New Vision Receives Nearly 67 times Oversubscription Patrons Acts as Joint Bookrunner Joint Lead Manager and Capital Market Intermediaries

On the morning of March 24, 2026, Jiangsu New Vision Automotive Electronics Co., Ltd., ("New Vision" or the "Company"; Stock code: 2632.HK) trading under the stock code 2632.HK, officially commenced its listing on the Main Board of the Hong Kong Stock Exchange and . The final offer price was set at HK$44.2 per share, with the offering achieving a significant 68.9 times oversubscription, reflecting the high level of investor enthusiasm for the company.

Patrons Financial Holdings played a pivotal role in this milestone by serving as the Joint Bookrunner, Joint Lead Manager, and Capital Market Intermediary. By leveraging its professional expertise in capital markets, Patrons successfully assisted this leading Chinese Head-Up Display supplier in making its debut on the international stage.

This listing follows a successful public offering conducted between March 16 and March 19, 2026, during which the company offered 16.2265 million H-shares at a price range of HK$42.00 to HK$48.00 per share. The IPO drew significant attention from a diverse group of investors, highlighting the market's strong confidence in top-tier players within the intelligent driving and cockpit interaction sectors.

According to the details provided in the prospectus, New Vision plans to utilize approximately HK$662.1 million in net proceeds to fuel its next phase of growth.

The largest portion of these funds, roughly 46.7%, is designated for expanding and upgrading production lines through automation and intelligence, with the goal of establishing a global manufacturing network to meet rising demand. Another 32.4% will be dedicated to enhancing research and development, specifically for upgrading W-HUD and AR-HUD solutions and exploring new visual interaction technologies. Furthermore, 10.9% of the funds will support strategic collaborations and investments in areas like optical imaging and wearable products, while the remaining 10% will be used for general corporate purposes and working capital.

Patrons emphasized that New Vision holds a formidable competitive position within the intelligent cockpit HUD market. Based on 2024 sales volumes, the company is ranked as the second-largest HUD solution provider in China, commanding a 16.2% market share. Its technical prowess is further validated by its partnerships with 18 major automakers, including industry giants like Geely, FAW, SAIC, BYD, and Chang’an, through which it has secured a cumulative 101 vehicle model nominations.

The broader industry outlook remains highly positive as the penetration of smart vehicles in China continues to increase. Historical data shows that the Chinese automotive HUD market expanded from 1 million units in 2020 to 3.9 million units in 2024. Experts predict this momentum will continue, with the market potentially reaching 12.7 million units by 2029. This growth is bolstered by comprehensive government policies that favor technological innovation in the automotive sector.

Throughout the listing process, Patrons was deeply integrated into every phase of the project. By utilizing its sharp market insights and extensive global investor network, Patrons provided New Vision with a comprehensive, full-cycle listing service. This coordinated effort ensured that all critical aspects of the issuance were handled seamlessly, ultimately leading to a successful debut on the Hong Kong market.

If there is any inconsistency or ambiguity between these two versions, the Chinese version shall prevail.