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NASN Intelligent Tech targets Hong Kong IPO as soon as Thursday
The CATL-backed company is still unprofitable, with a 2025 full-year loss of 189.0 million yuan and top five clients accounting for over 94.0% of revenue.
NASN Intelligent Tech, a mainland Chinese smart driving motion control technologies company backed by battery maker Contemporary Amperex Technology Ltd, is seeking to launch an initial public offering in Hong Kong as soon as Thursday, according to people familiar with the matter cited by SCMP Economy.
The company, founded in 2016, has completed multiple funding rounds, with CATL and Hillhouse Investment each holding more than 3.0% of shares. Other backers include Qiming Venture Partners and the Bank of China Capital.
SCMP Economy reports that NASN recently passed its listing hearing, and that CLSA stepped down as an overall coordinator without a disclosed reason. Haitong International Securities and BOCI Asia continue to serve as joint sponsors.
Financially, NASN remains loss-making, posting a 2025 full-year loss of 189.0 million yuan (US$26.9 million), up 12.0% year on year, and a first-quarter loss this year of 54.9 million yuan, up 37.0%, driven by high R&D spending. It expects to remain operating at a loss for 2026, and says its top five clients account for over 94.0% of revenue, with the largest client contributing 44.0% in the first quarter.