Sivian Smart Link pushes for Hong Kong stocks: annual revenue of 700 million, a loss of 500 million. Didi and Tencent are shareholders.

Ask AI · How do Didi and Tencent, as shareholders, empower the smart cockpit business?

Lei Di Network, Lei Jianping, March 27

Four-Dimensional Intelligent Link (Nanjing) Technology Co., Ltd. (hereinafter referred to as “Four-Dimensional Intelligent Link”) has recently updated its prospectus and is preparing to list on the Hong Kong Stock Exchange.

Four-Dimensional Intelligent Link completed a financing round of RMB 770 million in August 2024, with a pre-money valuation of RMB 3.3 billion and a post-money valuation of RMB 4.07 billion. The cost per share is RMB 28.05.

Annual revenue of RMB 700 million, loss of RMB 500 million

Four-Dimensional Intelligent Link is a provider of smart cockpit solutions, engaged in the smart cockpit sector of automobiles. Relying on a full-stack proprietary software platform, it provides smart cockpit software solutions, integrated soft-and-hard solutions, and other related services.

Four-Dimensional Intelligent Link has delivered to customers more than 15.9 million units of smart cockpit software solutions and more than 1.55 million units of integrated soft-and-hard solutions.

The prospectus shows that Four-Dimensional Intelligent Link’s revenue in 2023, 2024, and 2025 was RMB 477 million, RMB 479 million, and RMB 706 million, respectively; gross profit was RMB 140 million, RMB 140 million, and RMB 170 million, respectively; and gross margin was 29.4%, 29.2%, and 24.4%, respectively.

Four-Dimensional Intelligent Link’s revenue from smart cockpit software solutions in 2025 accounted for 57.7%, and revenue from integrated soft-and-hard solutions was RMB 295 million, accounting for 41.8%.

Four-Dimensional Intelligent Link’s losses in 2023, 2024, and 2025 were RMB 265 million, RMB 378 million, and RMB 514 million, respectively.

Four-Dimensional Intelligent Link’s adjusted net losses in 2023, 2024, and 2025 were RMB 59.81 million, RMB 133 million, and RMB 188 million, respectively.

As of December 31, 2025, the cash and cash equivalents held by Four-Dimensional Intelligent Link were RMB 65.44 million.

Didi, MediaTek, and Tencent are shareholders

Cheng Peng is the non-executive director and chairman of the board of directors of Four-Dimensional Intelligent Link, Wang Jianqin is an executive director, and the non-executive directors are Jiang Sheng, Huang Weiguo, Ms. Han Mei, and Chai Hua, Zhong Xuedan. Ms. Wu Aijin and Wang Ye, and Ms. Wang Jingying are independent non-executive directors, respectively.

Among them, Zhong Xuedan resigned as a director of the company on June 23, 2025.

Before the IPO, Four-Dimensional Intelligent Link’s Beijing entity will directly and indirectly hold, through Four-Dimensional Intelligent Link Hong Kong, Tuoba Technology, and Four-Dimensional Intelligent Link Hong Kong, which constitute the Four-Dimensional Intelligent Link Group, together with the controlling entities of the employee shareholding plan and Ningbo Zhihé (both customarily exercising rights in accordance with instructions from Four-Dimensional Intelligent Link Beijing), a total of 45.32% of the equity interests.

Before the IPO, Four-Dimensional Intelligent Link Beijing held 27.01%, Didi Technology held 20.6%, MTK under MediaTek held 15.83%, Four-Dimensional Intelligent Link Hong Kong held 6.95%, Four-Dimensional Intelligent Link Ningbo held 6.86%, and Jiangbei Yihua held 6.84%;

Ningbo Zhihé held 4.5%, Tencent Mobility under Tencent held 4.14%, Advantech Capital held 3.96%, Hubei Lianhe held 2.07%, Bosch Venture Capital held 0.83%, and Arcfox Motor held 0.4%.

Baidu is an indirect shareholder of Four-Dimensional Intelligent Link Hong Kong, and therefore indirectly holds a small amount of equity in Four-Dimensional Intelligent Link. In addition, due to poor operations, Arcfox Motor currently has its equity interests frozen.

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