01 Auto Files for HK Listing, Reveals Smart Heavy Truck Tech Progress and Financials

Jiangsu Lingyi Automotive Technology Co., Ltd. officially submitted its listing application to the Hong Kong Stock Exchange on May 28, 2024, seeking a main board listing. Goldman Sachs (Asia) L.L.C. and Haitong International Capital Limited are acting as joint sponsors. Positioning itself as a provider of intelligent and autonomous heavy-duty truck solutions, the company follows a vertically integrated, full-stack in-house development approach. Its self-developed "Lingyi Autonomous Driving System" is built upon an end-to-end multimodal large language model (MLLM), which reportedly reduces both system complexity and data annotation costs by approximately 95% compared to industry averages. On the hardware front, Lingyi Automotive has launched its proprietary "Jushi" quad-in-one electric drive axle, integrating the motor, gearbox, drive axle, and power take-off unit. This innovation reduces vehicle weight by over 200 kilograms and achieves a peak system efficiency of 94%. Additionally, the company is the first in the industry to mass-produce a multi-source heat pump-based, vehicle-level thermal management system, delivering up to 70% energy savings compared to traditional PTC heating at -20°C. According to Frost & Sullivan, Lingyi’s electric drive axle transmission efficiency and thermal management system performance rank among the best in mass-produced products. In terms of commercialization, Lingyi delivered 1,176 new energy intelligent heavy-duty trucks in 2025, bringing its cumulative deliveries to nearly 1,500 units by year-end—making it the fastest emerging new energy heavy-duty truck company globally to surpass 1,000 annual sales. From January to April 2026, the company sold 778 units and secured new orders for 1,002 vehicles, representing a 334.6% year-over-year increase. Financially, the company’s revenue surged from RMB 1.163 million in 2023 to RMB 124 million in 2024, and further to RMB 522 million in 2025—a roughly 448-fold increase over two years. Its gross loss margin narrowed significantly from 287.2% in 2023 to 2.5% in 2025, nearing breakeven, and it achieved positive operating cash flow in Q4 2025. R&D investment remains robust, with expenses totaling RMB 714.2 million, RMB 1.16 billion, and RMB 1.26 billion in 2023, 2024, and 2025, respectively. In 2025, R&D expenditure accounted for 24.1% of total revenue. On the funding side, the company completed a combined USD 400 million financing round in March and May 2024, backed by prominent investors including Contemporary Amperex Technology Co. Limited (CATL), Temasek, Momenta, NIO Capital, Zijin Mining, Yankuang Capital, Moutai Investment, and Sanhua Holding—spanning autonomous driving technology, supply chain, and charging/battery-swap infrastructure. The company stated that it will accelerate full-vehicle forward development and iterative improvements to its autonomous driving algorithms, while advancing large-scale commercial deployment. This IPO is widely viewed as a critical indicator of the commercial maturity of the forward-development approach in the intelligent heavy-duty truck sector.