Gasgoo Munich- NASN Intelligent Tech (Zhejiang) Co., Ltd., a Chinese supplier of brake-by-wire systems, began trading on the Main Board of the Hong Kong Stock Exchange on August 7 under the stock code 2261.
Image source: NASN
The listing gives the company additional funding as it seeks to expand production and challenge established international suppliers in China's fast-growing brake-by-wire market.
NASN offered 57.59 million H shares globally at HK$10.42 apiece, the bottom of its marketed range, raising net proceeds of approximately HK$533 million.
Demand from Hong Kong retail investors was particularly strong, with the public offering oversubscribed by about 2,513.5 times. Investors applying for one board lot of 100 shares had an allocation rate of 8%. The stock closed at HK$16.70 in pre-listing trading, 60.27% above its offer price.
Founded in 2016, NASN develops chassis-by-wire solutions for intelligent vehicles. Its product portfolio includes the NBooster electronic brake booster, electronic stability control systems and the company's NBC integrated intelligent braking solution.
NASN was among the earliest Chinese suppliers to bring brake-by-wire products into series production. Its customers include Changan Automobile, Li Auto, Chery and Leapmotor, and the company had secured more than 100 vehicle-program nominations by the end of 2025.
NASN's revenue increased from RMB272 million in 2023 to RMB391 million in 2024 and RMB615 million in 2025, representing a compound annual growth rate of more than 50%.
There are signs that higher production volumes are improving its cost structure. Gross margin rose from just 1.1% in 2023 to 10.7% in 2024 and 13.6% in 2025, although further gains will be needed for the company to reach breakeven.
NASN plans to allocate about half of the IPO proceeds to research and development and a further 30% to expanding and upgrading its manufacturing capacity. Approximately 10% will support service capabilities and international brand development, with the remainder earmarked for working capital and general corporate purposes.
Chassis-by-wire systems are becoming increasingly important as vehicle control shifts toward electrification and higher levels of driving automation. That trend provides NASN with a clear growth opportunity, but also brings intensifying competition from both multinational suppliers and other Chinese technology companies. Its ability to convert rising revenue into profit will depend largely on the pace of product development, manufacturing scale-up and cost reduction.
