IPO News | Auto Link Reports Hong Kong Stock Exchange ranks second in China in the field of smart cockpit domain controllers in 2024

The Zhitong Finance App learned that according to the Hong Kong Stock Exchange's disclosure on November 28, Wuxi Auto Link Intelligent Technology Co., Ltd. (abbreviation: Auto Link World) handed over the Hong Kong Stock Exchange main board, with CICC and Cathay Pacific Haitong as co-sponsors.

According to the prospectus, Auto Connect World is a pioneer, leader and promoter of the automotive E/E architecture evolution process. With expertise in the global integration of smart car systems, the company creates full-stack solutions from hardware platforms, underlying software, application ecosystems to service architectures. The company's product portfolio includes in-vehicle computing solutions and zone controller solutions. Under in-vehicle computing solutions, the company provides automakers with various options such as intelligent cockpit domain controllers, integrated cabin driving domain controllers, and AutoSeeos software platforms. According to Frost & Sullivan, in terms of revenue, the company ranked second in the country in the field of smart cockpit domain controllers in China in 2024.

With an open and collaborative attitude, the company establishes a strategic cooperation ecosystem with domestic and foreign partners. By adopting a modular structure in the domain and cross-domain integration architecture, the company enables automaker partners to participate in SoC and algorithm choices to achieve customized intelligent upgrades. This collaborative approach enables the company's solutions to adapt to the changing technology landscape and meet diverse customer needs. As technology evolves, the company has always driven rapid product innovation and development with industry-leading resources. As one of the company's core strategies, the company actively chose to cooperate with a number of leading global hardware partners (such as Bosch, SiWT and Neusoft) and multiple chip vendors (such as Qualcomm, Renesas, Xinchi and Jefa Technology) to develop a diverse product line compatible with all mainstream SoC ecosystems. The company has successfully achieved the global launch and mass production of smart cockpit controllers based on the Qualcomm Snapdragon SA8155p platform and Qualcomm Snapdragon RideFlexSA8775p cabin driver's integrated domain controller in 2021 and 2025, respectively.

According to Frost & Sullivan data, as of June 30, 2025, the company ranked first in the world's smart cockpit domain controller for the Qualcomm Snapdragon SA8155P platform in terms of shipment volume. At the same time, the company cooperated with leading algorithm vendors in the industry (such as Zhuoyu) to promote the implementation of integrated domain controllers for cabin driving. The company has established partnerships with several major automakers to solidify the company's strong industry position among a diverse customer base. As of June 30, 2025, the company, as a tier-1 supplier, has obtained targeted projects for mass production of smart cockpit domain controllers for more than 100 models.

Relying on core technology, the company's product portfolio has evolved from domain controllers to include intelligent cockpit domain controllers, integrated cabin domain controllers, and area controllers. Notably, the company's design targets for smart cockpit domain controllers have increased significantly. Compared with the previous year, 12 more in 2022 and 45 in 2024. The scale of the company's business continued to grow, supported by growing product orders, the successful launch of large-scale production, and growing demand for domain controllers. Over the record period, the company has delivered more than 2 million automotive computing solutions and approximately 2,000 zone controllers.

Financial data

Revenue:

In 2022, 2023, 2024 and the six months ended June 30, 2025, the company's revenue was approximately RMB 369 million, RMB 2,298 million, RMB 2,656 million and RMB 1,039 million, respectively.

Losses and expenses:

In 2022, 2023, 2024 and the six months ended June 30, 2025, the company's losses during the period and total expenses due to the company's owners during the period were approximately RMB 514 million, RMB 201 million, RMB 253 million and RMB 262 million respectively.

Gross profit margin:

The company's gross margins for 2022, 2023, 2024 and the six months ended June 30, 2025 were 9.5%, 17.5%, 16.2%, and 16.2%, respectively.

Industry Overview

Driven by end user demand, technological development and policy support, the global smart car market has shown a strong growth trend in recent years. According to Frost & Sullivan, global sales of smart cars with L1 to L5 autonomous driving functions increased from 21.2 million to 53.9 million units. With the continuous advancement of autonomous driving and connected car technology, global sales are expected to reach 79.3 million vehicles by 2029. According to Frost & Sullivan, smart car sales in China increased from 7.4 million units in 2020 to 22.9 million units in 2024, and are expected to reach 30.5 million units by 2029.

The domain controller industry has developed into a diversified market covering five major segments: smart cockpit, autonomous driving, power, chassis and body. As E/E architectures evolve from distributed to centralized, the overall market size continues to expand. In particular, the integration of cockpit and ADAS has become a key milestone in the trend of central computing.

According to Frost & Sullivan, driven by increasing demand for faster system responsiveness, increased electrification, and increased control complexity, the global domain controller market grew from RMB 27.1 billion in 2020 to RMB 193.4 billion in 2024, with a compound annual growth rate of 63.4%. It is expected to reach RMB 725.3 billion by 2029, and the compound annual growth rate from 2024 to 2029 will remain strong at 30.3%. In the next few years, distributed ECUs, domain controllers, area controllers, and central computing platforms will present a pattern of coexistence and complementarity. According to Frost & Sullivan, the global market is expected to reach US$350 billion by 2035. According to Frost & Sullivan, the Chinese market is also expanding rapidly. The market size grew from RMB 13.9 billion in 2020 to RMB 93.4 billion in 2024, with a compound annual growth rate of 61.0%. It is expected to reach RMB 291.8 billion by 2029, and the CAGR is 25.6%.

Board Information

The board of directors consists of 9 directors, including 3 executive directors, 3 non-executive directors, and 3 independent non-executive directors.

Shareholding structure

In order to formally establish their cooperation as shareholders in achieving the common goals of the Group, on May 16, 2023, Mr. Yang, Auto Union Home, Beijing Auto Finance, Mr. Qin Lihong, Mr. Chen Mingche, Litai Group, Mr. Qin Zhi, Wenzhou Xunsheng, Shenzhen De Zaihou, Mr. Wu Bin, Guangdong De Zaihou, and a shareholder at the time (no longer a shareholder as of November 24, 2025) signed a concerted action agreement. Based on this, they each confirmed and agreed that since they became shareholders of the company, they had exercised their right to vote as shareholders or board members of the board of directors. rights (As appropriate), concerted action has been and will continue to be taken until one year after listing. In November 2025, Mr. Qin Zhi transferred all 250,000 shares of his company to Zhi Cheng Auto (a company wholly owned by Mr. Qin Zhi).

Therefore, Mr. Yang, Auto Connect, Auto Link, Beijing Auto Finance, Mr. Qin Lihong, Mr. Chen Mingche, Litai Group, Mr. Qin Zhi, Zhicheng Auto, Wenzhou Xunsheng, Shenzhen Dezaihou, Mr. Wu Bin, and Guangdong Dezaihou will form the company's single largest shareholder group. As of the filing date, the single largest shareholder group jointly held approximately 30.76% of the shares.

Intermediary team

Co-sponsors: China International Finance Hong Kong Securities Co., Ltd., Haitong International Capital Limited;

Legal advisors: Linklaters & Commerce Law Offices;

Co-sponsor and [Compiled] Legal Adviser: Latham & Watkins Limited Liability Partnership, Haiwen Law Firm;

Auditors and reporting accountants: Deloitte Guan Huang Chen Fang Certified Public Accountants;

Industry Advisor: Frost & Sullivan;

Compliance Advisor: New Berry Finance Co., Ltd.