Electric control solutions provider Zhenqu Technology makes another push for Hong Kong Stock Exchange.

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On July 22, Zhenqu Technology (Shanghai) Co., Ltd. submitted a listing application to the Main Board of the Hong Kong Stock Exchange, with CITIC Securities and Haitong International as joint sponsors. This is the company’s second attempt after its initial application in January 2026 expired.

It is understood that Zhenqu Technology was established in 2017 in Shanghai Pudong. The founder, Shen Jie, born in the 1980s, graduated from RWTH Aachen University in Germany with a PhD in Electrical Engineering and worked nearly ten years at GE’s global R&D center. The company mainly provides electric control solutions for new energy vehicles, with products covering three categories: power modules, motor controllers, and "power bricks".

"Power brick" is the core differentiated product of Zhenqu Technology.

According to the prospectus, the company launched the industry’s first main drive power brick product in 2021 and has since gradually realized mass production. This product integrates power modules, control logic, and thermal management structures into standardized modules. The prospectus discloses that shipments of power brick products began to grow significantly in 2022.

According to Frost & Sullivan data, in 2025, ranked by sales revenue, Zhenqu Technology’s main drive power brick ranked first in China with a market share of 31.4%; dual motor controllers ranked first; motor controllers ranked sixth; and power modules ranked seventh.

As of May 31, 2026, the company has obtained 59 designated points from 15 OEMs directly or through Tier-1 suppliers, with solutions applied to 92 models, of which 74 are in mass production.

Its customers cover domestic OEMs including Chery, SAIC-GM-Wuling, Changan, and Seres, and, through Tier-1 suppliers, enter the global supply chain of car companies such as Volkswagen. The company claims it has directly or indirectly entered three of the world’s top five car groups by sales.

Beyond automotive business, the prospectus reveals the company has expanded to fields including eVTOL, embodied intelligence, and AI data center power supplies. The robot joint solution jointly developed with Zhiyuan Robotics began mass production in May 2026.

The prospectus shows that Zhenqu Technology’s revenues for 2023, 2024, and 2025 were 160 million yuan, 1.159 billion yuan, and 2 billion yuan, respectively, over a three-year growth of more than 12 times. Revenue for the first five months of 2026 was 956 million yuan, up 73.3% year-on-year.

In terms of profitability, the company is still loss-making. Net losses for 2023 to 2025 were 237 million yuan, 335 million yuan, and 331 million yuan, respectively. Net loss for the first five months of 2026 was 128 million yuan, narrowing from 160 million yuan over the same period last year. Since 2023, accumulated losses total about 1.031 billion yuan.

Gross margin continues to improve, rising from -8.3% in 2023 to 1.3% in 2024, 5.6% in 2025, and reaching 9.0% in the first five months of 2026.

Regarding cash flow, operating cash flow remains negative: in 2023, 2024, 2025, and the first five months of 2026, it was -254 million yuan, -635 million yuan, -179 million yuan, and -179 million yuan, respectively. As of May 31, 2026, cash and cash equivalents totaled 628 million yuan; total interest-bearing bank loans amounted to 1.801 billion yuan, including 1.327 billion yuan in short-term loans and 474 million yuan in long-term loans, with an asset-liability ratio of 85.3%.

In terms of equity, founder Shen Jie directly holds 9.54%, controls 21.25% voting rights through six employee shareholding platforms, totaling 30.79% and making him the single largest shareholder. Major institutional shareholders include Junlian Capital and Lenovo Ventures.

Since its establishment, the company has completed several rounds of financing. In January 2024, it completed a Series D round raising 471 million yuan; in 2025, it completed Series E-1 (370 million yuan) and E-2 (210 million yuan), totaling 580 million yuan. After the E-2 round, the company’s post-investment valuation was 4.28 billion yuan.

The prospectus discloses that the company’s customer concentration is fairly high. In 2023, 2024, 2025, and the first five months of 2026, revenue from the top five customers accounted for 86.1%, 92.0%, 93.5%, and 91.9% of total revenue, respectively. The proportion from the largest customer was 30.0%, 36.4%, 57.1%, and 50.0%, respectively. Customer concentration is listed as a risk factor in the prospectus.

This IPO fundraise is intended for product R&D, domestic production capacity upgrade, international expansion, industry chain strategic cooperation, repayment of short-term bank loans, and working capital supplementation.

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