Beijing (ZXZC)- China’s automotive electronics supplier, Jingwei Hirain’s IPO application has gone through the listing committee and is expected to start trading on the Science and Technology Innovation Board of the Shanghai Stock Exchange.

Jingwei Hirain (Jiangsu); photo credit: Jingwei Hirain

The records showed that the company’s IPO would not be more than 30 million shares, accounting for 25% of the total stock issued after launch. Per the prospectus, Jingwei Hirain aims to raise RMB5 billion ($782.7 million) to construct its Nantong automotive electronics manufacturing base and its Tianjin R&D center and elevate its general operations.

Founded in 2003, Jingwei Hirain is a comprehensive electronic system technology service provider, offering products, R&D, and solutions for automobiles, advanced equipment, crewless transportation, and the advanced intelligent driving aspects. 

The company’s expertise has won over numerous companies in the automotive industry, including major automakers such as SAIC Group, FAW Group, GAC Group, Geely Auto, and Chery Auto, China’s auto startups like NIO, XPeng Inc., and Human Horizons, global players such as Navistar, Inalfa, and BorgWarner.

According to the company’s financial reports, in 2020, Jingwei Hirain’s annual revenue amounted to RMB2.479 billion ($388 million), with a RMB73.69 million ($11.54 million) net profit. During the first half of 2021, the company managed a RMB1.378 billion ($215.71 million) revenue, with a RMB27.34 million ($4.28 million) net profit.