A reporter from Southern Finance covers this story from Guangzhou.

As the wave of automotive intelligence sweeps the globe, related fields are becoming the core focus of investment and competition for car manufacturers. Data from Frost & Sullivan shows that in 2025, global automakers’ R&D and capital investment in the smart vehicle sector has climbed to 1.1436 trillion yuan, and is expected to surpass 2.38 trillion yuan by 2030.

Against this backdrop, the global leader in smart cockpit domain controllers, with the highest market share, has officially knocked on the doors of the Hong Kong Stock Exchange, aiming for a dual “A+H” listing. Recently, Huizhou Desay SV Automotive Electronics Co., Ltd. submitted a prospectus to the Hong Kong Stock Exchange, planning to list on the main board in Hong Kong.

It is reported that the funds raised from this IPO will be mainly used to enhance smart manufacturing capacity, make strategic investment acquisitions, and strengthen the full-stack engineering and mass production capabilities of software and hardware. Previously, Desay SV was listed on the Shenzhen Stock Exchange on December 26, 2017, and currently has a total market value of about 63 billion yuan.

As of now, Desay SV has built a platform-based product and service system covering smart cockpits and intelligent driving in the smart vehicle field. Its products and services have covered over 80 automakers worldwide. In 2025, the company held an 8.4% market share in smart cockpit domain controllers, ranking first globally.

Financial data shows that Desay SV’s performance has maintained steady growth in recent years. In 2023, 2024, and 2025, the company’s total revenue was 21.908 billion yuan, 27.618 billion yuan, and 32.557 billion yuan, respectively; corresponding net profits were 1.542 billion yuan, 2.018 billion yuan, and 2.473 billion yuan, with cumulative net profit over three years exceeding 6 billion yuan.

From an Audio Factory to a Smart Driving Leader

Evolving from a joint venture audio factory into a technology company with the world’s largest market share in intelligent driving domain controllers, Desay SV’s rise is a model of the autonomous transformation of China’s automotive supply chain.

Its predecessor can be traced back to the China Europe Electronics Industry Co., Ltd., established in 1986, a joint venture between Dutch Philips, Hong Kong金山, and Huizhou Industrial Development Corporation (predecessor of Desay Industries), primarily engaged in car audio business.

In 2010, the Desay Group completed the acquisition of the 70% stake held by foreign partners, and the company was renamed “Huizhou Desay SV Automotive Electronics Co., Ltd.”, marking a key turn from a joint venture to a Chinese-controlled company, and began to delve deeper into in-vehicle infotainment systems and broader automotive electronics fields.

Since then, the company has precisely seized two key industry dividends: around 2017, it made early moves in the trend toward larger screens in new energy vehicle cockpits, consistently ranking first in the domestic market share for large cockpit screens; starting in 2020, as the penetration rate of advanced driver-assistance systems rapidly increased, it quickly became a core supplier for mainstream domestic automakers, leveraging its product matrix of domain controllers, millimeter-wave radar, and cameras.

Currently, Desay SV’s products and services cover over 80 automakers worldwide, with a customer network spanning major automotive markets. The company has established business cooperation with nine of the top ten global automakers by sales in 2025 and all of the top fifteen automakers in China by sales, including global giants like Toyota, Volkswagen, Hyundai, General Motors, Stellantis, BYD, SAIC, Ford, and Geely, as well as mainstream Chinese brands such as Li Auto, Xiaomi, XPeng, Zeekr, Great Wall Motor, and Chery.

The company’s main business focuses on three segments: smart cockpits, intelligent driving, and connected services. The 2025 financial report shows that its smart cockpit business revenue reached 20.585 billion yuan, accounting for 63.23% of total revenue, with annualized sales from new project orders exceeding 20 billion yuan; intelligent driving business revenue was 9.7 billion yuan

Hong Kong Stock Exchange

The Hong Kong Stock Exchange (HKEX) is a leading global financial marketplace, tracing its roots back to the establishment of the Association of Stockbrokers in Hong Kong in 1891. It played a pivotal role in Hong Kong’s transformation into an international financial hub, and in 2000, it merged with the Hong Kong Futures Exchange and clearing houses to form the Hong Kong Exchanges and Clearing Limited. Today, HKEX is renowned for being a major venue for initial public offerings (IPOs), especially for Chinese companies.

Shenzhen Stock Exchange

The Shenzhen Stock Exchange (SZSE) is one of China’s two main stock exchanges, established in 1990 to support the country’s economic reforms and provide capital for emerging enterprises. Located in the financial hub of Shenzhen, it initially focused on small and medium-sized companies but has grown into a major global exchange, known for its ChiNext board that lists high-tech and growth-oriented firms. The exchange’s iconic building, designed by Rem Koolhaas, symbolizes the city’s rapid transformation from a fishing village into a modern financial center.

Huizhou

Huizhou is a historic city in China’s Guangdong Province, renowned for its role as a cultural and economic hub during the Ming and Qing dynasties. It is particularly famous for the Huizhou-style architecture, characterized by white walls, black tiles, and intricate carvings, seen in ancient villages like Xidi and Hongcun, which are UNESCO World Heritage sites. The area’s rich history also includes its association with the Huizhou merchants, a powerful trading group that shaped regional commerce and culture.

China Europe Electronics Industry Co., Ltd.

China Europe Electronics Industry Co., Ltd. is a Chinese electronics manufacturing company that focuses on producing components and devices for global markets. Established in the early 2000s, it has grown by leveraging China’s manufacturing capabilities and fostering trade links between China and Europe. The company reflects the broader trend of international cooperation in the electronics sector, though specific historical details about its founding are limited.

Dutch Philips

Philips is a Dutch multinational conglomerate founded in 1891 in Eindhoven by Gerard Philips and his father Frederik, initially focusing on manufacturing incandescent lamps. The company quickly grew into a global leader in electronics and lighting, pioneering innovations like the compact cassette tape and CD technology. Today, Philips is primarily known for its health technology and consumer electronics, having spun off its lighting division into Signify in 2016.

Hong Kong金山

“Hong Kong金山” (Golden Hill) refers to a historical area in Tuen Mun, New Territories, known for its association with the Hakka people and the former mining industry. During the 19th century, it was a site for lead and silver mining, attracting laborers and contributing to local economic development. Today, the area is more recognized for its natural landscapes, including hiking trails and the nearby Tai Lam Chung Reservoir, rather than its industrial past.

Huizhou Industrial Development Corporation

The Huizhou Industrial Development Corporation (HIDC) is a state-owned enterprise based in Huizhou, Guangdong, China, primarily involved in infrastructure construction, industrial park development, and urban investment. Established to drive local economic growth, it has played a key role in transforming Huizhou into a modern industrial hub, supporting sectors like electronics and petrochemicals. Its history reflects China’s broader economic reforms and the rapid industrialization of the Pearl River Delta region since the late 20th century.

Desay Industries

Desay Industries is a major Chinese electronics manufacturing company, best known as a key supplier of automotive infotainment systems and smart cockpit solutions to global automakers like Volkswagen and Tesla. Founded in 1983 in Huizhou, Guangdong, it began as a cassette player manufacturer and evolved into a leader in automotive electronics, leveraging its history in consumer audio to drive innovation in connected vehicle technology.