology's adjusted net profits for 2022, 2023, and 2024 were -79.13 million yuan, 13.31 million yuan, and -7.13 million yuan, respectively; as of the first nine months of 2025, the adjusted net loss was 17.46 million yuan.
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As of September 30, 2025, Zhejiang Technology held cash and cash equivalents of 100 million yuan.
Shunwei and FAW Investment are shareholders.
The executive directors of Zhejiang Technology are Zhang Tao, Zhang Bo, and Fan Xin, while the non-executive directors are Hu Bin, You Tianyu, and Ms. Zheng Shiying, and the independent non-executive directors are Ms. Yang Mengying, Ms. Sun Hui, and Professor Bai Jian. Zhang Tao and Zhang Bo are brothers, with Zhang Bo being the younger brother.
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Before the IPO, Zhang Bo held 8.3% of the shares, Zhang Tao held 5.93%, Ms. Ye Jing and Ms. Guo Hui held 3.87% each, Wang Zhenggang held 3.41%, and Lv Tao and Ms. Lv Xianglian held 1.55% each, while Yangzhou Zewu held 9.12% and Yangzhou Zeying held 7.06%.
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Shunwei Capital holds 7.08% through Jinseshengchang, Qianzhan Yuanzhi holds 7.04%, Kenge Capital holds 5.39%, Suzhou Sushang holds 3.66%, Jiaxing Kailian holds 3.61%, Wenzhou Kechuang holds 3.36%, Jiaqiao Capital holds 3.14%, and FAW Investment holds 2.66%;
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Changjiang Investment holds 2.6%, Binfu Capital holds 2.34%, Jiaxing JunTai holds 2.34%, Huang Zhigang holds 2.08%, Shunyi Fund holds 1.78%, Lianshan Investment holds 1.36%, Gongqingcheng Yintai holds 1.35%, GoldInvestment and Anhui Jiaokong each hold 1.1%, Ningbo Youfu holds 1.06%, Yangzhou Qizheng holds 0.96%, and Yuhu Investment holds 0.43%.
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02632

159565

CARU

516110

515030

CARZ

516380

Zhejiang Technology has passed the listing hearing and plans to list on the Hong Kong Stock Exchange. The company was established in 2015 and mainly provides products related to smart cockpits, with revenue of 480 million in the first nine months and a loss of 340 million. Zhejiang Technology collaborates with several automobile manufacturers to enhance the digital experience of smart vehicles. Shunwei Capital has become its shareholder, and Zhejiang Technology has also become a supplier for Xiaomi Automotive. Revenue is expected to grow year by year from 2022 to 2024

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Zhejiang Technology passed the hearing: 9 months revenue of 480 million with a loss of 340 million, Shunwei and FAW Investment are shareholders