Chinese autonomous driving firm iMotion completes hearing for IPO on HKEX

Beijing (Gasgoo)- On September 11, 2023, Chinese autonomous driving solution developer iMotion, officially known as iMotion Automotive Technology (Suzhou) Co., Ltd., has unveiled plans to list on the main board of the Hong Kong Stock Exchange (HKEX) following a successful hearing. 

Citigroup, Huatai International, and China Construction International have been appointed as co-sponsors for the listing.

Photo credit: iMotion

This development positions iMotion to potentially become the first "autonomous driving stock" on the HKEX.

Founded in 2016, iMotion specializes in autonomous driving domain controllers and provides solutions ranging from L2 to L4 for automakers. The company's commercialized solutions currently span from L2 to L2+, with ongoing development efforts for higher autonomy levels.

In terms of financial performance, iMotion's revenue increased significantly from 48 million yuan in 2020 to 1.78 billion yuan in 2021, and further surged to 13.26 billion yuan in 2022, reflecting a compound annual growth rate of 427.2%. In the first quarter of this year, iMotion recorded revenues of 3.6 billion yuan, marking a remarkable 130% soar compared to the same period in 2022.

Over the past few years, iMotion has delivered approximately 120,000 autonomous driving domain controllers to various customers, with sales skyrocketing in the first quarter of this year to 26,047 units compared to 8,118 units in the same period of 2022.

On the front of commercialization, iMotion has secured designated supply agreements with 15 prominent car makers, including Geely, Great Wall Motor, Chery, and Dongfeng Motor.

Regarding partnerships, iMotion has established deep collaborations with industry leaders such as Mobileye, Renesas Electronics, Texas Instruments, and Sunny Optical, delivering customized solutions to automakers. 

As part of its expansion plans, iMotion will set up a new iFC product automatic assembly line with an annual capacity exceeding 1 million units, bolster an additional testing line with an expected annual capacity of around 300,000 units, and acquire a new SMT production line with an annual capacity ranging from 600,000 to 700,000 units, all anticipated by the third quarter of this year.