CATL-backed smart driving tech firm to kick off Hong Kong IPO this week: sources
NASN Intelligent Tech could launch its book-building as early as Thursday and debut in early August
NASN Intelligent Tech, a mainland Chinese smart driving motion control technologies company, is seeking to kick off its initial public offering (IPO) as soon as Thursday, according to people familiar with the matter.
Founded in 2016, NASN completed multiple funding rounds before the IPO, with CATL and Hillhouse Investment each holding more than 3 per cent of shares. Other backers include Qiming Venture Partners and the Bank of China Capital.
Prior to the IPO, NASN announced that CLSA stepped down as one of its overall coordinators, without disclosing the reason for the termination. Haitong International Securities and BOCI Asia continue to serve as joint sponsors.
The company remains unprofitable, posting a 2025 full-year loss of 189 million yuan (US$26.9 million), up 12 per cent year on year, and a first-quarter loss this year of 54.9 million yuan, up 37 per cent, driven by high R&D spending. It expects to remain operating at a loss for 2026.
NASN also relies heavily on a small group of clients, with its top five clients accounting for over 94 per cent of revenue, with the largest client contributing 44 per cent of revenue in the first quarter.
