Qianli Tech Eyes HK Listing to Raise $1B for AI+Auto Strategy

Qianli Technology recently refiled its application for a main board listing on the Hong Kong Stock Exchange, aiming to achieve a dual "A+H" listing. Market sources indicate the company could complete its Hong Kong IPO as early as Q2 2024. The firm has now entered the HKEX inquiry phase and, if all goes smoothly, will proceed with subsequent roadshows and pricing. Originally known as Lifan Group, the company entered bankruptcy restructuring in 2020 following a debt crisis and setbacks in its new energy vehicle (NEV) transition. It was subsequently taken over by Geely Holding Group in partnership with capital entities from Chongqing Liangjiang New Area. Following the restructuring, Geely injected resources—including battery-swapping vehicle platforms—to pivot the company toward the NEV sector. In 2024, Yin Qi was appointed Chairman of the company. In 2025, it officially rebranded as “Qianli Technology” and unveiled its “AI + Automotive” strategy, expanding into areas such as intelligent driving. Over the past year, amid the rebranding and AI strategy rollout, the company has drawn significant investor attention, with its share price surging more than 400% and current market capitalization exceeding RMB 50 billion. The planned Hong Kong listing aims to raise approximately USD 1 billion, primarily to support the implementation of its AI-driven strategy. This move is closely tied to a substantial increase in R&D investment: in 2025, the company significantly ramped up R&D spending and expanded its R&D workforce, with a strategic focus on intelligent driving. Qianli’s business is divided into two segments: manufacturing and technology. Manufacturing remains the primary revenue contributor, accounting for over 90% of total revenue in 2025, with overall gross margins showing signs of recovery. Intelligent driving generated approximately RMB 350 million in revenue—less than 4% of total revenue. Despite improvements in revenue structure, the company continues to face profitability challenges, reporting losses for three consecutive years from 2023 to 2025, largely due to heavy R&D expenditures. Throughout this strategic transformation, Geely has played a pivotal role—not only injecting resources but also helping integrate teams to establish Chongqing Qianli Intelligent Driving. The company has also recruited several executives with relevant industry backgrounds. Currently, Qianli Technology remains heavily reliant on the Geely ecosystem, with most of its operations centered within Geely’s internal network. At present, the company is navigating a dual-track development path combining traditional manufacturing with AI technologies. Going forward, market attention will center on the mass production and commercialization progress of its emerging businesses, particularly in intelligent driving.