--- title: "Nasen Technology: The first stock in the \"cerebellum\" of intelligent driving is here!" type: "Topics" locale: "en" url: "https://longbridge.com/en/topics/43143165.md" description: "Nansen Technology is a company focused on intelligent driving motion control technology, with its core business providing brake-by-wire solutions. Its products include systems such as NBS, ESC, and NBC, aimed at providing critical motion execution control for smart vehicles. Note: ESC (brake-by-wire solution), EPS (steer-by-wire solution), NBC (intelligent integrated braking system). Nansen's net proceeds from this fundraising were 554.2 million HKD..." datetime: "2026-08-02T16:28:01.000Z" locales: - [en](https://longbridge.com/en/topics/43143165.md) - [zh-CN](https://longbridge.com/zh-CN/topics/43143165.md) - [zh-HK](https://longbridge.com/zh-HK/topics/43143165.md) author: "[龙龟投资](https://longbridge.com/en/profiles/5098.md)" --- # Nasen Technology: The first stock in the "cerebellum" of intelligent driving is here! Nasen Technology is a company focused on intelligent driving motion control technology. Its core business is providing brake-by-wire solutions, with products including NBS, ESC, and NBC systems, aimed at providing critical motion execution control for intelligent vehicles. **Note:**ESC (Brake-by-Wire Solution), EPS (Steer-by-Wire Solution), NBC (Integrated Intelligent Braking System) **Nasen** raised a net amount of **554.2 million HKD** in this offering. The fund allocation is as follows: **50%** to strengthen R&D capabilities and expand the product portfolio; **30%** to expand and upgrade production and manufacturing capabilities; **10%** to enhance services and increase international brand awareness; **10%** for working capital and general corporate purposes. **Prospectus Information:** ![Image](https://pub.pbkrs.com/uploads/2026/837eb61c82b83d3b4c609c38af66f5b3?x-oss-process=style/lg) The total number of shares offered globally is 57.5945 million, with 100 shares per lot. The issue price is 10.42-11.18 HKD, and the minimum subscription fee is 1129.27 HKD. It adopts **Mechanism B issuance**, with 57,595 lots available for public subscription. An estimated 80,000 to 120,000 people will participate, with an approximate 10% success rate for one lot. Subscribing to 200 lots ensures securing one lot. **Financial Status:** Operating revenue was **272 million** in 2023, **391 million** in 2024, and **615 million** in 2025, with a compound annual growth rate of **50.4%**. In Q1 2026, revenue was **151 million**, compared to **103 million** in the same period last year, representing a year-on-year growth of **46.6%****.** Gross profit was **3.113 million** in 2023, **41.93 million** in 2024, and **83.615 million** in 2025, with a gross margin of**13.6%**. In Q1 2026, gross profit was **15.261 million**, with a gross margin of**10.1%**; compared to **7.328 million** in the same period last year, it grew by**108.25%****.** Net loss was -**201 million** in 2023, -**169 million** in 2024, and -**189 million** in 2025. In Q1 2026, the net loss was -**54.882 million**, compared to a net loss of -**39.964 million** in the same period last year, representing a year-on-year increase in net loss of **37.33%****.** Adjusted net losses for Q1 2023 to Q1 2026 were: -105 million, -60.76 million, -29.286 million, and -13.028 million, respectively. ![Image](https://pub.pbkrs.com/uploads/2026/dd8413cbc145b5ea743c75653ed860ee?x-oss-process=style/lg) Nasen Technology's main revenue sources are **NBS Solutions**, **ESC Solutions**, **NBC Solutions**, and **Others**. In 2025, revenues were: NBS Solutions **119 million yuan**, accounting for **19.4%**; ESC Solutions **177 million yuan**, accounting for **28.9%**; NBC Solutions **301 million yuan**, accounting for **49.1%**; Other revenues **15.816 million**, accounting for **2.6%**. Detailed revenue breakdown is as follows: ![Image](https://pub.pbkrs.com/uploads/2026/6d0ae10e2ff7cc5f50a9750a0f1954e3?x-oss-process=style/lg) **Industry and Competitor Overview:** The wire-controlled chassis sector in which Nasen Technology operates is the core execution link with the highest technical barriers and strictest safety requirements in the intelligent driving industry chain. With the increasing penetration of advanced autonomous driving (L3 and above), brake-by-wire is changing from an "optional feature" to a "must-have." This industry has long been dominated by overseas giants such as Bosch and Continental, but the current localization rate remains low (approximately 26.4% in 2024). Driven by the rise of domestic brands and supply chain security concerns, the space for domestic substitution is vast and accelerating. The localization rate is expected to reach 60% by 2030, providing significant structural growth dividends for local leading suppliers. **In terms of competitive landscape,** the brake-by-wire sector where Nasen Technology operates presents a pattern of "foreign dominance and local rise." Although international giants like Bosch still hold absolute dominance, domestic substitution is accelerating. In peer competition, Nasen Technology secured the second position among independent domestic third-party suppliers and third overall among domestic players with a 10.1% market share in 2025, demonstrating strong growth momentum. Compared to A-share leader Bethel, although Nasen Technology still lags in revenue scale and profitability, it leads the pack of startup companies with its fully self-developed underlying technology architecture and a compound revenue growth rate exceeding 50%. Facing vertical integration pressures from OEM suppliers like BYD FinDreams, Nasen Technology, as an independent third party, has built extremely strong customer stickiness by deeply binding with top automakers such as Changan and Li Auto. Meanwhile, compared to similar startups like Leike Technology and Tongyu Automotive, Nasen Technology was the first to knock on the door of the Hong Kong stock market, hoping to seize the initiative in next-generation EMB technology and global layout with the help of capital power. Nasen completed multiple rounds of financing before its IPO. The final D+ round investment was completed in September 2025, with a share cost of 7.54 yuan and a post-money valuation of 4.05 billion RMB, approximately 4.697 billion HKD, representing a discount of 24.24% to 29.38%. Pre-IPO investors include Qiming Venture Partners, Matrix Partners, Hillhouse Capital, CATL, BOC Capital, Changan Automobile, China Construction Bank, Huaqin Technology, etc., with a lock-up period of 12 months. The company concept is quite good, and the quality of the pre-IPO shareholder list is quite high. Unfortunately, for some unknown reason, both the capital side and the issuance structure seem like two different companies, wasting a good hand of cards. This public offering consists of 57,595 lots, with an entry fee of 1129.27 yuan. There are no cornerstone investors, but a green shoe option is set. The total market cap after issuance is 6.200-6.652 billion. This issuance design... financing for new share subscription results in an initial 10% loss. Small capital wanting to participate should subscribe directly with cash. The highlight of this stock is the Stock Connect concept, but the current situation has changed compared to the first half of the year. Additionally, the performance of new intelligent driving stocks upon listing has been average, so margin financing has encountered coldness. However, regarding the company's products, besides intelligent driving, they can be simultaneously applied to robots and low-altitude aircraft. The humanoid robot leader Unitree is about to go public, which will drive the robot theme. So this stock is not completely without highlights. It's just that the issuer's issuance structure design is too unattractive. **Dragon Turtle Rating:** **Orange** (**Red****Orange****Blue**). $NASN TECH(02261.HK) **Disclaimer:** Investment involves risks, participation requires caution. The targets mentioned in this article are only personal sharing records and do not constitute investment advice. We are not responsible for any losses incurred due to investment based on this content. If this article is helpful to you, please like, watch, and share it with friends who may need it. 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