Jiangsu Zeron Technology Co., Ltd. has filed an application to list on the main board of the Hong Kong Stock Exchange, according to industry reports.
The filing was submitted on May 28, with Goldman Sachs (Asia) and Haitong International Capital serving as joint sponsors for the proposed initial public offering.
Focus on Smart and Autonomous Heavy Trucks
Zeron positions itself as a developer of smart and autonomous heavy-duty truck solutions, pursuing a vertically integrated strategy that combines vehicle development, powertrain technology and autonomous driving systems.
The company said its proprietary autonomous driving platform, known as the Zeron Autonomous Driving System, utilizes an end-to-end multi-modal large language model architecture designed to simplify system development and data processing requirements.
According to the company, the platform reduces system complexity and lowers data labeling requirements compared with traditional autonomous driving development approaches.
Proprietary Hardware Development
Zeron has also developed a number of in-house vehicle technologies, including its “Jushi” four-in-one electric drive axle.
The system integrates the motor, gearbox, drive axle and power take-off components into a single unit. According to the company, the design reduces overall weight while improving drivetrain efficiency.
The company also said it was among the first manufacturers to mass-produce a multi-source heat pump thermal management system for heavy-duty vehicles.
According to Frost & Sullivan data cited in the prospectus, Zeron’s electric drive axle transmission efficiency and thermal management energy efficiency rank among leading mass-produced products in the sector.
Deliveries Continue to Expand
Zeron reported deliveries of 1,176 new energy heavy trucks in 2025, with cumulative deliveries approaching 1,500 units by the end of the year.
During the first four months of 2026, the company reported sales of 778 vehicles and new orders totaling 1,002 units.
The order volume represented a significant increase compared with the same period a year earlier.
Revenue Growth and Improving Margins
Financial disclosures included in the prospectus show revenue rising from 1.16 million yuan in 2023 to 124 million yuan in 2024 and 522 million yuan in 2025.
The company also reported a substantial improvement in gross margins over the same period, with losses narrowing as production volumes increased.
Zeron disclosed that it achieved positive operating cash flow during the fourth quarter of 2025.
Continued Investment in Research and Development
Research and development remains a major focus for the company.
According to the filing, R&D spending totaled 71.4 million yuan in 2023, 116 million yuan in 2024 and 126 million yuan in 2025.
The company said R&D expenditure represented approximately 24.1% of revenue in 2025.
Backed by Strategic Investors
Zeron completed financing rounds in March and May that collectively raised approximately US$400 million.
Investors included CATL, Temasek, Momenta, NIO Capital, Zijin Mining, Yankuang Capital, Moutai Investment, Sanhua Holding Group and InnoVen Capital.
The company said these partnerships support collaboration across autonomous driving technology, vehicle supply chains and charging and battery-swapping infrastructure.
Commercialization Efforts Continue
Zeron said it intends to continue investing in full-stack vehicle development and autonomous driving technology as it seeks to expand commercial deployment of its products.
The IPO filing comes as competition intensifies in China’s electric and autonomous heavy-duty truck sector, where manufacturers are seeking to scale production while advancing automated driving capabilities for commercial transport applications.
Last week, the company announced the completion of a US$200 million Series B2 financing round to support development of its autonomous driving truck business and broader commercialization efforts.
