A decade-old Chinese autonomous driving firm, NASN Intelligent Tech, steps toward the Hong Kong public markets this week, carrying the credibility of CATL's backing and the weight of unresolved losses. The listing arrives at a moment when capital continues to flow toward smart mobility despite the sector's stubborn resistance to profitability. In seeking public investment, NASN asks a perennial question of our technological age: how long will markets sustain belief before demanding proof?