HK Recently Listed Stocks Watch | NEW VISION CO (02632.HK) down 0.25%, cornerstone lock-up expiry on 24 September
- The company's nearest lock-up expiry falls on 24 September 2026, with two cornerstone investors, Yingke No. 1 (Hongkong) Limited and Hongkong High Tech Industrial (Beijing) Development Investment Co., Limited, releasing a total of 2,487,500 shares, representing 15.33% of the shares under the global offering and 2.02% of total issued share capital after listing, under a six-month lock-up.
- For the first half of 2026, the company's revenue was RMB 328.47 million, up 2.1% year on year, and loss for the period was RMB 413.26 million, with HUD product sales volume of 395,097 units, up 2.7% year on year.
NewTimeSpace (newtimespace.com) News, on 18 September 2026, smart cockpit shares traded strongly, while NEW VISION CO (02632.HK) weakened. As of 14:30, the company quoted HKD 60.600, down 0.25%.
On the news front, on 17 September 2026, media published an interview with NEW VISION CO, in which the company's co-founder, executive director and deputy general manager said the company is extending its visual interaction capabilities from the automotive cockpit to broader scenarios, with new products focused on three directions: first, a first-person-view capture device addressing the shortage of training material and poor data quality for large models; second, emotional expression and 3D interaction demonstrations, capabilities that can also be applied to emotional interaction for robots; and third, 3D display hardware using a multi-focal-plane optical design that enables glasses-free 3D display on any plane. The company has engaged deeply with universities, downstream application companies and data collection service providers, and some projects have already formed commercial proposals or even contracts.
In addition, on 16 September 2026, 12365auto.com and KRSC Consulting jointly released the 2026 China Automotive Product Quality Performance Study (AQR) in Beijing, covering 128 vehicle models across 28 market segments. The results show that the industry's 2026 market quality performance score was 29.14, up 7% year on year - a negative-direction indicator where a lower value means better quality - while the number of problems per vehicle rose 9% year on year; quality continued to improve in traditional hardware modules such as engines and transmissions, whereas software-intensive modules such as smart cockpits and driver assistance saw a marked decline, and the average time for a new vehicle to develop its first quality problem shortened to 7.4 months.
NEW VISION CO (02632.HK) listed on the Main Board of the Hong Kong Stock Exchange on 24 March 2026 at an offer price of HKD 44.20, with 16,226,500 shares issued.
Regarding its shareholding structure, the company's nearest lock-up expiry falls on 24 September 2026 and involves two cornerstone investors, Yingke No. 1 (Hongkong) Limited and Hongkong High Tech Industrial (Beijing) Development Investment Co., Limited, with a total of 2,487,500 shares released, representing 15.33% of the shares under the global offering and 2.02% of the company's total issued share capital after listing, under a six-month lock-up. In addition, the shares held by the company's controlling shareholders and Pre-IPO shareholders are subject to a 12-month lock-up and are expected to be released from lock-up in late March 2027, of which 47,860,796 shares held by the controlling shareholders account for approximately 38.79% of the total issued share capital after listing and 59,307,970 shares held by other existing shareholders account for approximately 48.06%.
In terms of financial performance, the company disclosed its first interim results after listing on 26 August 2026. For the first half of 2026, revenue was RMB 328.47 million, up 2.1% year on year; gross margin was 20.3%, compared with 23.9% a year earlier; loss for the period was RMB 413.26 million, compared with a loss of RMB 244.69 million a year earlier; and basic and diluted loss per share was RMB 3.57. HUD product sales volume was 395,097 units, up 2.7% year on year, and revenue from HUD solutions was RMB 301.4 million, up 1.4% year on year.
NEW VISION CO (02632.HK) focuses on the development, manufacturing and sale of automotive head-up display (HUD) solutions, with products covering windshield HUD (W-HUD), augmented reality AR-HUD, electronic mirrors and transparent A-pillars for smart cockpits. Based on 2024 sales volume and revenue, the company is China's second largest automotive HUD solution provider, with market shares of 16.2% and 14.3% respectively. As of 30 June 2026, it had served 24 customers and obtained designations for 115 vehicle models, covering leading domestic OEMs, emerging brands and joint-venture brands.
GUOSEN SECURITIES noted that penetration of individual products such as large-screen displays, HUD and cockpit domain controllers in the smart cockpit segment continues to rise, with penetration rates for 10-inch-plus centre displays, 10-inch-plus LCD instrument clusters, HUD and smart cockpit domain controllers reaching 92.4%, 48.3%, 27.3% and 54.8% respectively in June 2026, up 7.2 percentage points, down 1.7 percentage points, up 9.6 percentage points and up 12.7 percentage points year on year.
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