NASN Intelligent Tech (Zhejiang) Co., Ltd.

Date of Prospectus: July 30, 2026

NASN Intelligent Tech (Zhejiang) Co., Ltd. IPO: Intelligent Driving Technology Leader Targets Growth with HK Listing

IPO Snapshot: Offer Structure, Pricing, and Allotment

NASN Intelligent Tech (Zhejiang) Co., Ltd. is launching its initial public offering (IPO) on the Hong Kong Stock Exchange, marking a pivotal moment for this technology-driven automotive solutions provider. The IPO is structured to maximize public participation and institutional interest, supporting the company’s ambitious growth plans in intelligent driving motion control technologies.

• IPO Symbol: Not disclosed
• Offer Price Range: HK\$10.42 – HK\$11.18 per H Share
• Mid-point Offer Price: HK\$10.80 per H Share
• Total Offer Size: Approx. HK\$554.2 million (net proceeds, assuming mid-point and no over-allotment)
• Number of Shares Offered: 57,594,500 H Shares (including 5,759,500 in the Hong Kong Public Offering and 51,835,000 in the International Offering)
• Post-IPO Outstanding Shares: Not explicitly disclosed
• Over-allotment Option (Greenshoe): Up to 8,639,100 additional H Shares (15% of Offer Shares), supporting post-listing stabilization [[33]][[70]]

Use of Proceeds:

• ~50% (HK\$277.1 million): R&D expansion, new product development over five years
• ~30% (HK\$166.3 million): Production/manufacturing upgrades over three years
• ~10% (HK\$55.4 million): International brand building and service enhancement over five years
• ~10% (HK\$55.4 million): Working capital and general corporate purposes

This allocation underscores a growth-driven story, with heavy investment in technology, capacity, and global brand expansion [[25]].

Placement and Issuance Breakdown

• Public Offering: 5,759,500 H Shares (10% of Offer Shares)
• International Offering: 51,835,000 H Shares (90% of Offer Shares)
• Cornerstone/Anchor, Employee, Shareholder Tranche: Not explicitly disclosed
• Pre-IPO Investors: Multiple rounds from 2016–2025, including Angel, Series A, B, C, D+, with names such as Suzhou Sushang, Qiming Rongke, Jiaxing Yunsen, FIIF II, Juli Hangshi, Juli No. 1 [[117]][[120]]

Dividend Policy and Timetable

No dividends declared or paid during track record period. The company does not commit to a dividend payout. Most or all available funds and future earnings after the IPO are expected to be retained for business operations and growth. No prescribed payout ratio or timetable is provided [[10]][[63]].

Investor Participation and Book Quality

Application Structure:

• Fully electronic, via brokers/custodians (HKSCC FINI system) and HK eIPO White Form (www.hkeipo.hk)
• Application window: July 30, 2026 (9:00 a.m.) – August 4, 2026 (12:00 noon)
• Minimum application: 100 H Shares

Oversubscription Metrics: Not disclosed.

Pre-Listing Sales/Disposals:

• Share transfers among shareholders in 2017, 2025
• Multiple rounds of Pre-IPO investments with detailed terms, valuations, and discounts to IPO price [[117]][[120]]

Book Quality and Listing Day Performance:

• Strong institutional and professional investor targeting
• Selective marketing to investors with sizeable demand and sector focus
• Reallocation flexibility between tranches supports market stability
• Over-allotment option and stabilization mechanism may support listing-day performance [[33]][[279]]

Deal Parties and IPO Structure

• Overall Coordinators: Haitong International Securities Company Limited, BOCI Asia Limited, SDIC Securities (Hong Kong) Limited [[279]]
• Joint Sponsors: Haitong International Capital Limited, BOCI Asia Limited [[464]]
• Reporting Accountant: Ernst & Young [[397]]
• Legal Advisors: Brightstone Lawyers (PRC), Liu Shen & Associates (IP) [[464]]
• Industry Consultant: China Insights Industry Consultancy Limited [[464]]
• Stabilization/Over-allotment: Up to 15% greenshoe; detailed stabilization guidelines disclosed [[33]]

Listing-day performance is likely to be supported by:

• Strong syndicate structure
• Full underwriting by Hong Kong and International Underwriters
• Robust allocation and stabilization mechanisms

Company Overview: Business Model, Products, and Market Position

NASN Intelligent Tech (Zhejiang) Co., Ltd. is a technology company specializing in intelligent driving motion control, with a core focus on brake-by-wire solutions for advanced vehicle automation.

• Key Product: Mission-critical brake-by-wire solutions enabling advanced sensing, computing, and vehicle automation for safety, comfort, and efficiency [[10]]
• Revenue Streams: Sale of intelligent driving solutions to OEMs and automotive partners [[10]]
• Customer Segments: Automotive OEMs, design partners, domestic and international vehicle manufacturers
• Geographies: Based in PRC, expanding international footprint [[25]]

Industry/Sector: X-by-wire solutions for intelligent driving, a rapidly growing segment within automotive technology.

Market Position:

• Design wins from OEMs after technical evaluations and competitive selection
• Steady revenue and gross profit margin growth year-over-year and quarter-over-quarter
• Expanding business footprint post-track record period [[26]]

Financial Health: Revenue, Profitability, and Cash Flow

The company has experienced rapid revenue growth, but continues to record operating losses and negative net cash flow from operations.

Operating Loss: The company has incurred operating losses since inception and expects to record a loss for the year ending December 31, 2026 [[10]][[26]].

Cash Flow: Negative net cash flow from operating activities throughout track record period [[10]].

Debt Levels & Interest Coverage: Not disclosed.

Capex & Working Capital: Capex pipeline includes manufacturing ramp-up and R&D expansion. Working capital is projected to remain positive through stress tests, even under revenue/gross margin fluctuations [[263]].

Market Position and Competitive Advantages

• Strong OEM design wins, indicating technology leadership
• Steady expansion of business footprint post-track record period
• Brand recognition and international reach targeted for growth [[26]]

Management Team

• Founders: Mr. Tao Zhe and Ms. Liu Qian [[29]]
• Board, Supervisors, Senior Management: Detailed in prospectus (roles and bios not summarized here)

Sector Trends, IPO Timing, and Market Environment

Sector Trends: Rapid growth in X-by-wire solutions for intelligent driving, with a forecasted CAGR of 20.3% for the China market from 2025 to 2030 [[263]]. Strong demand drivers include advanced safety, automation, and vehicle electrification.

Recent Developments:

• Business footprint expanded post-track record period
• Continued growth in revenue and gross profit margin in first five months of 2026 over prior year [[26]]
• Multiple new design wins and validation with OEMs

IPO Timing:

• Application Period: July 30, 2026 – August 4, 2026
• Price Determination Date: August 5, 2026 (on or before 12:00 noon)
• Listing Date: August 7, 2026 (expected)

Market Environment: Favorable macro indicators and sector demand described in industry overview; IPO timing aligns with sector uptrend and increasing adoption of intelligent driving technologies.

Conclusion: Market conditions appear favorable for this IPO, with strong demand drivers and sector growth [[26]].

Risk Factors

• Operating Loss: Ongoing losses, with negative net cash from operations, and expectation of continued loss in 2026 [[10]][[26]]
• Dividend Risk: No guarantee of future dividend payments, most earnings to be retained [[63]]
• Regulatory Risks: Compliance with PRC and Hong Kong regulations, including listing rules and overseas listing trial measures [[69]]
• Customer Concentration/Supplier Risk: Not quantified
• IP Litigation Risk: Counsel appointed; patents and IP portfolio disclosed [[450]]
• FX/Commodity Risk: Not quantified
• Related Party Transactions: Ongoing connected transactions post-listing, with waivers applied [[19]]
• Single Geography/Product Risk: Primary operations in PRC; international expansion planned [[25]]
• Lock-up and Share Disposal Restrictions: Company, founders, and key shareholders subject to six-month lock-up; additional six months with orderly market provisions [[272]]

Growth Strategy: Expansion Plans and Capex Pipeline

• R&D Expansion: HK\$277.1 million over five years for product portfolio and technology advancement
• Manufacturing Upgrades: HK\$166.3 million over three years to expand production and delivery capabilities
• International Brand Building: HK\$55.4 million over five years
• Working Capital/General Corporate: HK\$55.4 million
• Capacity Ramp-up: Manufacturing operations in ramp-up phase to meet growing demand [[26]]
• Product Launches: Multiple new intelligent driving solutions in pipeline
• Market Entry: Domestic and international expansion targeted

Ownership and Lock-up Structure

• Pre-IPO Investors: Multiple rounds, including Angel, Series A, B, C, D+, with detailed terms, amounts, and discounts to IPO price [[117]][[120]]
• Founders: Mr. Tao Zhe and Ms. Liu Qian [[29]]
• Promoter/Major Shareholder Holdings: Not explicitly quantified post-IPO
• Lock-up: Six-month lock-up for company and key shareholders, followed by additional six months with orderly market requirements [[272]]
• ESOPs: Share Incentive Scheme adopted in 2018, amended 2022; vesting tied to IPO completion and service period [[459]]

Valuation and Peer Comparison

No peer company metrics, sector P/E, P/B, EV/EBITDA, revenue growth, net margin, ROE, ROA, or dividend yield are disclosed in the prospectus. No other IPOs or sector performance tables are included.

Research and Opinions

No explicit analyst opinions, price targets, or covering institutions are named in the prospectus.

IPO Allotment Result

Final subscription outcomes by tranche and implications for listing day are not disclosed.

Listing Outlook

Based on the disclosed facts:

• Strong syndicate structure and full underwriting
• Active stabilization measures and over-allotment option
• Robust growth drivers in intelligent driving sector
• Rapid revenue growth, but continued operating losses and negative cash flow
• Heavy investment in R&D, manufacturing, and international expansion
• Pre-IPO investor confidence and multiple rounds of funding

Inference: The IPO appears positioned for strong initial demand, particularly among institutional/professional investors. With stabilization mechanisms and a solid syndicate, listing-day performance may be supported, and the stock could trade above the offer price in the first day’s range, assuming sector momentum continues and market conditions remain favorable. First-day trading strength relative to the offer price is estimated as positive, based only on prospectus figures.

Prospectus Access

The prospectus is available at:

• www.hkexnews.hk
• www.nasn-auto.com

How to Apply for NASN IPO Shares

Application Channels:

• Brokers or custodians who are HKSCC Participants (via FINI system)
• HK eIPO White Form service (www.hkeipo.hk)

Application Window: July 30, 2026 (9:00 a.m.) to August 4, 2026 (12:00 noon)
Eligibility: Applicants must be 18 or older, have a Hong Kong address (for HK eIPO White Form), and be outside the United States and a non-U.S. person (Regulation S).
Minimum Application: 100 H Shares