Desay SV Automotive Files for HKEX Listing to Advance A+H Share Strategy

Desay SV Automotive filed an application for listing on the Hong Kong Stock Exchange on April 13, 2025, planning to issue H-shares and achieve a dual A+H share listing. The company was first listed on the Shenzhen Stock Exchange in 2017 and currently has a market capitalization of approximately RMB 63 billion. This Hong Kong listing aims to advance its international strategic layout, enhance global influence, accelerate overseas business expansion, and establish an international capital operation platform. Headquartered in Huizhou, Guangdong Province, Desay SV Automotive specializes in intelligent driving software systems, intelligent driving sensors, and in-cabin interaction systems. Its products and services cover more than 80 automakers worldwide and it has established partnerships with international automotive giants such as Volkswagen Group, Toyota, and Honda. The company has set up overseas branches or manufacturing facilities in Mexico, Spain, and other locations, and acquired German antenna technology firm ATTB, building an international operational network spanning 16 overseas offices. In 2025, Desay SV Automotive reported revenue of RMB 32.557 billion, up 17.88% year-over-year, and net profit of RMB 2.454 billion, an increase of 22.38% year-over-year. Specifically, revenue from its smart cockpit segment reached RMB 20.585 billion, growing 12.92% year-over-year and accounting for 63.23% of total revenue; revenue from its intelligent driving segment amounted to RMB 9.7 billion, surging 32.63% year-over-year and representing 29.79% of total revenue. The company stated that its market share for smart cockpit domain controllers and intelligent driving controllers stood at 17.9% and 21.2% respectively in China, and 8.4% and 8.8% globally—ranking first in both segments. In 2025, the company’s production volume increased by 39.71% year-over-year, while sales volume rose by 30.14%. Previously, in September 2025, the company completed a private placement raising RMB 4.399 billion, earmarked for optimizing production capacity布局, incubating new businesses, and constructing the Chengdu Intelligent Computing Center, among other initiatives. The specific fundraising amount for this Hong Kong listing has not yet been disclosed.