SAIC Mobility's refiled HKEX prospectus is a consortium announcement that happens to contain a share structure. CATL takes the battery supply chain commitment, Amap the navigation and location data layer, and Momenta the autonomous-software credibility (the autonomous-software credibility being the kind that moves a price-to-earnings multiple rather than a revenue line, because Momenta's proposition runs on the training data SAIC contributes and the deployment contracts SAIC can hand it). The first filing had none of the three. The refile answers the question the first filing could not: who has actually priced the technical stack.

So the SFC's prospectus registration team now holds the consequential version. Three strategic cornerstones with standard six-month lock-ups will compress the trading float into a single window, exactly when MSCI's semi-annual review committee screens for Emerging Markets index eligibility. Cornerstone concentration at this level routinely keeps floats below the 15-percent threshold MSCI requires for inclusion. No passive bid follows. HKEX's Listing Division publishes its formal hearing schedule three weeks in advance, making mid-June the earliest public milestone on SAIC Mobility's second application.