Recently, information disclosed by the Hong Kong Stock Exchange shows that Zhenqu Technology (Shanghai) Co., Ltd. has officially submitted its listing application. CITIC Securities and Guotai Haitong Securities are jointly serving as joint sponsors, marking the beginning of the capitalization journey for this technology company deeply engaged in the NEV electric control field. From taking root in Pudong, Shanghai in 2017 to having its business reach globally today, Zhenqu Technology's path to listing is not only a milestone in the company's own development but also a vivid epitome of the rise of the domestic NEV core components industry.
As an NEV electric control solution provider driven by independent core technologies, Zhenqu Technology has focused on breakthroughs in core links of the industry chain since its establishment. As the "brain" and "nerve center" of NEVs, the electric control system directly determines the vehicle's dynamic performance, range, and safety level, making it one of the core components with the highest technical barriers in the NEV industry chain. In the wave of accelerated iteration in the global NEV industry, Zhenqu Technology has accurately grasped industry trends and built a product system covering multi-scenario needs. Its high-power-density motor controllers, which are researched, produced, and sold by the company, cover a full range of types including high voltage/low voltage, air cooling/water cooling, and BEV/PHEV/HEV. These products have been successfully applied in batches in multiple passenger and commercial vehicles in China and Germany, demonstrating strong industrialization capabilities.
Global layout is one of the significant advantages of Zhenqu Technology. Relying on the technological and resource accumulation of its Shanghai headquarters, the company has established subsidiaries in core areas of domestic industrial clusters such as Liuzhou (Guangxi), Pinghu (Zhejiang), Wuhu (Anhui), Chongqing, Lingang (Shanghai), and Hangzhou (Zhejiang). Meanwhile, it has extended its business overseas, setting up production and R&D bases in Aachen (Germany), Japan, and other places, and establishing business locations in Hong Kong. This global network not only achieves close coverage of mainstream automotive markets at home and abroad but also helps integrate global technological resources and supply chain systems, laying a solid foundation for the company to participate in international competition. As of the third quarter of 2025, Zhenqu Technology has secured 50 design wins from 13 OEMs either directly or through Tier-1 suppliers. Its solutions have been applied to 82 vehicle models, of which 54 have entered mass production. The cumulative shipment volume of power modules has reached 2.7 million units, and the total cumulative shipment volume of motor controllers and power bricks has reached 1 million units, with market recognition steadily improving.
Technological innovation is the core competitiveness of Zhenqu Technology in the industry. The company has been successively recognized as a national-level Specialized, Refined, Differential, and Innovative (SRDI) "Little Giant" enterprise, a Chinese IC unicorn enterprise, and a Shanghai Science and Technology "Little Giant" enterprise. Behind these multiple honors is the team's deep cultivation in the field of core technologies. According to public information, Zhenqu Technology is a typical technology-driven enterprise. Among its more than 60 formal employees, over 45 are R&D engineers, of which more than 90% hold doctoral or master's degrees. The high-quality R&D team has accumulated more than 50 international patents and has over ten years of development and application experience in the next-generation wide bandgap material, silicon carbide (SiC). The power density of its independently developed third-generation dual motor controller reaches 61.5kW/L, far exceeding the industry average; the volume of the OreoPACK power module is only one-ninth of the standard HPD, and its second-level power cycling times far exceed the general industry requirements, winning high recognition from German customers with its strict product standards. In addition, the company is the only one in the world to achieve mass production and application of coreless sensors, continuously building differentiated competitive barriers through technological innovation.
Data shows that in 2024, China's NEV sales have exceeded 10 million units, with a penetration rate of over 35%, driving the market size of the motor and electric control system to reach approximately 120 billion RMB. It is expected to exceed 150 billion RMB in 2025. Driven by both policy support and market demand, SRDI enterprises are becoming the focus of attention in the capital market. This year, 28 SRDI enterprises have landed in the capital market, with the number of listings increasing by 33.33% year-on-year. For Zhenqu Technology, listing on the Hong Kong stock market will further broaden financing channels, providing financial support for its continuous technological R&D, capacity expansion, and global layout.
Of course, the competition in the NEV core components industry is becoming increasingly fierce. Factors such as the intensifying trend of OEMs' in-house R&D and manufacturing, and the price fluctuations of core raw materials still pose challenges to the company's development. However, relying on its profound technological accumulation, comprehensive global layout, and mature industrialization capabilities, Zhenqu Technology is expected to achieve new breakthroughs in technological innovation and market expansion through the empowerment of the capital market.
Disclaimer: This article is for information exchange purposes only and does not constitute any investment advice. The stock market involves risks, and investment requires caution.