Following in the footsteps of several autonomous driving companies that have already submitted their applications, Motovis Technology (Shanghai) Co., Ltd. officially filed its application on September 26 to list on the Main Board of the Hong Kong Stock Exchange. Guotai Junan International and Guosen Securities (Hong Kong) are serving as joint sponsors for the listing.

An examination of the performance data disclosed in the company's prospectus reveals that Motovis, a decade-old firm specializing in L0-L4 intelligent driving software and hardware solutions, has witnessed substantial performance growth. Nevertheless, it continues to grapple with losses due to its limited operational scale. This predicament is, in reality, a prevalent issue among numerous third-party intelligent driving suppliers amidst fierce market competition.

As the automotive industry steps into the “second half of intelligence,” there is a rapid surge in demand for intelligent driving solutions. At this critical juncture, Motovis's decision to list in Hong Kong to secure capital support for its commercialization leap is undoubtedly a strategic move. It can also bolster its position to avoid being sidelined by industry consolidation.

So, how confident is Motovis that investors will be enticed to buy its shares?

Winning Over Chery, GAC, and Yutong! Motovis's AI-Native Solutions Win Accolades

As one of the few third-party solution providers in the industry boasting full-stack, self-developed AI algorithms, Motovis was established in 2015. It primarily offers OEMs and Tier 1 suppliers integrated software and hardware solutions with L0-L4 intelligent driving capabilities.

As one of the select third-party suppliers in the industry with end-to-end R&D capabilities spanning from underlying algorithms to application layers, Motovis has achieved comprehensive self-development in algorithms, models, data governance, and core software and hardware technologies. This has enabled it to set exceptional safety benchmarks, deliver a reassuring user experience, and facilitate a transition from functional collaboration to advanced intelligent driving modes.

These capabilities empower Motovis to swiftly respond to OEMs' diverse scenario and feature customization requirements while aiding some traditional OEMs in accomplishing their intelligent transformation more cost-effectively. This, in turn, provides end-users with a safe, comfortable, easy-to-operate, and intelligent driving experience.

It is reported that Motovis's platform stands out as the most comprehensive in the industry, compatible with over 10 major international and domestic intelligent driving chip platforms. Leveraging the versatility of its intelligent driving algorithms and expertise in chip architectures, Motovis has slashed the time required to adapt and deploy new algorithms on new chip platforms to under two weeks, significantly outpacing the industry average.

This technological prowess has given it a competitive edge in specific areas and helped it secure a multitude of end customers. According to the prospectus, Motovis is one of the few third-party suppliers in China's intelligent driving solution industry with cross-chip, self-developed AI algorithm design, AI model-driven development, and self-developed perception capabilities. Based on revenue generated from AI model-driven and self-developed perception capabilities, it ranks third among domestic third-party solution providers in China's intelligent driving solution industry.

To date, its solutions have been chosen by OEM customers for 92 vehicle models, with over 3.3 million units delivered, attesting to the company's technological acumen. Specific cooperative passenger vehicle companies include Chery, GAC, BAIC, SAIC, etc., while mass production in the commercial vehicle sector encompasses several automakers such as Shaanxi Heavy Duty Truck, Yutong Bus, and Skywell Automobile.

Ranked Eighth with a 0.4% Market Share, How Can Motovis Carve Out a Niche?

Fueled by increasingly widespread applications and technological advancements, China's intelligent driving market is experiencing a period of rapid growth. According to CIC, sales of intelligent driving vehicles are projected to soar from 22.2 million units in 2024 to 38.6 million units in 2029. Meanwhile, the market size for L0 to L2+ solutions escalated from RMB 21.6 billion in 2020 to RMB 91.2 billion in 2024, boasting a compound annual growth rate (CAGR) of 43.3%. It is anticipated to reach RMB 228.1 billion in 2029, with a CAGR of 20.1%.

From an industry competition standpoint, the fragmented nature of China's intelligent driving market offers Motovis a survival niche but also exposes it to intense competitive pressures.

CIC data indicates that the top ten participants in China's intelligent driving solution industry accounted for a mere 15.2% of the market share in 2024. Among them, Motovis ranked eighth among third-party providers (based on 2024 revenue), but its market share was a paltry approximately 0.4%. This highly fragmented landscape implies the absence of an absolute monopolist but also foreshadows the intensity of competition.

In terms of specific competitive dimensions, Motovis faces dual pressures: firstly, the trend of OEMs' in-house development is gaining momentum, with companies like NIO and XPENG gradually building internal intelligent driving teams; secondly, cross-industry competition from traditional Tier 1 suppliers (such as Bosch and Continental) and tech companies (such as Huawei and DJI Automotive).

Motovis's core strengths lie in its full-stack, self-developed AI algorithm engine and cross-chip platform adaptation capabilities. Its algorithm deployment time on new chip platforms can be condensed to under two weeks, and its vehicle model launch cycle can be as swift as three months, which is below the industry average.

Listing in Hong Kong to Expedite Profitability Breakthrough

However, the challenge of converting technological efficiency into a sustainable profit model remains unresolved.

Financially, Motovis's revenue climbed by 24.4% from RMB 118 million in 2022 to RMB 147 million in 2023 and further surged to RMB 357 million in 2024, more than tripling over three years. In the first half of 2025, it continued to notch up RMB 189 million in revenue, representing a year-on-year increase of 76.4%.

Nonetheless, constrained by investments and a limited commercial scale, Motovis has yet to attain positive profitability. From 2022 to 2024, it recorded net losses of RMB 200 million, RMB 228 million, and RMB 234 million, respectively. In the first half of 2025, it recorded a net loss of RMB 112 million.

In terms of gross margin, Motovis's gross margins from 2022 to 2024 were 25.6%, 13.7%, and 14.2%, respectively. In the first half of 2025, the gross margin was 20.1%, marking a significant increase of 10.1 percentage points from 10.0% in the first half of 2024, indicating an overall positive trend.

Regarding investments, its R&D expenditures in 2022, 2023, and 2024, as well as for the first halves of 2024 and 2025, were RMB 128 million, RMB 143 million, RMB 160 million, RMB 66.9 million, and RMB 83.9 million, respectively. Its R&D capabilities span areas from basic algorithms to embedded engineering implementation.

Evidently, Motovis does not command a robust first-mover advantage in the industry, whether in terms of operational scale or profitability. Especially now, with the shifting value chain in the intelligent driving industry, Tier 1 suppliers are facing particularly fierce competition. While technological advantages are one of the avenues for companies to secure premiums, it necessitates sustained and substantial investments.

Therefore, in its tenth year of establishment, seeking support through listing may be a pivotal factor for Motovis to truly achieve a leapfrog commercialization breakthrough.

According to Tianyancha APP data, since its inception, Motovis has completed multiple rounds of financing. Just in late June this year, Motovis secured equity investments from investors such as Zhejiang Meida Industrial Co., Ltd., completing a Series D financing round worth several hundred million yuan.

The prospectus states that, in alignment with the company's strategy, the proceeds from Motovis's Hong Kong IPO are earmarked for the following purposes: bolstering the company's R&D capabilities, with a focus on the continuous iterative upgrading of its intelligent driving solutions; expanding production capacity, upgrading technology, and enhancing delivery capabilities; and deepening the company's sales and marketing network to underpin its business expansion.