The offering is split into 5.76 million shares for the Hong Kong public tranche and 51.84 million shares for the international placement, with each board lot comprising 100 shares . Haitong International and BOCI Asia serve as joint sponsors .

Company Background: Brake-by-Wire Pioneer

Founded in 2016 and headquartered in Hangzhou, NASN specializes in brake-by-wire systems and chassis electronic control solutions for intelligent driving . Its product lineup includes NBooster, Electronic Stability Control (ESC), and NBC (Networked Brake Control) — all mission-critical components for L3 and above autonomous driving . The company integrates full-stack in-house control algorithms and software/hardware, positioning itself as a top-three domestic Chinese supplier of brake-by-wire solutions by sales volume in 2025, according to CIC Consulting .

NASN operates R&D and operations centers in Shanghai, with production bases in Hangzhou and Jiaxing . The company passed its HKEX Main Board listing hearing on July 26, 2026, and disclosed its post-hearing prospectus the same day . It had previously received CSRC overseas listing filing approval on April 17, 2026, and formally submitted its listing application on April 29, 2026 .

Major Pre-IPO Investors

NASN has attracted notable institutional backing:

• CATL (Contemporary Amperex Technology) — holds >3% stake via its investment entity
• Hillhouse Investment — ~3.64% stake (through VNTR and MAUT entities)
• Qiming Venture Partners (Qiming Rongke) — ~6.03% stake
• Bank of China Capital (Shanghai Yangtze River Delta BOC Capital Equity Investment Fund) — ~6.63% stake
• Advanced Manufacturing Fund — ~6.26% stake
• Founders Tao Zhe and Liu Qian (spouses) collectively control ~22.58% voting rights

In 2025, the company completed a RMB 100 million (~US$13.7 million) Series D financing at a post-money valuation of RMB 4.05 billion (~US$556 million) .

Financial Performance: Pre-Revenue but Improving Margins

NASN remains pre-profit, though its financial trajectory shows improving unit economics:

Sources:

Revenue more than doubled from RMB 272 million in 2023 to RMB 615 million in 2025, driven by growing adoption of its brake-by-wire solutions in China's new energy vehicle market. Gross margin improved from 1.1% to 13.6% over the same period, reflecting better scale and product mix. Net losses, while still substantial at RMB 190 million in 2025, narrowed as a percentage of revenue from 73.8% to 30.8%, indicating a path toward breakeven if revenue growth continues .

Market Position and Outlook

NASN operates in the fast-growing brake-by-wire segment, a critical technology enabler for L3 and higher autonomous driving. Brake-by-wire systems replace traditional mechanical linkages with electronic signal transmission, offering faster response times, higher precision, and better compatibility with autonomous driving stacks .

The company is one of the top three domestic Chinese suppliers of brake-by-wire solutions, competing primarily with foreign suppliers in a market that is still in early adoption . Its major backer CATL, the world's largest battery manufacturer, provides strategic industry connections, while Hillhouse and Qiming add financial credibility for IPO investors .

Risk Factors

Investors should note several key risks:

• Pre-profit status: The company has not achieved profitability and expects to continue incurring net losses in the near term .
• Concentration risk: NASN depends on a relatively small number of automotive OEM customers for the majority of its revenue .
• Technology adoption pace: The timeline for widespread L3+ autonomous driving adoption remains uncertain, which could affect demand for brake-by-wire systems.
• Competition: Foreign Tier-1 suppliers (Bosch, Continental) dominate the global brake-by-wire market, and NASN must demonstrate product reliability at scale to gain share.

Note: This article is for informational purposes only and does not constitute investment advice.

The offering is split into 5.76 million shares for the Hong Kong public tranche and 51.84 million shares for the international placement, with each board lot comprising 100 shares . Haitong International and BOCI Asia serve as joint sponsors .

Company Background: Brake-by-Wire Pioneer

Founded in 2016 and headquartered in Hangzhou, NASN specializes in brake-by-wire systems and chassis electronic control solutions for intelligent driving . Its product lineup includes NBooster, Electronic Stability Control (ESC), and NBC (Networked Brake Control) — all mission-critical components for L3 and above autonomous driving . The company integrates full-stack in-house control algorithms and software/hardware, positioning itself as a top-three domestic Chinese supplier of brake-by-wire solutions by sales volume in 2025, according to CIC Consulting .

NASN operates R&D and operations centers in Shanghai, with production bases in Hangzhou and Jiaxing . The company passed its HKEX Main Board listing hearing on July 26, 2026, and disclosed its post-hearing prospectus the same day . It had previously received CSRC overseas listing filing approval on April 17, 2026, and formally submitted its listing application on April 29, 2026 .

Major Pre-IPO Investors

NASN has attracted notable institutional backing:

• CATL (Contemporary Amperex Technology) — holds >3% stake via its investment entity
• Hillhouse Investment — ~3.64% stake (through VNTR and MAUT entities)
• Qiming Venture Partners (Qiming Rongke) — ~6.03% stake
• Bank of China Capital (Shanghai Yangtze River Delta BOC Capital Equity Investment Fund) — ~6.63% stake
• Advanced Manufacturing Fund — ~6.26% stake
• Founders Tao Zhe and Liu Qian (spouses) collectively control ~22.58% voting rights

In 2025, the company completed a RMB 100 million (~US$13.7 million) Series D financing at a post-money valuation of RMB 4.05 billion (~US$556 million) .

Financial Performance: Pre-Revenue but Improving Margins

NASN remains pre-profit, though its financial trajectory shows improving unit economics:

Sources:

Revenue more than doubled from RMB 272 million in 2023 to RMB 615 million in 2025, driven by growing adoption of its brake-by-wire solutions in China's new energy vehicle market. Gross margin improved from 1.1% to 13.6% over the same period, reflecting better scale and product mix. Net losses, while still substantial at RMB 190 million in 2025, narrowed as a percentage of revenue from 73.8% to 30.8%, indicating a path toward breakeven if revenue growth continues .

Market Position and Outlook

NASN operates in the fast-growing brake-by-wire segment, a critical technology enabler for L3 and higher autonomous driving. Brake-by-wire systems replace traditional mechanical linkages with electronic signal transmission, offering faster response times, higher precision, and better compatibility with autonomous driving stacks .

The company is one of the top three domestic Chinese suppliers of brake-by-wire solutions, competing primarily with foreign suppliers in a market that is still in early adoption . Its major backer CATL, the world's largest battery manufacturer, provides strategic industry connections, while Hillhouse and Qiming add financial credibility for IPO investors .

Risk Factors

Investors should note several key risks:

• Pre-profit status: The company has not achieved profitability and expects to continue incurring net losses in the near term .
• Concentration risk: NASN depends on a relatively small number of automotive OEM customers for the majority of its revenue .
• Technology adoption pace: The timeline for widespread L3+ autonomous driving adoption remains uncertain, which could affect demand for brake-by-wire systems.
• Competition: Foreign Tier-1 suppliers (Bosch, Continental) dominate the global brake-by-wire market, and NASN must demonstrate product reliability at scale to gain share.

Note: This article is for informational purposes only and does not constitute investment advice.