Gasgoo Munich-UISEE (01511.HK) officially listed on the Hong Kong Stock Exchange on May 20, opening at HK$56 per share with a market valuation of roughly HK$9.09 billion.According to previous announcements, UISEE offered 14.461 million H-shares in its global IPO, with 20% allocated to the Hong Kong public offering and 80% to international investors. Priced at HK$60.3 per share, the global offering raised net proceeds of approximately HK$795.4 million.Image source: Screenshot from EastmoneyUISEE focuses primarily on developing and deploying Level 4 autonomous driving solutions, especially for commercial vehicles in enclosed environments like airports and factory zones. Beyond these core markets, the company is expanding its technology into diverse sectors including cities, ports, mines, and farms.According to the prospectus, UISEE has partnered with 17 airports across China and three overseas facilities as of the latest practicable date.In 2025, UISEE ranked as the top provider of Level 4 autonomous driving solutions for airport and factory scenarios in the Greater China region, commanding market shares of 90.5% and 31.7%, respectively.Image source: UISEEAt Hong Kong International Airport alone, the company operates a fleet of more than 70 autonomous vehicles, including over 56 electric tractors, eight patrol cars, and six shuttle buses, according to data released in early April. That fleet has logged over 4 million kilometers of driving during more than 1,500 days of continuous operation, supporting over 300 flights daily.UISEE notes that each autonomous tractor at Hong Kong International Airport effectively replaces four human drivers. With 56 units in operation, the fleet eliminates the need for more than 200 drivers.Financially, UISEE reported revenue of 161 million yuan, 265 million yuan, and 328 million yuan for 2023, 2024, and 2025, respectively. Gross profit followed a similar upward trend, reaching 78.82 million yuan, 116 million yuan, and 168 million yuan, with margins standing at 48.8%, 43.7%, and 51.1%. However, the company remained in the red, recording annual losses of 213 million yuan, 212 million yuan, and 230 million yuan over the same period.During the same timeframe, research and development expenses totaled 184 million yuan, 196 million yuan, and 234 million yuan—representing 114.29%, 72.93%, and 71.34% of revenue, respectively.
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