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Minieye Technology, Backed by Alibaba CEO, Files for US$150M IPO on Hong Kong Stock Exchange

Updated: Jun 12

Minieye Technology, backed by Alibaba CEO, files for Hong Kong IPO. Aims to raise US$150 million in the IPO. Company has exceeded the required market capitalisation for listing.

Minieye Technology, a Chinese autonomous driving company, has submitted its application to go public on the Hong Kong stock exchange. The company, which is backed by Alibaba Group Holding CEO Eddy Wu Yongming, is seeking to join the growing list of mainland self-driving tech firms that are looking to float on the city's bourse.

According to the company's prospectus, Minieye has gone through 17 rounds of fundraising before filing for its IPO on May 27. The firm aims to raise $150 million, although it has not disclosed its target valuation. However, it has stated that it has already exceeded the required market capitalisation of HK$4 billion ($512 million) for listing.

Eddy Wu, a co-founder of Alibaba and a prominent backer of Minieye, holds a 2.3% stake in the company. He transferred shares valued at 30.6 million yuan ($4.2 million) in 2019, four years after his initial angel investment of 4.5 million yuan.

Minieye's corporate backers include investment houses such as Beijing Siwei Management, Shenzhen Zeyi, and China International Capital. Liu Guoqing, an entrepreneur, launched the company in 2014, and it has given autonomous driving solutions to 29 carmakers at Level 2. This level of autonomy enables the system to regulate steering and acceleration while still requiring driver monitoring, comparable to Tesla's Autopilot.

In terms of financial performance, Minieye earned 476 million yuan last year, representing a compound annual growth rate of 64.9% over the previous three years. However, despite operating for a decade, the company has yet to earn a profit. It recorded losses of 139 million yuan in 2022, an improvement from losses of 221 million yuan and 207 million yuan in 2021 and 2020, respectively.

Minieye's R&D spending rose to 150 million yuan ($23.4 million) last year, accounting for 31.5% of total sales. This is a decrease from the 49.9% spent in 2022. In 2021, the company spent 82.2 million yuan ($12.8 million) on R&D, which represented 46.9% of its revenue.

Hong Kong has been a popular destination for Chinese autonomous driving companies looking to expand into overseas markets. Minieye follows in the footsteps of iMotion Automotive Technology, which was the first Chinese autonomous driving startup to list on the Hong Kong stock exchange in December. Other related companies, like Horizon Robotics, Black Sesame Technologies, and Zongmu Technology, have also selected Hong Kong for their IPOs.

  • Minieye Technology, backed by Alibaba CEO, files for Hong Kong IPO

  • Aims to raise $150 million in the IPO

  • Company has exceeded the required market capitalisation for listing

Source: SCMP

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