Minieye Technology debuted on the Hong Kong Stock Exchange (HKEX) on December 27, becoming the latest Chinese intelligent driving firm to go public. The initial response was strong: shares opened at HKD 18.6 (USD 2.4), up 9.41% from the issue price of HKD 17 (USD 2.2), and closed at HKD 19.4 (USD 2.5), a 14.12% gain. This valued the Shenzhen-based company at HKD 7.744 billion (USD 997.4 million).
Trading resumed on December 30, with shares opening slightly lower at HKD 19.1 (USD 2.46). The offering raised gross proceeds of HKD 666.23 million (USD 85.8 million), with net proceeds of HKD 605.62 million (USD 78 million), which Minieye plans to channel into innovation, expansion, and commercialization.
Founded in 2014, Minieye supplies intelligent driving systems, smart cockpits, and vehicle-road collaboration solutions. Its product lines include “iSafety,” which supports advanced driver-assistance systems, and “iPilot,” which targets higher-level autonomous capabilities like highway navigation and intelligent parking.
The company’s journey began with a pivotal encounter nearly a decade ago. Co-founder and CEO Liu Guoqing secured angel investment from Daniel Zhang, the former chairman and CEO of Alibaba, during a chance meeting at an airport. Zhang, en route to ring the bell for Alibaba’s Nasdaq IPO, was so impressed by Liu’s pitch that he agreed to invest on the spot.
Over the years, Minieye has established itself as a key player in intelligent driving. According to Sina, as of mid-2024, its technologies were used by 35 automakers, including 21 export models destined for Europe, Australia, the UK, and Southeast Asia. Minieye is among the first Chinese companies to secure EU General Safety Regulation (GSR) certifications and has contributed to achieving five-star European New Car Assessment Programme (Euro NCAP) safety ratings.
Cornerstone investors in Minieye’s IPO include KCH International Investment, which secured 79.34% of the offer shares, making it the largest stakeholder among the cornerstone investors, and Horizon Together Holding, which received 1.75%. Both are under lockup agreements until mid-2025. Meanwhile, the founding team and their associated shareholder group, collectively the largest overall stakeholders, remain bound by a lockup until December 2025.
Minieye’s founding team includes four members, each bringing unique expertise: Liu, who holds a PhD in computer science from Singapore’s Nanyang Technological University; Yang Guang, an intelligent driving specialist; Zhou Xiang, responsible for vehicle-road collaboration initiatives; and Wang Qicheng, who manages strategic planning and international expansion.
Before its IPO, Minieye completed 17 funding rounds, raising RMB 1.448 billion (USD 202.7 million) from investors such as NavInfo, Zeyi Investment, the China Development Bank’s Manufacturing Transformation and Upgrading Fund, and CICC Capital. Its last valuation in late 2023 stood at RMB 5.3 billion (USD 741 million).
The IPO caps a banner year for intelligent driving firms. Other companies, including RoboSense and Black Sesame Technologies, have also listed on HKEX since October, cementing Hong Kong’s status as an emerging hub for automotive innovation financing.
Minieye’s public offering was oversubscribed 14.04 times, signaling robust demand. International placements were subscribed 1.09 times, with shares allocated to 115 investors. Public hands now control 52.53% of the company’s shares, meeting HKEX’s minimum float requirements.
Despite long payback periods and capital demands, intelligent driving companies continue to attract investors. Minieye reflects this trend, dedicating 26.7% of its revenue to R&D in the first half of 2024 while narrowing its losses. Between 2021 and 2023, the company achieved a compound annual growth rate (CAGR) of 64.9% in revenue.