Qianli Tech Accelerates HK IPO, Aims to Raise $1B for AI and Autonomous Driving

Qianli Technology has once again submitted an application for a main board listing on the Hong Kong Stock Exchange, aiming to complete its Hong Kong IPO in the second quarter of 2025 and achieve a dual "A+H" listing. The company has now entered the HKEX inquiry phase and will proceed with roadshows and pricing thereafter. Originally known as Lifan Co., Ltd., the company underwent bankruptcy restructuring in 2020 and was subsequently taken over by Geely Holding Group and capital entities affiliated with Chongqing Liangjiang New Area. Following the restructuring, Geely gradually introduced battery-swap vehicle models, platforms, and supply chain resources, driving the company’s transformation toward new energy vehicles (NEVs). In 2024, Yin Qi, founder of Megvii, became chairman of the board. In February 2025, the company officially rebranded as “Qianli Technology” and unveiled its “AI + Automotive” strategy, expanding its business into intelligent driving, smart cockpits, and Robotaxi services. According to the prospectus, the Hong Kong IPO is expected to raise approximately USD 1 billion, primarily allocated to advancing its AI-driven strategy, enhancing R&D capabilities, upgrading products and technological solutions, and expanding its sales and service network. In 2025, the company’s R&D expenditure reached RMB 8.22 billion, more than doubling year-over-year. Its R&D workforce grew to 2,456 employees—accounting for over one-third of total staff—with key investments focused on intelligent driving algorithms, smart cockpit technologies, and Robotaxi development. The company currently operates two business segments: manufacturing and technology. In 2025, the manufacturing segment generated RMB 9.32 billion in revenue, representing over 90% of total income. This included RMB 6.44 billion from passenger vehicles and components (up 52.7% YoY) and RMB 2.48 billion from motorcycles and components (up 15.9% YoY). Gross margin for the full year stood at 10.2%, an improvement of 1.2 percentage points from the prior year. On the technology side, revenue from intelligent driving-related technical solutions totaled approximately RMB 350 million, primarily derived from non-recurring engineering services and accounting for less than 4% of total revenue. From 2023 to 2025, the company reported net losses of RMB 2.62 billion, RMB 3.29 billion, and RMB 3.21 billion, respectively, mainly due to increased R&D investment, workforce expansion, and asset impairment losses. Geely continues to provide strong operational support. Following the 2020 restructuring, Maple Neo Auto became the primary NEV platform. Recently, Geely integrated Zeekr’s intelligent driving team, part of Geely Research Institute, and Megvii’s autonomous driving business to form Chongqing Qianli Intelligent Driving, a team now nearing 3,000 personnel. Through this platform, Qianli Technology supplies L2 to L4 intelligent driving solutions to the Geely ecosystem and targets mass production and delivery of 1 million intelligent driving vehicles by 2026—covering Geely models priced above RMB 200,000—and aims to achieve breakeven in that year. On the governance front, since 2025, Zhao Ming, former CEO of Honor, has served as Co-Chairman, while Chen Ting—formerly of Mercedes-Benz China’s investment and M&A division—and Academician Liu Yunhao of the Chinese Academy of Sciences have joined the board. Additionally, Yin Qi has assumed the role of Chairman at StepFun (Jieyue Xingchen), and Qianli Technology plans to collaborate with StepFun and Geely to develop the next-generation smart cockpit Agent OS. Despite its diversification efforts, the company remains significantly reliant on the Geely ecosystem. Revenue from Geely Group accounted for 33.6%, 30.8%, and 29.6% of total income in 2023, 2024, and 2025, respectively. Currently operating at the intersection of traditional manufacturing and AI-driven technology, Qianli Technology’s progress in scaling and commercializing its intelligent driving, smart cockpit, and Robotaxi businesses will be closely watched by the market.