Zhangtongshe zhangtongshe.com
It has taken a crucial step toward integrating with international capital markets.
Recently, according to disclosures from the Hong Kong Stock Exchange (HKEX), Zhenqu Technology (Shanghai) Co., Ltd. (hereinafter referred to as "Zhenqu Technology") has submitted its listing application, with CITIC Securities and Guotai Haitong acting as joint sponsors.
Founded in 2017 and headquartered in Pudong, Shanghai, Zhenqu Technology is a NEV (New Energy Vehicle) electronic control solution provider driven by independent core technologies. The company's business has expanded globally, with subsidiaries in Liuzhou (Guangxi), Pinghu (Zhejiang), Wuhu (Anhui), Chongqing, Lingang (Shanghai), Hangzhou (Zhejiang), Aachen (Germany), and Japan, as well as a business presence in Hong Kong.
Driven by continuous technological innovation and industrialization achievements, the company has been recognized as a National-level Specialized, Refined, Differential, and Innovative (SRDI) "Little Giant" enterprise, a China IC Unicorn enterprise, and a Shanghai Science and Technology "Little Giant" enterprise, with its industry position and technical strength highly acknowledged.
As early as 2018, shortly after Zhenqu Technology was founded, the Zhangtongshe team reported on it in the article "Zhenqu Technology: Accelerating on the Path of NEVs."
Overseas-Educated PhD Entrepreneurship in Zhangjiang: Building a Core Electronic Control Platform
Shen Jie, founder of Zhenqu Technology, graduated from RWTH Aachen University in Germany, where he obtained his Ph.D. with the highest honor of "summa cum laude". He is also a Senior Member of the IEEE. With approximately 20 years of experience in the power electronics industry, he previously served as the Technical Operations Director at GE Germany and as the technical lead for multiple major projects, accumulating profound experience in the industrialization of power electronics.
As a "tech-driven" technology entrepreneur, he has published 44 academic papers in the field of power electronics (including 12 papers in IEEE Transactions journals and 1 academic monograph) and is the inventor of 127 patents covering power module design, thermal management, control algorithms, and power converter topologies, demonstrating a solid technical background.
In 2015, after more than a decade of studying and working overseas, Shen Jie was transferred back to China to serve as the Technical Director of GE China. At that time, the global industrial landscape and technological competition were undergoing profound changes, and China elevated the development of high-end manufacturing and the mastery of core technologies to a strategic height. Recognizing this historic opportunity and the increasingly urgent demand for independent core technologies, Shen Jie resolutely founded Zhenqu Technology in Zhangjiang, Shanghai, in 2017, determined to join the wave of independent R&D and industrialization of core electronic control technologies for NEVs.
Since its inception, the company has established a technical path of forward development and fundamental breakthroughs. Its development pace has been clear and rapid: achieving mass production of the first-generation motor controller in 2020; launching the industry's first power brick in 2021; and successively introducing the second- and third-generation dual motor controllers in 2023 and 2024, with the third-generation product boasting a power density exceeding 62kVA/L.
Meanwhile, the application boundaries of the company's products are continuously expanding, gradually extending from the main drive of NEVs to cutting-edge fields such as eVTOL and embodied intelligent robots, fully validating the advancement and high reliability of its technology platform.
Leveraging industry-leading product innovation and industrialization capabilities, Zhenqu Technology's motor controllers, power bricks, and power modules have been successfully matched with multiple vehicle models from mainstream domestic and international automakers.
As of the end of September 2025, the cumulative shipments of power modules reached 2.7 million units, and the cumulative total shipments of motor controllers and power bricks reached 1 million units. The company's team has also grown from 20 people at its inception to over 800, including more than 330 R&D engineers. Over half of the R&D personnel hold master's or doctoral degrees, and more than 30% of the employees have overseas study or work experience, building an international, high-level R&D and operations team.
Breaking the Single-Product Model: Layered Combinations Define New Paradigms in Electronic Control
As the core of the electric drive system, electronic control is responsible for converting electrical energy into controllable power to precisely regulate motors or power sources, thereby ensuring efficient and reliable vehicle performance. Relying on its forward design capabilities, Zhenqu Technology builds electronic control solutions from scratch, creating a modular technology platform to achieve efficient and rapidly scalable project deployment.
The company provides a layered solution portfolio covering power modules, motor controllers, and power bricks. Unlike traditional suppliers that only offer single products, customers can flexibly choose solutions with varying degrees of integration based on vehicle design, cost targets, and engineering requirements.
Power Modules: As the cornerstone of the business model and solution portfolio, they are the core components of motor controllers. Zhenqu Technology's power modules feature high power density, excellent thermal stability, and ease of assembly in motor controllers and power bricks, effectively improving system efficiency, ensuring stable operation, and reducing integration complexity.
Motor Controllers: As the core execution unit of the electronic control system, they are developed based on self-developed power modules. The products feature high integration, compact size, and high reliability, equipped with advanced self-developed control software to achieve efficient energy utilization, precise torque control, and stable performance, significantly improving vehicle range and driving experience. Its dual motor controller products further support coordinated control of multiple drive units under high power density and complex operating conditions.
Power Bricks: These are standardized, modular, and independent power conversion units. They integrate core power electronics components into compact subsystems, providing OEMs with cost-effective and highly reusable solutions, rather than basic power modules or fully customized motor controllers. The product portfolio covers main drive power bricks, auxiliary power bricks deployed in the powertrain and chassis domains, and integrated domain controllers.
This flexible layered combination achieves an optimal balance among cost, performance, and development cycles, thereby expanding the company's market coverage and elevating its strategic position in the industry.
In addition, the self-developed PEDA toolchain by Zhenqu Technology, through a series of automated auxiliary design tools for power electronics R&D, can significantly reduce product R&D cycles and testing costs, greatly improving product performance while enhancing R&D efficiency.
Dual Validation by Market and Capital: Huge Potential for Future Development
The value of technology ultimately needs to be validated by the market.
As of September 30, 2025, Zhenqu Technology has directly or through Tier-1 suppliers secured a total of 50 design wins from 13 OEMs. Winning design wins from OEMs typically means that its solutions will be integrated into multiple vehicle models developed by the OEMs and will span the lifecycle of each model.
Currently, the company's solutions have been applied to 82 vehicle models, of which 54 have entered mass production. According to a report by Frost & Sullivan, based on installed volume, Zhenqu Technology's main solutions have taken a leading position in the Chinese market.
The rapid expansion of business scale is directly reflected in the financial data. The prospectus shows that the company's revenue is on an upward trend, reaching 160 million, 1.159 billion, and 1.217 billion RMB in 2023, 2024, and the first nine months of 2025, respectively. However, the company is still in the investment phase and reported losses during the reporting period, with losses of 237 million, 335 million, and 257 million RMB for the same periods, respectively.
Behind the rapid development is continuous capital support. Since its inception, Zhenqu Technology has completed multiple rounds of financing with a luxurious lineup of investors, attracting well-known investment institutions such as Legend Capital, Lenovo Capital and Incubation Group, CICC Qichen, and Oriza Holdings, as well as industrial strategic investors like the Volvo Cars Tech Fund.
In September 2025, the company completed the second closing of its several-hundred-million RMB Series E financing, with the total Series E financing exceeding 600 million RMB. National and local heavyweight investment platforms such as SDIC Innovation, SDIC Investment, China Internet Investment Fund, Guangzhou Industrial Investment, and Pudong Venture Capital have joined the round, with existing shareholders continuously increasing their stakes, fully demonstrating the capital market's firm confidence in its technological route, business model, and future development prospects, with a post-investment valuation exceeding 4 billion RMB.
Submitting the listing application to the HKEX is an important milestone in the development history of Zhenqu Technology. In the wave of the global automotive industry's comprehensive transformation towards electrification and intelligence, the independent and controllable supply of core components has become a strategic focus of the industrial chain.
Successfully listing on the international capital market will undoubtedly inject more robust development momentum into Zhenqu Technology, helping it further increase R&D investment, expand production scale, and explore global markets, thereby consolidating and elevating its position in the first tier of the NEV electronic control field. This technology unicorn, emerging from Zhangjiang, Shanghai, is continuously contributing crucial driving force to the green advancement of the NEV industry in China and even globally with its hardcore technological strength.
Text | Zhouyu Editor | Yida