HONGKONG, March 24th 2026 —— CIC extends our warmest congratulations to Jiangsu New Vision Automotive Electronics Co., Ltd. (02632. HK) on its successful listing on the Hong Kong Stock Exchange (HKEX) today.
CIC's Collaborative Journey to the Listing
Throughout the listing process, CIC provided end-to-end support to the company and its sponsors:
Drafted and compiled the industry overview chapter of the prospectus, laying a solid research foundation for the formal listing application.
Assisted in responding to inquiries from regulatory authorities, ensuring comprehensive and accurate disclosure.
Refined listing application materials continuously to meet stringent market and regulatory requirements.
New Vision – A Leader in Automotive Intelligent Cockpit Visual and Human-Machine Interaction Technology
Jiangsu New Vision Automotive Electronics Co., Ltd. is a technology enterprise focusing on automotive intelligent cockpit visual and human-machine interaction technologies, dedicated to the R&D and application of in-vehicle Head-Up Display (HUD) solutions. Centering on the information visualization needs of intelligent driving, the company has built a HUD solution system with CyberLens (W-HUD) and CyberVision (AR-HUD) as the core. Through an integrated independent R&D technology platform, it integrates optical design, mechanical engineering, electronic design, software algorithm and Human-Machine Interface (HMI) design capabilities, providing comprehensive intelligent cockpit visual and interactive solutions for automotive OEMs.
Overview of China's In-Vehicle HUD Market Size
As intelligent vehicles evolve from traditional means of transportation to integrated mobility spaces, users' requirements for cockpit functions in terms of safety, information visualization and interactive experience continue to rise. As an important human-machine interaction interface connecting the driving system and users, the in-vehicle HUD projects key driving information directly into the driver's forward field of vision, which can effectively improve driving safety and information acquisition efficiency, and has gradually become an important component of the intelligent cockpit. Currently, HUD solutions are gradually evolving towards intelligence and miniaturization, while continuously improving in performance, environmental adaptability and vehicle integration efficiency.
The market size of China's in-vehicle HUD solutions grew from approximately 1.0 million units in 2020 to about 3.9 million units in 2024, with a CAGR of approximately 41.2% during the period. It is projected to further grow to around 12.7 million units by 2029, with a CAGR of about 27.9% from 2025 to 2029, indicating the industry is still in a stage of rapid development.
From a technical perspective, the current HUD market is still dominated by W-HUD. With the development of intelligent driving and intelligent cockpits, W-HUD solutions are expected to gradually penetrate into mid-to-low-end vehicle models and are likely to become an important configuration of intelligent vehicles. At the same time, AR-HUD, with its richer information presentation capabilities and immersive interactive experience, is gradually becoming an important driving force for the future growth of the HUD market, and is accelerating its application in new energy vehicles and high-end models.
Key Driving Factors of China's In-Vehicle HUD Market Growth
Based on in-depth industry research and data analysis, CIC identifies five core driving factors for the rapid development of China's in-vehicle HUD market:
1. Accelerated Penetration of Electric Vehicles
Driven by policy support and rising consumer acceptance, China's electric vehicle market is growing rapidly. Electric vehicles accounted for 44.4% of China's passenger car sales in 2024, and the proportion is expected to rise to 82.0% by 2029. Their high adaptability to intelligent cockpit functions has further driven the demand for HUD solutions.
2. Rising Consumer Demand for Intelligent Vehicle Configurations and Experiences
As an important component of intelligent cockpit vision and interaction, HUD can reduce drivers' line of sight deviation and provide key information such as vehicle speed, navigation and ADAS prompts. With the improvement of consumers' demand for intelligent and immersive driving experiences, HUD is gradually becoming an important configuration for mid-to-high-end intelligent vehicles.
3. Intelligent Vehicle Ecosystem Boosts HUD Development
With the popularization of L2+ and above intelligent driving technologies, cockpit intelligence and the integration of cockpit and driving are deepening. As a key information output interface, HUD is playing an increasingly important role in navigation prompts, risk early warning and environmental information display.
4. Continuous Progress in Key Technologies
Mainstream projection technologies such as TFT, DLP and LCoS are constantly upgraded, with continuous optimization in brightness, imaging quality, projection distance and system volume control, which drives the performance improvement of AR-HUD and accelerates its industrial application.
5. Continuous Policy Support for Industrial Development
China is continuously promoting the development of automotive electronics and intelligent connected vehicle technologies at the national strategic level. Policies such as Outline of the 14th Five-Year Plan for National Economic and Social Development and Vision 2035 of the People's Republic of China provide institutional support for the application of HUD in intelligent cockpits and autonomous driving systems.
As a seasoned Industry Consultant, CIC offers services such as market sizing, competitive analysis, and enterprise value verification, etc., with global experience in advising "first-in-sector" IPOs in the frontier technologies and new energy sectors.
From IPO preparation to listing hearings, CIC unearths the true intrinsic value of enterprises and translates it into actionable insights for successful capital market landing. Prior to New Vision, CIC has supported leading enterprises in successful listings both domestically and overseas, including MiniMax, Biren Technology, Horizon Robotics and Baidu, etc.
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About CIC
CIC is a professional consulting firm offering tailored end-to-end support across the full investment and financing lifecycle. The firm boasts a world-leading track record in guiding landmark first-in-sector IPOs across global markets, alongside unrivaled reach and in-depth coverage capabilities across specialized niche market segments.
CIC helps enterprises refine scalable business models and craft compelling capital narratives to enable seamless access to global capital markets, while serving as a trusted due diligence partner to investment institutions. It delivers granular industry insights and direct access to subject matter experts, empowering clients to identify high-value opportunities and mitigate critical risks effectively.
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