HK Recently Listed Stocks Watch | UISEE TECH (01511.HK): Lock-up Period on Cornerstone Investors' 4.33 Million H Shares to Expire on Nov 19
- A total of 4.33 million H shares held by three cornerstone investors account for 29.96% of the total number of shares under the global offering and 2.67% of the total number of issued shares after listing. The lock-up period ends on November 19, 2026, and the shares will be released from lock-up from November 20, 2026.
- In the first half of 2026, revenue reached 163 million RMB (same unit below), up 64.9% year on year; gross profit was 85.99 million RMB, up 54.6%, with a gross margin of 52.9%; loss before tax was 126 million RMB.
NewTimeSpace News: On October 8, 2026, as of 14:50, UISEE TECH (01511.HK) was quoted at 50.00 HKD intraday, down 3.47%.
On the news front, according to the Announcement of Final Offer Price and Allotment Results previously disclosed by the company, a total of 4.33 million H shares held by three cornerstone investors will see the last day of the relevant lock-up undertaking on November 19, 2026, and the shares will become tradable from November 20, 2026. The number of shares to be released accounts for 29.96% of the total number of tradable shares after the lock-up is lifted (14,461,200 shares) and 2.67% of the total number of issued shares. The cornerstone investors include Xiongan Autonomous Driving Limited, CYGG Holding Limited and Starwin International A LPF.
According to public information, UISEE TECH (01511.HK) was listed on the Main Board of The Stock Exchange of Hong Kong Limited on May 20, 2026, with a final offer price of 60.30 HKD. The global offering comprised 14.4612 million H shares, of which 2.89225 million H shares were under the Hong Kong Public Offer, which was 6,777.29 times oversubscribed, and 11.56895 million H shares were under the International Offering, which was 5.66 times oversubscribed. Gross proceeds amounted to approximately 872 million HKD and net proceeds to approximately 795 million HKD. The Offer Size Adjustment Option was not exercised. The number of issued shares of the company at the time of listing was 162,485,020, with a board lot size of 50 shares. The company's H shares have been included in Stock Connect (Southbound Trading) since September 7, 2026.
In terms of results, the company disclosed its first interim results after listing on August 27, 2026. In the first half of 2026, revenue reached 163 million RMB (same unit below), up 64.9% year on year; gross profit was 85.99 million RMB, up 54.6%, with a gross margin of 52.9%. By business line, revenue from autonomous driving vehicle solutions reached 74.55 million RMB, up 29.9% year on year; revenue from autonomous driving software solutions reached 62.36 million RMB, up 56.1%; and revenue from autonomous driving kit solutions reached 25.12 million RMB. Loss before tax in the same period was 126 million RMB (110 million RMB in the same period last year). From 2023 to 2025, the company's revenue was 161 million RMB, 265 million RMB and 328 million RMB respectively, representing a compound annual growth rate of 42.7%; gross margins were 48.8%, 43.7% and 51.1% respectively; and losses for the year were 213 million RMB, 212 million RMB and 230 million RMB respectively.
At the industry level, according to information from Frost & Sullivan cited in the prospectus, based on 2025 revenue, the company ranked first in the Greater China market for L4 autonomous driving solutions for commercial vehicles in airport scenarios with a 90.5% share, and in plant scenarios with a 31.7% share. Frost & Sullivan expects the Greater China market for L4 autonomous driving solutions for commercial vehicles in closed scenarios to grow from 5.8 billion RMB in 2025 to 53.5 billion RMB in 2030, a compound annual growth rate of 52.1% from 2026 to 2030.
In terms of institutional views, in its first coverage report "A Panoramic View, Unlocking the Future" (《驭见全景，势启未来》) released on September 9, 2026, Huatai Securities assigned a Buy rating and a target price of 83 HKD to the company, and derived a target equity value of approximately 11.6 billion RMB using a discounted cash flow model (weighted average cost of capital of 11.2%, exit multiple of 4.5x EV/Sales), estimating the company's revenue from 2026 to 2028 at 520 million RMB, 770 million RMB and 1.24 billion RMB respectively. The institution believes that closed and semi-closed scenarios such as airports, plants and ports have clear operating boundaries and standardised workflows, making it easier to complete technology validation, customer procurement and scaled replication, with well-defined paying entities among corporate customers and clear investment return cycles, and that industry leaders are expected to further enhance their project acquisition capability and barriers.
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