Gasgoo Munich-Jiangsu New Vision Automotive Electronics Co., Ltd., known as New Vision Automotive Electronics, successfully listed on the main board of the Hong Kong Stock Exchange on March 24, according to Gasgoo. The stock trades under the code 2632.HK.
The company's global offering comprised 16.23 million H-shares, representing roughly 13.15% of the enlarged share capital. Priced at HKD 44.20 per share, the IPO raised about HKD 717 million in total, with net proceeds hitting approximately HKD 650 million.
Image Source: New Vision Automotive Electronics
Established in 2015, New Vision Automotive Electronics specializes in smart cockpit visual interaction solutions. Its core portfolio includes head-up displays (HUD), such as W-HUD and AR-HUD systems.
Data from the Gasgoo Institute Smart Cockpit Configuration Report shows New Vision Automotive Electronics ranked second in the market with 499,756 standard-equipped HUD units in 2025. It trails only Foryou Multimedia, capturing an 11.4% market share.
Image Source: Gasgoo Institute
In the AR-HUD segment specifically, Zejing secured the fifth spot with 115,989 standard-equipped units, representing a 7.2% share. The top four players—Foryou Multimedia, Huawei Technologies, E-Lead Electronic, and Crystal Optech—held 346,014, 341,077, 337,568, and 201,995 units respectively. Their market shares stood at 21.5%, 21.2%, 21%, and 12.5%.
Between 2022 and 2024, Zejing's revenue climbed from 210 million yuan to 550 million yuan and then 580 million yuan. The 2023 jump was particularly sharp, rising 156.6% year-on-year. However, the company remained in the red, reporting net losses of 260 million yuan, 180 million yuan, and 140 million yuan over that period—which adds up to a cumulative deficit of 580 million yuan.
For the first three quarters of 2025, revenue reached 480 million yuan, an 11.68% increase. Yet losses widened significantly during this period to 344 million yuan, compared with 128 million yuan a year earlier.
Underpinning this performance is a client base of 18 leading and emerging automakers. Zejing has secured designations for 101 vehicle models, spanning a diverse and growing lineup that includes sedans, SUVs, and MPVs. By the end of September 2025, the company had delivered more than 1.9 million HUD units in total.
