The IPO boom for autonomous driving in Hong Kong stocks is back! Some companies have secured orders worth 1 billion. Experts: The service industry also needs to accelerate the upgrade towards "two transformations."

Recently, Suzhou Tiantong Weishi Electronic Technology Co., Ltd. (hereinafter referred to as Tiantong Weishi) officially submitted its main board listing application to the Hong Kong Stock Exchange. According to the prospectus, this IPO is co-sponsored by BOC International, HSBC, and Huatai International, with the fundraising plan aimed at high-level autonomous driving algorithm iteration, overseas model targeted expansion, and L4 level fleet operation.

In fact, since October of this year, the Hong Kong stock market has been experiencing a small wave of listings related to autonomous driving, covering fields such as L2 level intelligent assisted driving, L4 level Robotaxi, and Robotruck. Among them, XPeng and WERIDE-W successfully landed on the Hong Kong stock market on November 6.

Among the companies waiting to go public, those focusing on the L2 level intelligent assisted driving field include MoVision and Qianli Technology, among others. MoVision updated its listing application to the Hong Kong Stock Exchange on October 5, providing L0 to L4 level intelligent driving solutions for vehicle manufacturers and first-tier suppliers; Qianli Technology (formerly Lifan Technology) officially submitted its application on October 16, having completed a comprehensive business layout in the fields of intelligent driving, intelligent cockpit, and intelligent mobility, planning to launch large-scale Robotaxi commercial services in 10 cities worldwide within the next 18 months.

Image source: Tiantong Weishi official website

In the L4 level autonomous driving field, Xidi Zhijia, focusing on unmanned logistics vehicles and autonomous mining trucks, obtained overseas listing registration from the China Securities Regulatory Commission on October 31; the ride-hailing platform Xiangdao also submitted its listing application on October 28. The prospectus shows that part of the funds raised by Xiangdao will be used for the research and development of autonomous driving technology and the commercialization of Robotaxi services.

Among the companies listed in this round, Tiantong Weishi submitted its listing application to the Hong Kong Stock Exchange on October 31. The prospectus shows that Tiantong Weishi was established in 2016 and is a software-centric intelligent driving solution provider, covering L2 to L4 level autonomous driving and integrated cockpit solutions.

Financial data shows that Tiantong Weishi's revenue from 2022 to 2024 is projected to be 172 million yuan, 203 million yuan, and 482 million yuan, with corresponding losses of 324 million yuan, 231 million yuan, and 462 million yuan during the same period. In the first half of 2025, its operating revenue was 157 million yuan, with a loss of 192 million yuan.

From a specific business perspective, Tiantong Weishi currently has L2 to L2+ level solutions for 144 models. By 2024, 50% of the company's revenue will come from L4 level autonomous driving solutions. From 2022 to 2024, the company's annual compound revenue growth rate for L4 level autonomous driving is expected to reach 82% At the same time, TianTong Vision stated that the company has obtained intention orders for L4 level solutions, covering over 2,500 Robobuses, Robotaxis, and Robotrucks, with a total contract value of approximately 1 billion yuan, expected to be delivered within the next 3 to 5 years.

Behind the "listing boom" is a clear acceleration in the commercialization of autonomous driving technology. A report from Chebai Think Tank shows that L2 level intelligent assisted driving has achieved large-scale popularity and is steadily advancing towards L3 level conditional autonomous driving.

Li Wenguang, president of the intelligent driving product line, revealed to reporters that user acceptance of intelligent driving functions is continuously rising: the usage rate in highway scenarios has exceeded 60%, the activation rate of ADAS functions in urban areas has increased from about 15% to nearly 20%, and the usage rate of parking functions has reached about 42%. "L3 level autonomous driving on highways is expected to achieve large-scale commercial use next year, and L4 level autonomous driving in urban areas will also begin pilot projects simultaneously," he predicted.

However, the rapid implementation of intelligent driving technology is also accompanied by increasingly prominent safety challenges, prompting deep reflection within the industry. The current consensus in the industry is that intelligent vehicles are transitioning from passive transportation tools to intelligent mobile entities with autonomous perception, decision-making, and execution capabilities. This transition makes the construction of ecological systems, such as safety responsibility definition, infrastructure support, and business model innovation, particularly critical, directly impacting the commercialization process and social acceptance of intelligent driving.

Zhang Yongwei (Image source: Provided by the organizer)

In this regard, Zhang Yongwei, chairman of Chebai Association, stated: "The automotive industry is accelerating towards intelligence and autonomous driving, and the service industry also needs to accelerate its upgrade towards intelligence and digitalization. As the 'second automotive industry,' the value space of the automotive service industry may even surpass the manufacturing stage after the vehicle leaves the factory. With the arrival of the autonomous driving era, it is necessary to establish a new type of automotive service industry that is more digitalized and matches it, to achieve coordinated development of 'two transformations.'"

Li Wenguang further elaborated on the core value of autonomous driving reshaping the travel ecosystem. He pointed out that, at the user level, autonomous driving technology aims to create a safer mobile travel space that frees up users' time; at the industrial level, autonomous driving technology will promote cross-industry upgrades and resource revitalization of services such as car washing, parking, charging, and insurance; at the social level, autonomous driving technology can achieve an overall improvement in safety and efficiency by integrating with the construction of new urban infrastructure.

In addition, the development of autonomous driving technology is also driving the evolution of related financial service systems. Ni Hong, deputy general manager of the personal non-vehicle insurance department at China Pacific Insurance, cited data indicating that in the first half of 2025, the premium income of new energy commercial vehicle insurance increased by 41.44% year-on-year, with a claims growth rate of 33%, reflecting the refinement of risk control measures by insurance companies and the enhancement of drivers' safety awareness Ni Hong believes that although some leading companies have achieved profitability, the new energy vehicle insurance industry as a whole still faces challenges of losses. Some car owners still feel the high premiums, and the core reason lies in the fact that the accident rate of new energy vehicles and the pure risk premium base are still significantly higher than that of traditional fuel vehicles.

In his view, with the advancement of autonomous driving technology, the car insurance model will evolve towards stratification and diversification: the responsibility will extend from drivers to car manufacturers and hardware and software suppliers; the focus of protection will shift from "the operator's operational risk" to "equal emphasis on people and systems"; and the product form will develop from standardized commercial vehicle insurance to a comprehensive insurance that integrates vehicle insurance and non-vehicle insurance for autonomous driving.

Author of this article: Liu Xi, Source: Daily Economic News, Original Title: "The IPO Boom of Autonomous Driving in Hong Kong Stocks Resurfaces! Some Companies Have Secured 1 Billion Orders, Experts Say: The Service Industry Also Needs to Accelerate Upgrading to 'Two Transformations'"

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