On August 7, the Hong Kong stock market welcomed another phenomenon-level IPO. Nason Technology (02261.HK), a developer of intelligent driving motion control technology, officially listed on the main board of the Stock Exchange of Hong Kong. Prior subscription data showed that the public offering in Hong Kong was oversubscribed by 2513.54 times, attracting approximately 162,000 investors and freezing funds totaling HKD 133.6 billion, with a subscription rate as low as 8% for a single lot, making it the "popularity king" of the recent Hong Kong IPO market.
Frozen funds reached HKD 133.6 billion: An IPO frenzy ignited by "electric control chassis"
Nason Technology conducted its IPO from July 30 to August 4, offering 57.5945 million H shares globally. 10% was allocated to the public offering in Hong Kong, 90% to the international offering, and 15% was reserved for over-allotment options. The company was ultimately priced at the lower limit of the offering price, HKD 10.42 per share, raising a maximum of about HKD 644 million, with a net proceeds of approximately HKD 533 million after deducting expenses.
From the subscription data, the market enthusiasm was evident: the public offering in Hong Kong was oversubscribed by 2513.54 times, far exceeding the 2.12 times subscription rate of the international offering. Based on a lot size of 100 shares and a subscription fee of approximately HKD 1129, the subscription rate for a single lot was only 8%, meaning one needed to subscribe to 500,000 shares to secure two lots. The scale of frozen funds reached HKD 133.6 billion, which is over 250 times the fundraising amount. The heavy use of margin financing by retail investors for full subscription clearly demonstrates the market's pursuit of the intelligent driving sector.
The dark market trading was also hot. According to data from Futu trading venue, Nason Technology opened at HKD 13.9 on the dark market on August 6, an increase of 33.4% from the offering price. It reached a high of HKD 17.5 during the session and closed at HKD 16.7, which was 60.27% higher than the offering price, yielding a paper profit of HKD 628 per lot. The Futu platform dark market also rose to HKD 16.94 at one point, with a gain of 62.6%. Existing company shareholders have made lock-up commitments until August 6, 2027.
The "Domestic Leader in Electric Control Chassis" Backed by Star Capital
Nason Technology was established in 2016, focusing on the research and industrialization of core automotive electric control chassis technologies. Its products cover electric control braking, electric control steering, and intelligent chassis solutions, including NBooster electronic braking assistance systems, ESC vehicle stability control systems, and NBC integrated intelligent braking systems, providing comprehensive solutions for L3/L4 autonomous driving.
According to Zhaoshi Consulting data, the company is the first in China to apply electronic braking assistance solutions in the commercial operation of L4 autonomous driving. Based on the sales volume of electric control braking solutions in 2025, it ranks among the top three domestic suppliers and the second largest independent third-party supplier in China. In 2024, the company's domestic market share was approximately 9.9%, and product sales increased by 58.3% year-on-year. As of the end of 2025, it has secured 117 designated projects with automotive manufacturers, integrating into the supply chain systems of domestic brands such as Changan, Li Auto, Chery, and Zeekr.
The shareholder lineup is also luxurious. Since its establishment, the company has introduced well-known institutions such as CATL, Hillhouse Capital, Qiming Venture Partners, and Matrix Partners, raising a cumulative total of approximately RMB 1.334 billion. After completing the D+ round of financing in September 2025, its valuation reached RMB 4.05 billion. The intended use of the funds from this listing is clear:
* Approximately 50% will be used to strengthen R&D capabilities and expand the product portfolio over the next five years;
* Approximately 30% will be used to expand and upgrade manufacturing capabilities over the next three years;
* Approximately 10% will be used to enhance services and improve international brand recognition;
Approximately 10% is used for working capital and other general corporate purposes.However, the company is currently operating at a loss—revenues for 2023, 2024, and 2025 were 272 million, 391 million, and 615 million yuan, respectively, showing rapid growth, but net losses were 201 million, 170 million, and 190 million yuan in the same periods, making it a typical high-growth, unprofitable technology company. Its valuation logic is highly dependent on the rapid increase in future intelligent driving penetration and the realization of order volume.
Deep Changes in the Hong Kong Stock Market IPO Ecosystem Behind the New Listing Boom
The popularity of Gesen Technology is not an isolated case. Since 2026, the Hong Kong IPO market has remained active, with new stocks in themes such as AI, intelligent driving, and new consumption frequently achieving thousands of times oversubscription. Looking back, Mixue Ice Cream's listing in March 2025 set a record in the Hong Kong stock market with 5,324 times oversubscription and frozen funds of approximately 1.84 trillion HKD, and consumer new stocks listed this June also saw over 6,500 times oversubscription, indicating that new stock offerings in Hong Kong have evolved from a niche game to a capital phenomenon involving the general public.
From a systemic perspective, after the full implementation of the Stock Exchange of Hong Kong's FINI (New Stock Electronic Clearing Platform), the new stock frozen fund period was shortened from the previous T+5 to T+2, significantly reducing the cost of occupying subscription funds and the margin pressure on brokers, which greatly lowered the barrier and cost for retail investors to participate in new stock offerings, directly boosting the subscription multiples and participation numbers.
A deeper reason lies in the repair of market risk appetite. After the previous adjustment, the valuation of Hong Kong stocks is in the lower-middle range of historical levels, and the continuous inflow of Southbound funds and global allocation funds is driving the sentiment of the primary market in reverse by the earning effect of the secondary market, forming a positive cycle of "new stock popularity—capital inflow—valuation recovery." Intelligent driving, as one of the fastest-maturing industries for AI implementation, combined with the long-term logic of increasing new energy vehicle penetration, naturally became a focus of capital pursuit.
From a Vietnamese Capital Perspective: Hong Kong Remains an Important Window for Asian Allocation
For Southeast Asian investors, including those from Vietnam, the significance of the Hong Kong IPO boom is not limited to individual stocks. Hong Kong, as a hub connecting China's new economy with global capital, provides Vietnamese funds with a scarce channel to participate in the growth of cutting-edge industries such as intelligent driving and artificial intelligence in China through its active primary market.
In recent years, Vietnamese funds have continuously increased their allocation to Hong Kong stocks, with high-dividend blue chips, technology leaders, and undervalued stocks becoming areas of increased investment. Compared to the local Vietnamese market, Hong Kong has clear advantages in the diversity of listings, trading liquidity, and information disclosure transparency. Furthermore, being in the Asian time zone and having free capital movement, Hong Kong is increasingly becoming one of the preferred overseas asset allocation markets for Vietnamese institutional investors. The popularity of Hong Kong new stock offerings also indirectly confirms the return of regional capital's confidence in the financing function of the Hong Kong market.
However, participating in Hong Kong new stock offerings is not a guaranteed profit, and investors need to rationally view the following risks:
- The company is not yet profitable, and the valuation relies on optimistic expectations for future intelligent driving penetration, making earnings realization uncertain;
- The 60% surge in the dark market has already pre-empted some gains, and a sharp rise and fall may occur on the first day;
- Margin trading for new stock offerings involves interest costs, and low subscription rates mean low capital utilization efficiency;
- The lock-up period for existing shareholders extends to August 6, 2027, and future unlocking pressure needs continuous monitoring.
Conclusion
Nason Technology officially listed today, and its first-day performance will serve as the latest barometer for the IPO fervor in Hong Kong stocks. Regardless of short-term sentiment, the vibrancy of the Hong Kong IPO ecosystem will continue to be an important indicator for observing market risk appetite and capital flows, and is worth continuous tracking and in-depth study by Vietnamese investors.
