【New Stock IPO】Automotive HUD supplier Zejing Electronics successfully passes the hurdle and plans to raise $100 million. Lei Jun's Shunwei Capital and Geely-affiliated investment firms are involved in the investment.

SocialAnxietyStaker · 2026-03-10T11:04:37+00:00

Mainland China automotive HUD solution provider Zejing Electronics has passed the listing hearing, aiming to raise $100 million. In the first nine months of 2025, the company's losses expanded to 351 million yuan, with revenue increasing to 480 million yuan. Since its founding in 2015, Zejing Electronics' main products are windshield HUD and augmented reality HUD, holding a 16.2% market share in China. Over the past three years, the cumulative loss has reached 580 million yuan, and the funds raised are expected to be used for expansion and technological R&D.

SocialAnxietyStaker

2026-03-10 11:04:37

Abstract generation in progress

Mainland China automotive HUD (Head-Up Display) solution provider Zejing Electronics has gone through a listing hearing, with Haitong International and CITIC Securities acting as joint sponsors. Reports indicate that Zejing Electronics has launched pre-listing roadshows, aiming to raise $100 million, equivalent to HKD 780 million. In the first nine months of 2025, Zejing’s losses expanded 1.7 times year-on-year to RMB 351 million, with revenue reaching RMB 480 million, an increase of 11.7%.

Zejing Electronics was founded in 2015, focusing on two main products: windshield HUD (W-HUD, branded as CyberLens) and augmented reality HUD (AR-HUD, called CyberVision). Based on 2024 sales volume, it ranks second among Chinese HUD solution providers, with a market share of 16.2%.

As of the end of September last year, Zejing Electronics had sold a total of 1.9 million HUD units, serving 18 automakers, including NIO and Xiaomi Motors.

Accumulated loss of RMB 580 million over the past three years

Zejing Electronics has continuously incurred losses over the past three years. From 2022 to 2024, the company reported accounting losses of RMB 252 million, RMB 182 million, and RMB 143 million, totaling RMB 580 million. According to non-IFRS standards, net losses for 2022-2024 were RMB 7.91 million, RMB 7.1 million, and RMB 4.4 million.

In terms of equity, founder Zhang Tao and other concerted parties control a total of 44.66% of shares; Xiaomi (01810) Chairman Lei Jun’s Shunwei Capital holds 7.08%; Geely’s investment firm Qianzhan Yuan Zhi owns 7.04%; FAW Investment holds 2.66%.

The company expects the funds raised from the offering to be used for expanding, automating, and upgrading production lines; enhancing R&D and technological capabilities; and focusing on potential strategic collaborations with industry value chain participants.

For updates on new stock IPOs, please visit 【New Stock IPOs】

Market opening: tracking bullish and bearish trends

“High oil prices” + “Weak employment” double pressure—are oil and stock markets diverging? Does the “14th Five-Year Plan” present new investment opportunities?

View Original

This page may contain third-party content, which is provided for information purposes only (not representations/warranties) and should not be considered as an endorsement of its views by Gate, nor as financial or professional advice. See Disclaimer for details.