Nasn Intelligent Tech (Zhejiang) Co., Ltd.

Automotive · Autonomous Driving · Hardware

IPO

Nasn Technology surges 64% in first HKEX drive-by-wire listing

China dominates global battery and lidar production but still imports most of its brake-by-wire tech, a gap this listing is meant to help close.

• Nasn Intelligent Tech (2261.HK) began trading on the Hong Kong Stock Exchange on August 7 and closed up 64% at HK$17.10, versus its HK$10.42 IPO price.
• Founded in 2016 and based in Hangzhou, Nasn builds brake-by-wire and intelligent chassis systems, supplying automakers including Changan, Li Auto, Chery and Leapmotor.
• The IPO sold 57.59 million H-shares at the bottom of its marketed range, raising net proceeds of about HK$533 million (roughly $68 million), with retail demand oversubscribed about 2,513 times.
• Revenue grew from RMB272 million in 2023 to RMB615 million in 2025, a compound growth rate above 50%, while gross margin rose from 1.1% to 13.6%, though the company remains unprofitable.
• China's domestic brake-by-wire penetration was just 22.5% in 2025, far below the 100% and 95% localization rates already achieved in batteries and lidar.
• As the first Hong Kong-listed pure-play in automotive-by-wire chassis technology, Nasn's strong debut signals investor appetite for closing one of China's last lagging gaps in intelligent-vehicle hardware.