On June 23rd, according to the disclosure of the Hong Kong Stock Exchange, Shenzhen Chengtai Technology Co., Ltd. (hereinafter referred to as "Chengtai Technology") officially submitted its prospectus, planning to be listed on the main board of the Hong Kong Stock Exchange through its 18C articles of association, with Guotai Junan International serving as the exclusive sponsor.
Established in 2016, Chengtai Technology is a millimeter wave radar supplier that mainly provides core sensing sensors for in vehicle intelligent driving systems. According to Zhuoshi Consulting data, in terms of shipment volume, Chengtai Technology will be the largest domestic supplier of vehicle mounted forward millimeter wave radar in China in 2024, and also the third largest supplier of vehicle mounted millimeter wave radar in China, with market shares of 9.3% and 4.5% respectively.
According to the prospectus, in recent years, Chengtai Technology's revenue has shown a rapid growth trend. From 2022 to 2024, the company's revenue was 57.651 million yuan, 157 million yuan, and 348 million yuan respectively.
Similar to many intelligent driving suppliers, Chengtai Technology faces significant customer concentration risks, with most of its revenue coming from customer A (BYD). From 2022 to 2024, the revenue from customer A was 47.2 million yuan, 143 million yuan, and 326 million yuan respectively, accounting for 81.9%, 91.3%, and 93.6% of the company's total revenue.
The funds raised by Chengtai Technology for its listing in Hong Kong will be used to repay bank loans and supplement operating capital. In addition, they will also be used for new technology research and product development in new application areas, testing equipment supplementation and production line upgrades, marketing and sales channel construction, as well as strategic mergers and acquisitions or investments.
The founding team of Chengtai Technology comes from Huawei. Among them, Chen Chengwen, the executive director, chairman of the board, and general manager of the company, used to be the technical director of Huawei's Central Research Department, leading the research and testing of CPU products as a senior product manager.
