上海独角兽，冲刺IPO

Core Viewpoint - Zhenqu Technology (Shanghai) Co., Ltd. has submitted its prospectus to the Hong Kong Stock Exchange, planning to list on the main board, with CITIC Securities and Haitong International as joint sponsors [1]. Company Overview - Founded in 2017, Zhenqu Technology is a technology-driven supplier of electric control solutions primarily targeting the electric vehicle sector. The company focuses on converting electrical energy into controllable power output to regulate motors or power systems, ensuring vehicle performance [5]. - As of the third quarter of 2025, Zhenqu Technology ranked third among domestic motor controller suppliers by installation volume, first in the domestic market for main drive power bricks, and seventh for power modules [6]. Financial Performance - The company reported revenues of RMB 1.6 billion and RMB 11.59 billion for 2023 and 2024, respectively, with losses of RMB 2.37 billion and RMB 3.35 billion during the same periods. For the first three quarters of 2025, revenue was RMB 12.17 billion, with a gross profit of RMB 41.24 million and a loss of RMB 2.57 billion [9][10]. - The company has incurred significant losses as it invests heavily in business expansion, particularly in procurement and R&D activities [10]. R&D and Innovation - Zhenqu Technology has over 800 employees, with more than 330 being R&D engineers. Over 50% of the R&D team holds a PhD or master's degree, and over 30% have overseas work experience. The company holds 275 authorized patents, including 111 invention patents [7]. - The company has developed a vertical integration technology route for its power modules and electric control systems, with products expanding from electric vehicles to electric aircraft and intelligent systems [9]. Market Position and Trends - The global electric control market is projected to grow from RMB 383.1 billion in 2020 to RMB 446.3 billion in 2024, with expectations to reach approximately RMB 608.4 billion by 2030. The Chinese electric vehicle control market is characterized by a relatively fragmented competitive landscape [11]. Funding and Shareholding Structure - Zhenqu Technology has completed 12 rounds of financing, raising over RMB 1.7 billion. The founder, Dr. Shen Jie, holds approximately 9.54% of the company's issued share capital and controls about 30.79% of the voting rights [12][14]. - Major investors include Junlian Capital, Advanced Manufacturing Fund, and Volvo Cars Tech Fund, among others [15].