Market Overview - The shared economy sector experienced a decline of 3.23% on October 17, with Jinbei Electric leading the drop [1] - The Shanghai Composite Index closed at 3839.76, down 1.95%, while the Shenzhen Component Index closed at 12688.94, down 3.04% [1] Individual Stock Performance - Haiqi Group (603069) closed at 24.30, up 1.17% with a trading volume of 265,700 shares and a transaction value of 652 million [1] - Jinbei Electric (002533) saw a significant drop of 7.51%, closing at 11.82 with a trading volume of 448,300 shares and a transaction value of 544 million [2] - Other notable declines include Chang'an Automobile (000625) down 6.38% and Wan'an Technology (002590) down 6.47% [2] Capital Flow Analysis - The shared economy sector saw a net outflow of 3.955 billion in main funds, while retail investors contributed a net inflow of 2.72 billion [2][3] - The table of capital flow indicates that Siwei Tuxin (002405) had a main fund net inflow of 51.2572 million, while Haiqi Group (603069) experienced a net outflow of 12.71 million [3]

Core Viewpoint - OneStar Robotics, a company backed by Geely, is confirmed to be in the process of dissolution, with key personnel having withdrawn from the company [1][5]. Company Overview - OneStar Robotics was established on May 9, 2025, with a registered capital of 10 million RMB, and is controlled by Li Xingxing, the son of Geely Group's founder Li Shufu [5]. - The company was seen as a significant move by Geely into the robotics sector, with ambitions to become a leading robotics company globally [5]. - The chairman, Pan Yunbin, has a background in Geely and has been involved in various leadership roles within the company [5][6]. Recent Developments - OneStar Robotics had completed two rounds of financing, with the latest round in August 2023 involving investors from Geely-related industries [6]. - The company announced a partnership with Fudan University to establish a joint laboratory for intelligent robotics, showcasing their first robot, "Star Wheel 1" [7]. - Despite these advancements, rumors of dissolution emerged, attributed to overlapping business directions with Geely's heavily invested Qianli Technology [7]. Competitive Landscape - Qianli Technology, established in December 1997 and listed in November 2010, has a registered capital exceeding 4.5 billion RMB and is also backed by Geely [7][8]. - Qianli Technology is focusing on the "AI + vehicle" sector and has recently formed a joint venture with Geely for smart driving solutions [8]. - As of October 16, 2023, Qianli Technology has submitted an application for an H-share listing on the Hong Kong Stock Exchange [8][9].

Core Insights - The strategic cooperation agreement between Qianli Technology and Chengdu Municipal Government aims to innovate and develop the intelligent connected vehicle industry, expanding urban demonstration application scenarios [2][3] - The partnership will focus on joint operations in areas such as customized travel, urban delivery, and logistics, deploying leading smart travel solutions in diverse urban application scenarios [2] - A key component of this collaboration is the establishment of a Robotaxi operational service system, aimed at creating safe, convenient, and efficient smart travel services and experiences [2] Industry Context - The Robotaxi industry in China is entering a critical phase of accelerated commercialization, driven by the maturation of smart driving technology, ongoing policy support, and a steady decline in fleet operating costs [2] - Qianli Technology is leveraging AI technology as a core driver to build a comprehensive ecosystem from technology research and development to product design and operational services, accelerating its Robotaxi business layout [2] - Chengdu is recognized as one of the first pilot cities for the "vehicle-road-cloud integration" application of intelligent connected vehicles, possessing comprehensive advantages in policy support, industrial foundation, and scenario openness [2]

Group 1 - Cangzhou Mingzhu's controlling shareholder is set to change to Guangzhou State-owned Assets Supervision and Administration Commission, acquiring 19.58% voting rights through the transfer of 167 million shares [1] - Guotou Fengle's application for a private placement of shares has been approved by the Shenzhen Stock Exchange, moving forward to the registration process with the China Securities Regulatory Commission [1] - Hunan Baiyin plans to adjust its share repurchase price ceiling to 8 CNY per share, with a total repurchase fund between 92.6 million and 123 million CNY [2] Group 2 - Zancore's shareholders plan to reduce their holdings by up to 2.71% of the company's total shares, amounting to 324,790 shares [3] - Tongfu Microelectronics intends to reduce its holdings by up to 1% of the total shares, equating to 15,176,000 shares [4] - Huajin Capital's shareholder plans to reduce holdings by up to 3% of the total shares, which is 10,341,200 shares [5] Group 3 - Ansheng Technology and partners are establishing a joint venture with a registered capital of 788 million CNY for a battery recycling project [6] - Huaten Technology plans to acquire 100% of Huayi Microelectronics through a combination of cash and stock issuance [7] - CICC has received approval to register a 10 billion CNY technology innovation corporate bond [9] Group 4 - Taijia shares' shareholder plans to reduce holdings by up to 3% of the total shares, which is 755,210 shares [10] - Nanfang Energy expects a net profit of 342 million CNY for the first three quarters, a year-on-year increase of 125.08% [12] - Shunbo Alloy's shareholders plan to reduce their holdings by up to 2.05% of the total shares, which is 1,372,900 shares [14] Group 5 - Shenzhen Energy is participating in the establishment of a 1 billion CNY renewable energy industry fund, focusing on investments in various energy sectors [15] - China Electric Port's shareholders plan to reduce their holdings by up to 1% of the total shares, which is 759,900 shares [16] - Liangpinpuzi's controlling shareholder's transfer of control has been terminated due to unmet conditions [17] Group 6 - Jingsheng Electromechanical's five executives plan to reduce their holdings by up to 277,620 shares, which is 0.21% of the total shares [19] - Shaoneng shares' shareholder plans to reduce holdings by up to 3% of the total shares, which is 31,444,100 shares [20] - Xiaoming shares' shareholders plan to reduce their holdings by up to 2.97% of the total shares, which is 557,030 shares [21] Group 7 - Fangzheng Electric's shareholders and executives plan to reduce their holdings by up to 3.37% of the total shares [22] - Hainan Huatie is under investigation by the CSRC for suspected information disclosure violations [23] - Qianli Technology has submitted an application for H-share listing on the Hong Kong Stock Exchange [25]

Core Viewpoint - Qianli Technology has submitted an application for H-share issuance and listing on the Hong Kong Stock Exchange, aiming to enhance its technological capabilities and market presence in the automotive sector, particularly in intelligent driving and smart cockpit solutions [2][4]. Group 1: H-share Issuance - On October 16, Qianli Technology submitted its application for the issuance of overseas listed shares (H-shares) to the Hong Kong Stock Exchange [2]. - The application materials were published on the Hong Kong Stock Exchange's website on the same day [2]. Group 2: Revenue Sources and Technological Solutions - Historically, Qianli Technology's revenue has primarily come from the sale of automobiles, motorcycles, and general machinery [2]. - The company has introduced technological solutions, including intelligent driving, smart cockpit solutions, and Robotaxi solutions [2][3]. Group 3: Intelligent Driving Solutions - Qianli Technology offers a full-stack intelligent driving solution driven by a unique RLM (Reinforcement Learning-Multi-modal) model, supporting L2 to L4 level autonomous driving in complex traffic scenarios [2]. - The product portfolio includes vertical AI models, software, hardware, and closed-loop data systems [2]. Group 4: Smart Cockpit Solutions - The smart cockpit solutions utilize proprietary multi-modal interaction models and AI-native AgentOS to provide a natural user interaction (NUI) experience [3]. - These solutions incorporate advanced hardware, including high-definition displays and premium audio systems, to create a personalized and immersive in-vehicle experience [3]. Group 5: Robotaxi Solutions - Qianli Technology provides end-to-end Robotaxi solutions by integrating L4 level autonomous driving, smart cockpit solutions, and a comprehensive operational support platform [3]. - The platform leverages closed-loop data capabilities to ensure safe, reliable, and scalable operations in complex urban environments [3]. Group 6: Fund Allocation for H-share Issuance - The funds raised from the H-share issuance will be allocated to enhance AI-driven strategies and technological capabilities, including the development of autonomous driving capabilities and smart cockpit enhancements [4]. - Additional allocations will focus on upstream industry chain resource integration, market sales and service network strengthening, and general operational needs [4].

Core Viewpoint - Chongqing Qianli Technology Co., Ltd. has submitted an application for listing on the Hong Kong Stock Exchange, with CICC as the sole sponsor [1]. Group 1: Company Overview - Qianli Technology is a leader in disruptive innovation technology, providing "AI + Mobility" closed-loop solutions for global strategic clients, including smart driving, smart cockpit, and Robotaxi solutions [4]. - The company has developed a comprehensive suite of smart driving solutions, achieving L2 to L4 level autonomous driving through vertical AI models, software, hardware, and closed-loop data systems [4][5]. - Qianli Technology's smart cockpit solutions are supported by proprietary multimodal interaction models and AI-native AgentOS, offering natural user interaction experiences [4]. Group 2: Product and Technology - The company has unique RLM (Reinforcement Learning-Multimodal) models for smart driving, being the first to achieve large-scale deployment of end-to-end RLM models in this field [5]. - Qianli Technology has developed the industry's first AGIL3 intelligent cockpit system, enhancing multimodal interaction through real-world understanding and AI-based personalization [5]. Group 3: Financial Performance - In the past performance period, Qianli Technology sold 196,900 vehicles and 1,300,000 motorcycles, with revenue primarily from manufacturing and sales of these vehicles, accounting for over 85% of total revenue [6]. - The company's revenue for the fiscal years 2022, 2023, and 2024 (up to June 30) was approximately 8.63 billion, 6.70 billion, and 6.96 billion RMB, respectively, with corresponding profits of 170 million, -262 million, and -329 million RMB [6][7].

Core Viewpoint - Chongqing Qianli Technology Co., Ltd. has submitted its listing application to the Hong Kong Stock Exchange, with China International Capital Corporation as the sole sponsor [1]. Company Overview - Qianli Technology is a leader in disruptive innovation technology, providing "AI + Mobility" closed-loop solutions for global strategic clients, including intelligent driving, smart cockpit, and Robotaxi solutions [4]. - The company has established a comprehensive suite of intelligent driving solutions, achieving L2 to L4 level autonomous driving in complex traffic scenarios [4]. - Qianli Technology's smart cockpit solutions are supported by proprietary multimodal interaction models and AI-native AgentOS, offering a natural user interaction experience [4]. Product and Technology - The company has developed a unique Reinforcement Learning-Multimodal (RLM) model for intelligent driving, being the first to achieve large-scale deployment of an end-to-end RLM model in this field [5]. - Qianli Technology has also created an advanced multimodal interaction model that incorporates real-world understanding, AI-based personalized recommendations, and in-car emotion recognition [5]. - The company has a strong manufacturing capability, having designed and operated automotive and motorcycle production facilities while maintaining strict quality, safety, and efficiency standards [5]. Financial Performance - For the fiscal years 2022, 2023, and projected figures for 2024 and 2025, Qianli Technology reported revenues of approximately RMB 8.63 billion, RMB 6.70 billion, and RMB 6.96 billion, respectively [6]. - The company experienced a net profit of RMB 1.70 million in 2022, but reported losses of RMB 2.62 billion and RMB 3.29 billion in 2023 and 2024, respectively [6]. - The revenue primarily comes from the manufacturing and sales of automobiles and motorcycles, accounting for over 85% of total revenue during the historical performance period [5].

Core Viewpoint - Chongqing Qianli Technology Co., Ltd. has submitted an application for listing on the Hong Kong Stock Exchange, with CICC as the sole sponsor [1] Group 1: Company Overview - Qianli Technology is a leader in disruptive innovation technology, providing "AI + Mobility" closed-loop solutions for global strategic clients, including intelligent driving, smart cockpit, and Robotaxi solutions [4] - The company has established a comprehensive suite of intelligent driving solutions, achieving L2 to L4 level autonomous driving in complex traffic scenarios [4] - Qianli Technology's smart cockpit solutions are supported by proprietary multimodal interaction models and AI-native AgentOS, offering natural user interaction experiences [4] Group 2: Technological Capabilities - The company possesses leading vertical AI model capabilities, forming the foundation of its solutions, including a unique RLM (Reinforcement Learning-Multimodal) model for intelligent driving [5] - Qianli Technology is the first company to achieve large-scale deployment of end-to-end RLM models in intelligent driving scenarios [5] - The company has developed the industry's first AGIL3 intelligent cockpit system, enhancing user interaction through AI-based personalized recommendations and in-car emotion recognition [5] Group 3: Financial Performance - For the fiscal years 2022, 2023, and 2024, Qianli Technology reported revenues of approximately RMB 8.63 billion, RMB 6.70 billion, and RMB 6.96 billion, respectively [6] - The company experienced losses in 2023 and 2024, with net profits of approximately RMB -2.62 billion and RMB -3.29 billion, respectively [6] - Revenue during the performance record period primarily came from the manufacturing and sales of automobiles and motorcycles, accounting for over 85% of total revenue [5]

Core Viewpoint - Chongqing Qianli Technology Co., Ltd. (Qianli Technology) has submitted its listing application to the Hong Kong Stock Exchange, with China International Capital Corporation (CICC) as the sole sponsor [1] Group 1: Company Overview - Qianli Technology is a leader in disruptive innovation technology, providing "AI + Mobility" closed-loop solutions for global strategic clients, including intelligent driving, smart cockpit, and Robotaxi solutions [4] - The company has developed a comprehensive suite of intelligent driving solutions, achieving L2 to L4 level autonomous driving in complex traffic scenarios [4] - Qianli Technology's smart cockpit solutions are supported by proprietary multimodal interaction models and AI-native AgentOS, offering natural user interaction experiences [4] Group 2: Technological Capabilities - The company possesses advanced vertical AI model capabilities, forming the foundation of its solutions, including a unique Reinforcement Learning-Multimodal (RLM) model for intelligent driving [5] - Qianli Technology is the first company to achieve large-scale deployment of end-to-end RLM models in intelligent driving scenarios [5] - The company has developed the industry's first AGIL3 intelligent cockpit system, enhancing multimodal interaction through AI-based personalization and in-car emotion recognition [5] Group 3: Financial Performance - For the fiscal years 2022, 2023, and 2024, Qianli Technology reported revenues of approximately RMB 8.63 billion, RMB 6.70 billion, and RMB 6.96 billion, respectively [6] - The company experienced a profit of RMB 170 million in 2022, but reported losses of RMB 262 million and RMB 329 million in 2023 and 2024, respectively [6] - Revenue during the historical period primarily came from the manufacturing and sales of automobiles and motorcycles, accounting for over 85% of total revenue [5]

Core Viewpoint - Qianli Technology (601777.SH) has submitted an application for the issuance of overseas listed shares (H-shares) and listing on the main board of the Hong Kong Stock Exchange on October 16, 2025 [1] Group 1 - The application materials for this issuance and listing have been published on the Hong Kong Stock Exchange website [1] - The application documents were prepared and published in accordance with the requirements of the Hong Kong Securities and Futures Commission and the Hong Kong Stock Exchange [1] - The information contained in the application materials is a draft version and may be updated and revised in due course [1]