IPO News | 'Steer-by-wire braking solutions provider' Nason Technology has launched its IPO, planning to list on August 7 with a minimum board lot subscription amount of HK$1,129.27

Futu News, July 30: $NASN TECH (02261.HK)$ An announcement was released stating that the IPO subscription period will run from July 30 to August 4. The company plans to globally offer approximately 57,594,500 shares, with listing expected on August 7.

Company Overview

Nason Technology develops motion control technologies for intelligent driving and currently provides steer-by-wire braking solutions. The company focuses on delivering mission-critical steer-by-wire braking solutions for intelligent driving. 'Intelligent driving' refers to the application of advanced sensing, computing, and control technologies to enable vehicles to assist or automate driving functions, thereby enhancing safety, comfort, and efficiency. This field demands stringent safety requirements and features high technological barriers, and the company’s solutions integrate fully in-house developed control algorithms, software, and hardware.

Source: Prospectus

Nason Technology’s steer-by-wire braking solutions are centered around proprietary control algorithms and a software-hardware architecture, encompassing a product portfolio that includes NBS, ESC, NBC, RBC, and EMB solutions. The company’s software algorithms support multiple capabilities, including driver braking intention recognition, intelligent driving mode switching, and Dynamic Stability Control (DSC), enabling precise motion execution, intelligent system coordination, and robust safety redundancy.

Financial Overview

Nason Technology’s revenue increased from RMB 272.2 million in 2023 to RMB 390.7 million in 2024, and further rose to RMB 614.5 million in 2025, representing a compound annual growth rate (CAGR) of 50.2% from 2023 to 2025. The company’s gross profit increased from RMB 3.1 million in 2023 to RMB 41.9 million in 2024, and further rose to RMB 83.6 million in 2025, reflecting a CAGR of 418.3% from 2023 to 2025.

For the years ended 2023, 2024, and 2025, and for the three months ended March 31, 2025 and 2026, the Company recorded net losses of RMB 200.8 million, RMB 169.5 million, RMB 189.5 million, RMB 40.0 million, and RMB 54.9 million, respectively.

Source: Prospectus

Use of Proceeds

Regarding the use of proceeds, Nason Technology expects the net proceeds from the global offering to be approximately HK$554 million (assuming the over-allotment option is not exercised and based on the mid-point offering price of HK$10.8). According to the prospectus, Nason Technology intends to allocate the funds raised from the global offering as follows:

Approximately 50% will be used over the next five years to continuously increase R&D investment and further enrich the Company’s portfolio of solutions; approximately 30% will be used over the next three years to expand and upgrade the Company’s manufacturing capabilities to enhance delivery capacity; approximately 10% will be used over the next five years to improve the Company’s service offerings and increase international brand recognition; and approximately 10% will be used for working capital and other general corporate purposes.

Further reading:Nason Technology Prospectus

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Edited by/Joe

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