[Hua Da Beidou IPO Observation] A "positioning chip" blocks the throat of shared bicycles—three times to the Hong Kong Stock Exchange, 90% of Beidou high-precision shared bicycle market

Three attempts at the Hong Kong Stock Exchange, a nine-year marathon, 375 clients, and 90% of the high-precision Beidou shared bicycle market—Huada Beidou's prospectus is a microcosmic sample of China's Beidou industrialization.

I. The IPO Journey: From A-share return, to three attempts at the Hong Kong Stock Exchange

Huada Beidou's path to listing has not been smooth. Huada Beidou was jointly established in Shenzhen by seven shareholders including China Electronics Optoelectronics Group (CEC), Zhongguangguang Valley (Shenzhen), SAIC Group, BAIC Group, Baidu Stock, and Jingjia Stock in December 2016. It is a national high-tech enterprise and a "Little Giant" enterprise specializing in precision, innovation, and uniqueness; its technical foundation comes from the navigation chip design department of Huada Electronics under China Electronics Information Industry Group (CEC). The acquisition of this business was completed in 2017, fully assuming the core R&D team and underlying technology, and establishing the Sun Jiadong Academician Workstation.

II. Core Data Interpretation of Prospectus

Huada Beidou is a provider of space positioning services, offering chips, modules, and related solutions that support Beidou and other major global navigation satellite systems (GNSS). The business is divided into three major segments: First, independently developed GNSS chips and modules, covering high-precision, standard precision, and Beidou short message products; second, GNSS-related solutions, facing the fields of water conservancy and hydropower, geological disaster prevention and control, vehicle monitoring, and providing sub-meter to millimeter displacement monitoring; third, comprehensive chip and module distribution, as an authorized distributor for third-party manufacturers, selling communication, storage, and radio frequency chips. The technical foundation is based on four core technologies: integrated SoC chip design, chip-level dual-frequency high-precision positioning, ultra-low power consumption, and multi-source fusion navigation. The products are fully compatible with the Beidou, GPS, GLONASS, Galileo, QZSS, NavIC, and L1/L2/L5/L6 multi-frequency points of the six major satellite systems.

From 2023 to 2025, the company's revenue was 645 million yuan, 840 million yuan, and 1.014 billion yuan respectively, with a compound annual growth rate of about 25.4% (the revenue in 2023 briefly fell to 698 million yuan from 2022). The revenue structure is "one main and one auxiliary": comprehensive chip and module distribution is the basic revenue, contributing 681 million yuan in 2025, accounting for 67.2%, but with a gross profit margin of only 2.7%; independently developed GNSS chips, modules, and solutions combined reached 333 million yuan, accounting for 32.8%, an increase of 6.8 percentage points from 26.0% in 2023. The real growth engine is the high-precision chips and modules: revenue increased from 47.476 million yuan in 2023 to about 1.51 billion yuan in 2025, with a CAGR of 64.5%, with the proportion rising from 7.4% to 14.8%, mainly driven by demand from shared bicycles, traffic management, and other fields.

Customer list spans the shared travel and automotive industries: the shared bicycle sector includes the three major platforms of Meituan, Heluo, and DiDi Qingju; the intelligent driving and vehicle management field includes整车 enterprises such as SAIC Group and BYD.

Three: Shared Bicycles: A Chip's "Positioning War"

Shared bicycles are the most incisive angle in the prospectus of Huada Beidou.

The prospectus shows that Huada Beidou's related products dominate the shared bicycle sector: according to the灼识咨询 report, as of December 31, 2024, based on Huada Beidou's internal sales records, the sales of GNSS chips applied in the shared bicycle industry have exceeded 15 million units, accounting for over 90% of the total market volume of high-precision shared bicycles under the Beidou system; in terms of the overall shared bicycle chip market, its market share also exceeds 60%. In 2024, Huada Beidou reached a strategic cooperation agreement with Meituan, one of the three major suppliers of shared bicycles in China; Huada Beidou states that in the shared bicycle sector, the company has carried out in-depth cooperation with Heluo and DiDi Qingju.

Application Pain Points: Why Shared Bicycles Must Have "High Precision"

The positioning pain points of shared two-wheelers are concentrated in three areas: positioning drift in urban high-rise canyons, parking disputes and complaints caused by inaccurate "entry judgment" of electronic fences, and low efficiency of vehicle operation and maintenance due to the dispersion of a large number of vehicles. Early shared bicycles commonly used the "Bluetooth + base station" positioning method, with errors often reaching dozens of meters, which did not satisfy either user experience or government supervision.

HD8040 series is the breakthrough product of Huawei Weitong. According to the company's disclosure and public reports, HD8040 is the first product of the Cynosure III platform and the first global multi-system multi-frequency high-precision SoC chip to support the new generation of BeiDou III signal system, released in September 2017: using a 40nm process, 5x5mm packaging, it can achieve sub-meter positioning accuracy (centimeter-level under enhanced assistance) under the conditions of no ground-based and satellite-based augmentation. After the mass introduction of dual-frequency high-precision chips into shared bicycles, the positioning accuracy has been improved from the meter level to the sub-meter level, and the accuracy of electronic fence judgment has been significantly improved. Huawei Weitong has thus participated in the definition of the positioning standard for shared travel. Currently, this series has been mass applied in shared bicycles, "two passengers and one dangerous goods" vehicle management, and other fields, and the company's products have been iterated to the fourth generation (HD814X series).

For operators, the positioning chip is not a cost item, but a "ticket for compliance and experience": many cities implement total control and refined management of shared bicycles, and electronic fence fixed-point parking and entry settlement have become the infrastructure for access and assessment. The accuracy of the positioning scheme directly determines whether the operator can obtain quotas, how much fine will be imposed, and how high the operation and maintenance costs will be - although the chip occupies a small proportion in the whole vehicle BOM, its strategic weight is extremely high.

Four, the intrinsic reasons for the high market share: fourfold resonance

Huawei Weitong's shared two-wheel bike chip and module market share is the first in the world and China, which is not a linear result of a single advantage, but an inevitable result of multiple factors resonating, including "China's market leading the global market (70%+), dual-frequency high-precision technology with a first-mover advantage (2018), full coverage of three major operators (CR3>99%), the policy dividend of the new national standard of BeiDou, and the cost advantage of domestic chips (low 30%-50%)". Among them, technology with a first-mover advantage and customer binding are the core internal factors, market structure and policy dividend are the key external factors, and cost advantage and lack of competition are the accelerating conditions.

(One) Technological Leadership: Defining Industry Standards with Technological Generational Difference

The core pain points of shared two-wheeled vehicles are urban canyon positioning drift, inaccurate electronic fence entry judgment, and difficulty in vehicle maintenance and operation. Early shared bicycles commonly used Bluetooth + base station positioning, with large errors and numerous user complaints. HD8040B is the first chip to achieve high-precision positioning in the consumer market, using Beidou technology, and has been scaled up for application in shared bicycles, "two passengers and one dangerous goods" areas, etc. Overseas manufacturers (such as U-blox) focused on high-end automotive and industrial markets at the same time, paying insufficient attention to the "low unit price, large volume" shared travel market, objectively leaving a time window for HD8040B.

(Two) Customer Binding: Customer Structure Determines Market Share Ceiling

The Chinese shared two-wheeled vehicle market is highly concentrated, with Meituan, Hellobike, and Qingjue accounting for over 99.9% of the market share and all adopting centralized procurement models. HD8040B is the only domestic positioning chip manufacturer to enter the core supply chains of the three major platforms, and the customer structure determines its market share ceiling. The annual procurement volume of the three platforms accounts for more than 95% of the national demand, and the increase in HD8040B's share in each platform directly translates into a leap in overall market share; the strategic cooperation agreement with Meituan in 2024 further upgraded the supplier relationship to strategic collaboration.

(Three) Market Structure and Policy Bonuses: Home Field Advantage

China is the largest shared two-wheeled vehicle market in the world: based on calculations from BergInsight and the China Road Transport Association, the total stock of shared bicycles and electric scooters in China accounts for about 70% of the global shared micro-mobility stock. This means that capturing the Chinese market is largely equivalent to capturing the global market. On the policy front, the industrialization policy of Beidou technology requires key industries to prioritize the use of Beidou solutions, and the new national standard for shared two-wheeled vehicles has changed the positioning function from "optional" to "mandatory standard", further compressing the space of overseas chips in government-related scenarios; operators face pressure to adopt Beidou localization in government procurement and city entry, and naturally tend to prioritize HD8040B solutions.

(Four) Cost Advantage and Lack of Competition: Accelerator

Shared two-wheeled vehicles are an extremely cost-sensitive market: operators have low vehicle procurement prices and thin profit margins, with the cost of positioning modules accounting for about 5%–8% of the whole vehicle BOM (industry estimate), and every yuan of cost directly affects operating profits. HD8040B's domestic chips, under the premise of meeting accuracy requirements, are 30%–50% cheaper than overseas manufacturers (company and industry standards), and provide localized technical support and customized services (such as algorithm optimization for electronic fence scenarios). For leading operators with annual procurement volumes of several million pieces, this price difference corresponds to tens of millions of yuan in procurement savings – a barrier that overseas manufacturers are unable to replicate.

Conclusion: The prospectus of Huada Beidou presents a typical Chinese hard technology sample—a policy and technology synergy has created an absolute leader in a niche market, but the absolute leader still struggles at the critical point of "scale diseconomy → scale economy." Shared bicycles provided it with the first stage, whether it can move beyond shared bicycles, towards globalization and "integrated navigation and communication," determines whether the listing of this "proposed Beidou chip first stock" is the end or the beginning.

Above data source and explanation: Prospectus of Shenzhen Huada Beidou Technology Co., Ltd. listed on the Hong Kong Stock Exchange (submission drafts dated June 11, 2025, December 19, 2025, and June 26, 2026) and hearing materials;灼识咨询 industry report (referred to from the prospectus).

If this article's data is cited in the prospectus or the company's annual report, please contact the Forward Industry Research Institute, contact number: 400-068-7188.

Forward-looking Economist

Prospective Industry Research Institute China's Leading Industry Consulting Company, professionally providing solutions in fields such as industrial planning, industrial application, industrial upgrading and transformation, industrial park planning, feasibility reports, etc. Scan to follow. Related Reading RELEVANT 【This Week's IPO Meeting Preview】This week, only 1 IPO will be reviewed at the North China Securities Exchange (Suxun New Materials, 8-28). All 5 companies from the previous period passed the review.

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