Shares of Eacon Mining Technology rose on their Hong Kong Stock Exchange debut after the autonomous mining technology provider completed an initial public offering that attracted strong investor demand.
The stock opened at HK$91, about 3.5% above its offer price of HK$87.92. During Wednesday trading, the shares climbed further to HK$100.60, representing a gain of about 14.3%, giving the company a market capitalization of approximately HK$14.8 billion.
Eacon offered around 26.13 million shares in its global offering, raising approximately HK$2.3 billion in gross proceeds and about HK$2.18 billion in net proceeds.
IPO Attracts Institutional Investors
According to the company, the public offering was oversubscribed by approximately 157.8 times.
The transaction included 11 cornerstone investors, which collectively subscribed to about $146 million of shares, representing nearly 49.8% of the total offering.
Cornerstone investors included Zijin Mining, Fidelity International, JPMorgan Asset Management and Barings, among other institutional investors.
Autonomous Mining Business Continues to Expand
Founded in 2018, Eacon develops Level 4 (L4) autonomous driving systems for mining operations.
As of Dec. 31, 2025, the company said it had deployed 2,580 autonomous mining trucks in operation.
According to its prospectus, Eacon held a 55.5% share of China’s autonomous mining truck market based on the number of active vehicles. The company also said its deployment of more than 500 autonomous mining trucks at a single mining site represents the largest such fleet operating at one location globally.
Industry data from Frost & Sullivan cited in the prospectus projects that the penetration rate of autonomous mining trucks in China will increase from approximately 12% in 2025 to more than 50% by 2030.
Revenue Grows as Profitability Improves
Eacon reported revenue of 1.44 billion yuan ($211 million) in 2025, an increase of 45.5% from the previous year and more than four times its 2023 revenue.
The company, however, remains unprofitable. Net losses totaled 334 million yuan in 2023, 390 million yuan in 2024 and 516 million yuan in 2025, resulting in cumulative losses of approximately 1.24 billion yuan over the three-year period.
Despite the losses, the company said profitability has improved after shifting from a capital-intensive self-owned fleet model to an asset-light model using customer-owned fleets. Its gross margin increased to 10.1% in 2025 after being negative in 2023.
IPO Funds to Support Expansion
Battery manufacturer CATL became a major investor in Eacon during a Series D financing round exceeding 400 million yuan in June 2025 through CATL Capital and affiliated investment funds.
The two companies later signed a strategic cooperation agreement covering investment, technology development, market expansion and ecosystem collaboration for electric autonomous mining applications.
Eacon’s shareholder base also includes Zijin Mining, Nio Capital and Eight Roads, while its customer portfolio includes China Energy Investment, Zijin Mining, Shougang Group and Baowu Group.
The company said approximately 35% of the IPO proceeds will be allocated to software research and development, 23% to international expansion and customer acquisition, and 15% to hardware development.
Eacon has identified overseas growth as a strategic priority. It established subsidiaries in Australia and Singapore in 2023 and has formed partnerships with mining contractors including Thiess and MACA as it targets expansion into Australia, Canada, Chile, Mongolia, the Middle East and Africa.