MINIEYE files for IPO on Hong Kong Stock Exchange

Beijing (Gasgoo)- On May 27, intelligent driving and smart cockpit solution provider Minieye Technology Co., Ltd. (MINIEYE) officially submitted its application for an initial public offering (IPO) on the Hong Kong Stock Exchange.

In the intelligent driving sector, MINIEYE offers the iSafety and iPilot series solutions for Advanced Driver Assistance Systems (ADAS) applications, and the iRobo series for Level 4 (L4) autonomous driving. These solutions cover a range of intelligent driving levels from L0 to L4, catering to diverse scenarios and vehicle models.

According to the prospectus, as of the last practicable date, MINIEYE has supported 29 automakers in mass-producing relevant projects. In 2023 alone, MINIEYE sold over 780,000 units of its intelligent driving solutions.

MINIEYE is also concurrently developing and testing its L4 autonomous driving features, with the iRobo solution expected to be delivered by the end of 2024. This solution is currently in the testing phase and is anticipated to support fully autonomous driving in specific regions and scenarios.

In the smart cockpit domain, MINIEYE focuses on cabin perception, monitoring, and interaction. Key solutions include the Driver Monitoring System (DMS) and the Occupant Monitoring System (OMS).

Leveraging its core technologies and extensive experience in intelligent driving and smart cockpits, MINIEYE also offers C-V2X solutions to advance intelligent transportation infrastructure and smart city development.

From 2021 to 2023, MINIEYE achieved revenues of 175 million yuan, 279 million, and 476 million yuan, respectively, representing a compound annual growth rate of 64.9%. Revenue from its top five customers accounted for 78.0%, 42.7%, and 37.0% of the total income for these years.

However, like many intelligent driving companies, MINIEYE has faced financial losses, with cumulative operating losses of 139 million yuan, 221 million yuan, and 207 million yuan from 2021 to 2023, respectively.

Over the past three years, MINIEYE's R&D expenditures were 82.2 million yuan, 139 million yuan, and 150 million yuan. As of December 31, 2023, MINIEYE's R&D team comprised 331 members.