- The Hangzhou-based supplier enters public markets as demand grows for localized automotive control systems
- Nasn’s listing highlights China’s push to close gaps in key smart vehicle technologies
Nasn Technology (拿森科技), a Chinese developer of drive-by-wire and intelligent chassis systems, surged on its Hong Kong debut on August 7, becoming the city’s first listed company focused on automotive-by-wire chassis technology.
Shares opened at HK$16.9 ($2.15), up 62% from the IPO price of HK$10.42, and climbed as much as 90% intraday before falling back down to close at HK$17.10, an increase of 64% over the offering price.
The first-day rally gave the company a market capitalization of about HK$10.17 billion.
Building the electronic chassis stack
Founded in 2016 and headquartered in Hangzhou, Nasn focuses on the development and commercialization of core intelligent chassis technologies, including its NBooster electronic brake booster, ESC vehicle stability control system and NBC integrated intelligent braking system.
According to industry research firm China Insights Consultancy, Nasn was the first Chinese company to deploy electronic brake booster solutions in commercial L4 autonomous driving operations.
It was also among the earliest domestic suppliers to provide brake-by-wire systems to major Chinese electric vehicle manufacturers.
By 2025 sales volume of brake-by-wire solutions, Nasn ranked among China’s top three domestic suppliers in the sector.
The company’s revenue grew from 272 million yuan ($40 million) in 2023 to 615 million yuan in 2025, representing annualized growth of more than 50%.
However, Nasn remains loss-making, while research and development expenses declined from 96.5 million yuan in 2023 to 83 million yuan in 2025, drawing attention from investors.
A key battleground in auto supply chains
Nasn’s market debut mirrors a broader shift in China’s automotive supply chain.
Unlike batteries, where Chinese suppliers have achieved dominant global positions, some intelligent vehicle components remain heavily reliant on overseas technology.
China’s domestic penetration rate for brake-by-wire systems stood at just 22.5% in 2025, far below levels seen in power batteries and lidar, where localization rates have reached 100% and 95%, respectively.
As automakers accelerate efforts to build local supply chains, industry forecasts suggest China’s brake-by-wire localization rate could rise to 60.6% by 2030.
Nasn said its expertise in electronic control systems could also support expansion into emerging fields such as humanoid robots and low-altitude aircraft, where precise motion control is becoming increasingly important.
The company’s listing offers investors a glimpse into a new phase of China’s smart mobility race: after batteries and autonomous driving algorithms, the next competition may be fought over the electronic systems that allow machines to move safely and precisely.
