HONG KONG, August 7, 2026 — CIC extends our warmest congratulations to NASN Intelligent (02261. HK) on its successful listing on the Hong Kong Stock Exchange (HKEX) today, marking the first-ever chassis-by-wire enterprise to list in Hong Kong.
CIC's Collaborative Journey to the Listing
Throughout the listing process, CIC provided end-to-end support to the company and its sponsors:
Mapped out development trends of the global and China automotive industry, with in-depth analysis of the technology evolution roadmap, driving factors, market size, localization rate, competitive landscape and future growth prospects of chassis-by-wire solutions.
Independently drafted and compiled the Industry Overview chapter of the prospectus, assisting the company and its intermediaries in refining core disclosures including market opportunities, market positioning and competitive strengths.
Provided continuous support to the company and intermediaries in responding to industry-related inquiries from the Hong Kong Stock Exchange and regulatory authorities during the listing application and hearing phases.
Continuously optimized information disclosure of listing application materials, delivering solid industry research backing for the company's smooth completion of its Hong Kong IPO.
NASN Intelligent –A Leading Benchmark in China's Chassis-by-Wire Sector
Amid the wave of intelligent automotive transformation, chassis-by-wire serves as the core carrier of vehicle motion control, widely known as the "small brain" of intelligent vehicles. It receives instructions issued by the upper-level intelligent driving "brain" to deliver precise and rapid vehicle motion control, and acts as a strong pillar for advancing the independent and controllable strategy of China's automotive industry.
As a leading player in China's chassis-by-wire track, NASN focuses on the R&D and commercial rollout of full-category chassis-by-wire solutions. It is the first domestic-funded manufacturer in China to achieve large-scale application of electronic brake booster systems in Level 4 commercial autonomous vehicles, and to realize mass supply to leading domestic independent new energy vehicle brands.
By sales volume of brake-by-wire solutions in 2025, NASN Technology ranks as the second largest domestic independent third-party brake-by-wire solution provider in China, standing as a core benchmark enterprise in the chassis-by-wire field amid the domestic substitution wave.
Global and China Chassis-by-Wire Solutions Industry Overview
With the deepening of vehicle electrification and intelligence, chassis-by-wire solutions, as a critical carrier of vehicle actuation systems, are undergoing rapid technological advancement. The continuous upgrading of global automotive safety and control standards is driving OEMs to accelerate the deployment of chassis-by-wire solutions in new models, to better satisfy consumer demand for intelligent control, safety and comfort.
The global chassis-by-wire solutions industry has achieved robust growth over the past years. In terms of sales revenue, the global market size grew from RMB 108.8 billion in 2020 to RMB 320.8 billion in 2025, representing a compound annual growth rate (CAGR) of 24.1%. It is projected to reach RMB 687.8 billion by 2030, with a CAGR of 16.5% over the forecast period.
China is the world's largest intelligent vehicle market, and its steady development lays a solid foundation for the penetration and application of chassis-by-wire solutions. Measured by sales revenue, China's chassis-by-wire solutions market expanded from RMB 22.4 billion in 2020 to RMB 97.1 billion in 2025, posting a CAGR of 34.1%. As automotive intelligence upgrades to higher levels, the market is expected to reach RMB 244.7 billion by 2030.
Brake-by-wire solutions feature the highest technical barriers and greatest development difficulty among all chassis-by-wire segments. Long dominated by overseas giants, it remains the segment with the lowest localization rate in the chassis-by-wire industry, standing at merely 22.5% in 2025. In comparison, steer-by-wire and suspension-by-wire have relatively lower technical complexity, and domestic suppliers have made breakthroughs in core technologies, with localization rates reaching 35.0% and 49.0% respectively in 2025, where the independent supply system is gradually maturing.
As local enterprises continue to make headway in technology R&D, quality validation and cost control, domestic brake-by-wire solutions are transitioning from technology catch-up to full-scale market substitution. It is estimated that sales of domestic brake-by-wire solutions will reach 24.5 million units by 2030, with the localization rate expected to climb to 60.6%, presenting vast domestic substitution potential.
Key Drivers of the Chassis-by-Wire Industry
01 Upgrading consumer demand for driving experience
Chassis-by-wire solutions optimize braking and steering feel via algorithm tuning, reduce noise and vibration, and enhance safety perception through redundant designs. This drives OEMs to upgrade them from optional configurations to standard equipment across vehicle models, accelerating mass deployment of chassis-by-wire solutions.
02 Advancing levels of intelligent driving solutions
Perception and decision-making systems such as LiDAR and intelligent driving algorithms have undergone multiple iterations with relatively mature technologies. However, motion control systems, as the core carrier of the execution layer, lag relatively behind and urgently need to upgrade to millisecond-level response and high safety redundancy, to meet the closed-loop requirement of "perception, decision-making and execution" for high-level autonomous driving.
03 Maturing supply chain driving cost reduction
Alongside the standardization of upstream components, improvement of cross-segment collaboration mechanisms and continuous expansion of production capacity, the material and manufacturing costs of chassis-by-wire solutions are gradually declining, which further fuels market penetration.
04 Continuous progress in core software and hardware technologies
On the hardware front, sensor accuracy, actuator response speed and stability keep improving; on the software front, control algorithms are continuously optimized. The joint advancement of software and hardware elevates the overall reliability and consistency of chassis-by-wire solutions, laying a solid technical foundation for their large-scale commercialization.
05 Supportive policies and regulations
Governments worldwide have rolled out a series of policies to provide clear policy guidance and standard frameworks for the chassis-by-wire solutions industry. The Chinese government issued the New Energy Vehicle Industry Development Plan (2021-2035) in 2020, explicitly identifying chassis-by-wire actuation systems as a core technology for key breakthroughs in new energy vehicles, setting the direction for industry development. The draft revision of EMB solution standards in Europe was submitted for review in 2024, removing regulatory barriers for the large-scale application of EMB solutions across Europe.
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 autonomous driving, embodied intelligence and hard technology 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 NASN, CIC has supported leading enterprises in successful listings both domestically and overseas, including Horizon (09660. HK), Momenta (06880. HK), WeRide (00800. HK), Geek+ (02590. HK), SEER (06106. HK) and DOBOT (02432. HK), 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.
