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Major provider of Level 2 Navigate on Autopilot (NOA) solutions has filed for an initial public offering in Hong Kong, marking a key milestone in its strategic listing journey.
According to the recently disclosed prospectus, China International Capital Corporation and Deutsche Bank are serving as joint sponsors for the offering.
Founded in September 2016, the company develops AI-driven driver-assistance software suitable for mass production and is advancing toward Level 4 autonomous driving technology with its Scalable Robo platform. Its commercial offerings include solutions for self-driving taxis (Robotaxi) and autonomous commercial vans (Robovan), with plans to introduce autonomous trucks (Robotruck) by 2027.
The IPO coincides with a pivotal moment in China’s urban NOA market. Industry insights predict that urban NOA adoption will surge from 11 percent in 2025 to 62 percent by 2030, with third-party providers commanding roughly 75 percent of the market share. The research indicates that the company holds a dominant 65 percent share of China’s third-party urban NOA market based on sales.
Growing Market Potential
The company is positioned advantageously to capitalize on this expansion. Industry forecasts project that annual sales of urban NOA solutions will grow from 2.6 million units in 2025 to 18.2 million in 2030, reflecting a compound annual growth rate of approximately 48 percent. Currently, it and Huawei HI represent over 80 percent of this market segment.
Within the autonomous mobility sector, projections estimate China’s robotaxi market will reach approximately USD 38.1 billion by 2030, with penetration levels climbing to about 12 percent. The company has established robotaxi partnerships with ride-hailing giants Uber, Grab, Xiangdao Chuxing, and automobile manufacturer Mercedes-Benz Group across Asia, Europe, and the Middle East, and plans to expand services to multiple new cities worldwide within this year.
As of June, over 900,000 vehicles produced at scale feature the company’s systems. The firm has delivered more than 100 vehicle models and secured design wins for over 210 models. It maintains collaborations with 24 global automakers, with its mass-production solutions operating in more than 10 countries and regions across Asia, Europe, Oceania, Latin America, and North Africa.
Financially, the company has demonstrated significant growth. Revenue increased by 82 percent to CNY 2.4 billion (approximately USD 352.7 million) in 2025 from the previous year, while adjusted net losses decreased by 69 percent to CNY 300 million (around USD 44.1 million). Licensing revenue accounted for over 40 percent of total revenue at CNY 968 million, and cash reserves surpassed CNY 10 billion (about USD 1.5 billion) at year’s end.
Technological Innovation and International Reach
In technology developments, the firm introduced its R7 Reinforcement Learning World Model for mass production in April, becoming the first third-party autonomous driving company to commercialize a physical AI foundation model trained from real-world driving data to enhance vehicle decision-making. The model was developed using more than 120 billion kilometers of real-world driving data and over 100 million data segments. R&D expenses reached CNY 1.9 billion in 2025, nearly 80 percent of annual revenue.
The company emphasizes that data collected from its mass-production vehicles creates a self-reinforcing cycle, continuously improving autonomous driving capabilities and providing a significant competitive edge.
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