On July 26, 2026, NASN Intelligent Tech (Zhejiang) Co., Ltd. ("NASN Tech"), headquartered in Hangzhou, Zhejiang Province, disclosed its post-hearing prospectus on the Hong Kong Stock Exchange and may soon list on the Hong Kong Main Board. The company previously submitted its listing application confidentially and formally filed its initial public offering application on April 29, 2026.
On April 17, 2026, NASN Tech received a filing acknowledgment from the China Securities Regulatory Commission (CSRC) for its overseas offering and the conversion of domestic non-listed shares into fully tradable shares. The company is authorized to issue up to 109,058,400 overseas-listed ordinary shares, and 29 shareholders intend to convert a total of 537,389,792 domestic non-listed shares into overseas-listed shares for trading on the Hong Kong Stock Exchange.
Post-hearing prospectus link for NASN Tech
Core Business
Founded in 2016, NASN Tech is a Chinese leader in intelligent driving motion control, specializing in by-wire technologies. The company focuses on by-wire solutions for intelligent vehicles—specifically those with the highest vehicle safety requirements and strongest technical barriers—and integrates fully in-house developed control algorithms and hardware-software systems.
NASN Tech contributes to the localization of by-wire systems, aligning with China’s national strategy to enhance the autonomy of the intelligent driving supply chain. As an industry contributor, the company drives ecosystem upgrades through its full-stack solutions, enabling the domestic by-wire sector to evolve from non-existence to capability, and from capability to excellence.
According to data from CIC Consulting, NASN Tech:
is the first Chinese company to commercialize its electronically controlled brake booster solution (NBS solution) in Level 4 autonomous vehicles;
was among the earliest Chinese enterprises to supply domestically developed electronically controlled brake booster solutions to leading domestic electric vehicle OEMs;
ranked among the top three domestic suppliers of by-wire braking solutions in China by sales volume in 2025;
was the second-largest independent domestic third-party supplier of by-wire braking solutions in China by sales volume in 2025.
Leveraging its mature R&D and mass production experience in the field of automotive by-wire technologies, as well as core competencies in control algorithms, software, and hardware, Nason Technology has established a solid foundation for expansion into motion control domains such as humanoid robotics and low-altitude aerial vehicles. The company has built comprehensive capabilities to serve leading customers and has developed long-term, stable partnerships with them. Nason Technology now possesses cross-domain technology deployment capabilities and is actively pursuing high-potential markets for its second growth curve.
As one of the few Chinese companies with full-stack, in-house developed by-wire technologies encompassing control algorithms and software-hardware architecture, Nason Technology has successfully commercialized multiple by-wire braking solutions and continues to advance next-generation by-wire innovations. Through proprietary integration of critical chassis technologies, the company’s solutions enable precise chassis execution to seamlessly and rapidly implement intelligent driving commands, significantly enhancing driving safety while delivering a smoother, more responsive, and intuitive driving experience.
Nason Technology’s solutions empower OEMs to achieve high-performance vehicle dynamics and scalable system adaptability across diverse driving scenarios.
NBS Solution
The NBS solution, branded as NBooster, entered mass production in 2018 and represents China’s first mass-produced electronic brake booster system. As a typical by-wire braking solution, the NBS solution is designed to replace conventional braking systems, enabling more precise, responsive, and intelligent braking and parking brake functions, and integrating seamlessly with mainstream intelligent driving platforms. As of March 31, 2026, Nason Technology’s NBS solution had secured 26定点 awards from 10 Chinese OEMs, with 21 vehicle models equipped with the company’s NBS solution already in mass production.
The ESC solution entered mass production in 2020 and is designed to ensure optimal driving stability, precise dynamic response, and enhanced active safety under various road conditions, preventing skidding and improving vehicle stability. As of March 31, 2026, Nason Technology’s ESC solution had secured 58定点 awards from nine Chinese OEMs, with 27 vehicle models equipped with the company’s ESC solution already in mass production.
NBC Solution
The NBC solution was first launched in 2023 and entered mass production in 2024. It supports core functionalities including service braking, parking braking, and vehicle stability control, and also incorporates value-added features such as coordinated regenerative braking and smooth braking performance. As of March 31, 2026, Nason Technology’s NBC solution had secured 47定点 awards from seven Chinese OEMs, with 20 vehicle models equipped with the company’s NBC solution already in mass production.
Nason Technology’s pipeline of solutions includes the RBC solution (designed to work in tandem with NBC to form a dual-path braking architecture for L3+ intelligent driving), the EMB solution (representing a new direction in the evolution of by-wire braking architectures, aiming to achieve fully electronic and highly integrated brake control), the EPS solution (a by-wire steering solution designed to meet functional safety and performance requirements for L1 to L4 autonomous driving platforms), the SBW solution (another by-wire steering solution), and the NXU Motion Controller (a centralized control unit developed to address the growing demand for intelligent and software-defined vehicles). These solutions are expected to reach mass production readiness by the end of 2026 or 2027.
Shareholding Structure
According to the prospectus, prior to its listing in Hong Kong, Nason Technology’s shareholder structure included
Mr. David Tao, Ms. Liu Qian, and Nason Limited Partnership collectively hold approximately 22.58% of the shares, making them the single largest shareholder.
Directors and Senior Management
The Nason Technology Board of Directors consists of nine members, including:
3 executive directors:
Mr. David Tao (Chairman of the Board and Chief Executive Officer);
Ms. Liu Qian (Chief Operating Officer and Head of Finance);
Dr. Lin Yi (Chief Strategy Officer);
Three non-executive directors:
Ms. Liu Limei (formerly Accountant at Fuyuan City Federation of Trade Unions);
Mr. Wang Runming (Chairman and General Manager of Qiande Electronics);
Mr. Yeh Kuantai (Partner at Qiming Venture Partners);
3 Independent Non-Executive Directors:
Mr. Fan Zhichao (Investment Director at AB Builders (01615.HK));
Mr. Jiang Zhenyu (Chief Financial Officer of Didichuxing (02559.HK));
Dr. Wang Yao (Deputy Chief Engineer, China Association of Automobile Manufacturers).
In addition to executive directors, senior management includes:
Mr. Fan Peng (Chief Technology Officer);
Mr. Pan Pan (Chief Product Officer).
Company performance
According to the prospectus, Nason Technology's revenue for the past fiscal years 2023, 2024, and 2025, and for the first three months of 2026, amounted to RMB 272 million, RMB 391 million, RMB 615 million, and RMB 151 million, respectively, with corresponding net losses of RMB 201 million, RMB 170 million, RMB 190 million, and RMB 55 million.
Intermediary Team
The intermediaries involved in Nason Technology’s initial public offering (IPO) primarily include:
HTSC International and BOCOM International as joint sponsors;
Ernst & Young as auditor;
Shanghai Jingcheng Panming Law Firm as PRC legal counsel to the company;
Clifford Chance as its Hong Kong and U.S. legal counsel;
Jingtian & Gongcheng acted as its PRC legal counsel for the securities firm;
Slaughter and May as Hong Kong and U.S. legal counsel to the underwriters;
Hongbo Capital as compliance adviser;
CIC Consulting serves as its industry advisor.