A-share intelligent vehicle diagnostics solution provider Autel Technology makes another push for Hong Kong stocks.

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On June 30, Shenzhen Autel Intelligent Technology Co., Ltd. (“Autel Technology”), a STAR Market-listed company on the A-share market, submitted its prospectus to the Main Board of the Hong Kong Stock Exchange, proposing an IPO in Hong Kong.

This marks its renewed application following a previous submission that lapsed on December 19, 2025. If successfully listed this time, Autel Technology will formally establish an “A+H” dual capital platform structure.  

As an intelligent vehicle diagnostics and smart charging provider that started from Shenzhen’s Nanshan District and expanded globally, Autel Technology’s core business structure has been undergoing changes in recent years. The prospectus shows that the company not only relies on traditional vehicle diagnostics business, but also increases its layout in smart charging and multi-agent collaborative solutions.  

According to a report by Frost & Sullivan, measured by revenues from 2023 to 2025, Autel Technology is the world’s leading provider of intelligent vehicle diagnostics, with its market share rising from 10.5% in 2023 to 11.8% in 2025. This core business mainly targets automotive repair shops, offering comprehensive diagnostic products, tire pressure monitoring systems, and advanced driver assistance system calibration products.  

Meanwhile, smart charging business is becoming the company’s second growth driver.

The prospectus shows that based on overseas revenue in 2025, Autel Technology is China’s largest smart charging provider; in the North American market, it ranks fourth in revenue size, and ranks first among Chinese companies entering the market.

Additionally, since 2024, the company has strategically launched “multi-agent collaboration solutions” as a third growth curve, mainly covering embodied robots (such as wheeled humanoid robots, drones), AI application platforms, and vertical AI models, used for unmanned operation monitoring and maintenance in energy, transportation, and industrial parks. As of the last practicable date, eight pilot projects of this business have been completed.  

Financial data shows that Autel Technology achieved synergistic growth in both revenue and profit during the track record period.

In 2023, 2024, and 2025, the company realized total revenues of 3.251 billion yuan, 3.932 billion yuan, and 4.833 billion yuan, respectively; gross profits during the same periods were 1.703 billion yuan, 2.082 billion yuan, and 2.692 billion yuan, with overall gross profit margin rising from 52.4% to 55.7%.  

The increase in profits is particularly notable. Net profit reached 140 million yuan in 2023, grew to 560 million yuan in 2024, and further increased to 890 million yuan in 2025.

This profitability is mainly attributed to the scale-up of high-margin software business and solid overseas operations. Over the past three years, the retention rate of the company’s overseas subscription software service income has remained between 42% and 48%.

Geographically, North America and Europe are its core markets. For example, in 2025, North American contract revenue accounted for 52.9%, European for 19.1%, and mainland China only 2.6%.  

As a technology-driven company, Autel Technology maintains a high level of R&D investment. From 2023 to 2025, R&D expenses were 535 million yuan, 636 million yuan, and 775 million yuan, respectively, accounting for more than 16% of total revenues during the same period.  

For this Hong Kong IPO, Autel Technology plans to use the funds raised for strengthening charging and multi-agent collaboration solutions, basic AI technology R&D, strategic investment and acquisitions, and supplementing working capital. Amid complex external geopolitical environments and following recent internal compliance rectification, Autel Technology is once again racing toward the Hong Kong market. How it will use the “A+H” dual-platform to hedge overseas risks and boost valuation is something the market is closely watching.  

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