"Pioneer of China's In-Vehicle HUD" Zejing Corporation (2632.HK) debuts on the Hong Kong stock exchange! Futu supports the company’s listing

On March 24, Jiangsu Zejing Auto Electronics Co., Ltd. (referred to as "Zejing Corporation", stock code:2632.HKofficially listed on the Main Board of the Hong Kong Stock Exchange, marking the beginning of a new chapter driven by both capital markets and business development.

In this global offering, Futu Securities International (Hong Kong) Limited acted as the joint bookrunners and joint lead managers, fully leveraging its technological trading platform advantages to help the company attract diverse investors and efficiently complete the issuance, laying a solid foundation for subsequent market liquidity and long-term growth.

According to the prospectus, this IPO has attracted a strong lineup of cornerstone investors. Yingke No.1 (Hong Kong) Limited and Beijing High-end Industry (Hong Kong) Development Investment Co., Ltd., as close associates of existing shareholders, participated in the offering, demonstrating capital market recognition of the company’s technological capabilities, industry position, and future prospects. Based on the mid-point of the offering price range at HKD 45, cornerstone investors subscribed to approximately 2.4433 million shares, accounting for over 15% of the total offering.

As an industry pioneer, Zejing Co., Ltd. has deeply cultivated the field of intelligent cockpit visual interaction, establishing an integrated full-process self-developed technology framework encompassing 'optical design + mechanical engineering + electronic design + software algorithms + human-machine interface (HMI).' This has resulted in a comprehensive product portfolio covering CyberLens (W-HUD), CyberVision (AR-HUD), testing solutions, and other innovative businesses. The company is the first domestic provider to adopt the Automotive SPICE (ASPICE) international standard for HUD development, with products offering core advantages such as minimal dynamic distortion, superior binocular parallax, and short delivery cycles as low as 10 months, far below the industry average of 18 months.

Financial data shows that the company’s performance has maintained rapid growth. Revenue reached CNY 214 million, CNY 549 million, and CNY 578 million from 2022 to 2024, with a compound annual growth rate of 64.3% during this period. In 2023, adjusted net profit (non-IFRS measure) amounted to CNY 13.3 million, achieving a breakthrough in profitability. In the first three quarters of 2025, the company continued its growth momentum, generating revenue of CNY 480 million, a year-on-year increase of 11.7%, reflecting resilience and growth potential.

Industry outlook data from灼识咨询 (CIC) shows that China's automotive HUD solution market size increased from 1 million units in 2020 to 3.9 million units in 2024, with a compound annual growth rate of 41.2%. It is expected to grow further to 12.7 million units by 2029, maintaining a high compound annual growth rate of 27.9% from 2025 to 2029. Zejing Co., Ltd.'s focus on the smart vehicle track continues to expand, providing space for product iteration and market expansion.

Regarding the use of proceeds, Zejing Co., Ltd. plans to allocate the net proceeds from this IPO according to the following strategic plan:

– 46.7% (approximately HKD 309.1 million) for production line expansion and upgrades towards automation and intelligence;

– 32.4% (approximately HKD 214.7 million) for enhancing R&D and technical capabilities, upgrading existing solutions, and developing new products based on similar technologies;

– 10.9% (approximately HKD 72.1 million) for potential strategic cooperation in areas related to optical imaging and near-eye displays, consolidating market leadership.

- 10.0% (approximately HKD 66.2 million) will be used for working capital and general corporate purposes.

As a leading digital fintech company, Futu, with an investor ecosystem of over 29.18 million and a comprehensive enterprise service system, is able to provide companies with end-to-end services throughout the pre-, mid-, and post-IPO process. These include a one-stop ESOP stock option management solution, Hong Kong and US IPO distribution*, investor relations (IR) and public relations (PR), financial public relations services, international placement, secondary trading services, and other core services.

As of Q4 2025, more than half of the top ten Hong Kong IPO fundraising companies are collaborating with Futu. Nearly half of the Hong Kong IPO projects in Q4 are working with Futu. The total subscription amount for Hong Kong IPOs on Futu's platform in Q4 reached HKD 3.5 trillion, firmly ranking first in the market. Futu’s capabilities in US IPOs have been recognized, with all retail clients successfully allocated shares in popular new stocks such as Bullish, Figure, and Gemini.

As of Q4 2025, Futu has 1,161 corporate services clients and provides IPO distribution and IR services to 600 companies. It has successfully assisted 387 companies, including Meituan, Kuaishou, Xiaomi, Baidu, KE Holdings, JD Health, and Bilibili, in going public in Hong Kong and the United States. A cumulative total of 830 ESOP clients have signed contracts with Futu, and 1,300 listed companies are now on Futu’s platform.

In the future, Futu will fully leverage its resources and market influence to provide more professional and efficient services to a wider range of clients!

*Securities-related businesses such as IPO distribution are provided by licensed subsidiaries under Futu.

*Data source: Market value calculated based on the first day of listing.

*Data source: Futu's Q4 2025 performance

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