Chery- and Xiaomi-Backed Auto Electronics Firm Aitek Clears Listing Review for Shanghai Main Board

On January 20, Wuhu Etaik Automotive Electronics Co., Ltd. received approval from the Shanghai Stock Exchange for its initial public offering (IPO), planning to list on the main board of the Shanghai Stock Exchange and raise RMB 1.5 billion to expand production capacity and fund R&D. Etaik specializes in automotive electronics across body domain, intelligent cockpit, powertrain domain, and advanced driver-assistance systems (ADAS). In 2024, the company held a 25.5% market share in front-loaded body control modules for domestic-brand passenger vehicles, ranking first in the industry. Its customers include Chery, Changan, Great Wall, Li Auto, and XPeng. The company’s revenue grew from RMB 2.174 billion in 2022 to RMB 3.467 billion in 2024, while net profit doubled to RMB 212 million. Chery holds a 14.99% stake, and entities affiliated with Xiaomi collectively own over 12%. This IPO marks a new trend of deeper integration between automakers and their supply chains.