HUD solutions provider NEW VISION CO (02632) has concluded its initial public offering subscription period, which ran from March 16, 2026, to March 19, 2026. Market information indicates the company secured HK$1.1 billion in margin financing from brokers. Based on a public offering fundraising amount of HK$77.89 million, the offering was oversubscribed by 13.1 times.
NEW VISION CO plans a global offering of 16.2265 million H shares, with the Hong Kong public offering comprising 10% and the international offering making up 90%. The indicative price range is set between HK$42 and HK$48 per share. Each board lot consists of 50 shares, with an entry cost of HK$2,424.2 per lot. The company aims to raise up to HK$780 million. Trading on the Stock Exchange of Hong Kong is expected to commence on Tuesday, March 24, with Haitong International and CITIC Securities acting as joint sponsors.
The issuance has attracted two cornerstone investors: Yingke Yihao, affiliated with the Beijing Shunyi State-owned Assets Supervision and Administration Commission, and Hong Kong High-Precision, controlled by the Beijing Municipal Government and the SASAC.
According to the prospectus, NEW VISION CO specializes in HUD solutions. During the track record period, the company's primary offerings were the windshield HUD solution CyberLens and the augmented reality HUD solution CyberVision, supplemented by testing solutions and other innovative visual technology solutions. The company engages in deep collaboration with automobile manufacturers during the solution definition phase to co-develop new vehicle models featuring enhanced human-vehicle interaction and intelligent driving experiences.
NEW VISION CO has established an integrated, self-developed technical architecture that combines hardware and software. This architecture encompasses optical design, mechanical engineering, electronic design, software algorithms, and human-machine interface, and has undergone rigorous testing and validation. It covers the core competencies required for HUD solutions and provides a unique capability to create sustainable market differentiation.
Financially, for the years 2022, 2023, 2024, and the nine months ended September 30, 2025, the company reported revenues of approximately RMB 214 million, RMB 549 million, RMB 578 million, and RMB 480 million, respectively. For the same periods, it recorded annual losses of approximately RMB 256 million, RMB 175 million, RMB 138 million, and RMB 344 million.
The company intends to allocate the net proceeds from the global offering as follows: approximately 46.7% for production line expansion and automation and intelligent upgrades; about 32.4% to enhance the group's research, development, and technological capabilities; roughly 10.9% for potential strategic collaborations with participants in the industrial value chain focusing on areas such as optical imaging, near-eye displays, and wearable products; and approximately 10.0% for working capital and general corporate purposes.