Trunk Tech Re-files for HKEX Listing, Focusing on L4 Autonomous Trucking

Trunk Tech (Beijing) Co., Ltd. submitted an application for a main board listing on the Hong Kong Stock Exchange on June 12, 2024—its second filing attempt. The previous day, its initial listing application automatically lapsed after failing to complete the hearing process within six months. Founded in 2017 by Zhang Tianlei, a graduate of Tsinghua University’s Department of Computer Science and an autonomous driving expert, Trunk Tech focuses on applying Level 4 autonomous driving technology to logistics trucks. Zhang studied under Academician Li Deyi of the Chinese Academy of Engineering. The company has received backing from prominent industrial investors, including Anhui Kexun (affiliated with iFLYTEK), NIO Capital, and Bosch Group. Through multiple rounds of financing, its post-money valuation rose from RMB 150 million in its angel round to RMB 3.86 billion by its Series B5 round. Financial data shows that Trunk Tech’s revenue was RMB 134 million, RMB 254 million, and RMB 345 million in 2023, 2024, and 2025, respectively, representing a compound annual growth rate (CAGR) of 60.3%. During the same period, net losses narrowed from RMB 213 million to RMB 187 million and further to RMB 171 million. However, the company has reported negative operating cash flow for three consecutive years and remains reliant on external funding for daily operations. The company’s revenue primarily comes from two business segments: Trunk Port and Trunk Pilot. In 2025, Trunk Port revenue declined while Trunk Pilot revenue grew significantly. Trunk Tech exhibits high customer concentration, with its revenue heavily influenced by a few large clients and major projects, resulting in seasonality and volatility. Operating in the highly competitive commercial vehicle autonomous driving sector, Trunk Tech faces numerous rivals in both closed and open scenarios. Its future profitability hinges on the growth of its Trunk Pilot and Trunk City businesses. Although its order backlog has increased substantially, there remains uncertainty over whether these orders will successfully convert into revenue. As of June 16, 2024, Trunk Tech stated it is in its IPO quiet period and declined to accept media interviews.