Core Viewpoint - Zhenqu Technology (Shanghai) Co., Ltd. is set to go public on the Hong Kong Stock Exchange, focusing on electric control solutions for the electric vehicle sector, with significant growth in overseas business and innovative product offerings [3][7]. Financial Performance - In 2023 and 2024, Zhenqu Technology's revenue reached 160 million yuan and 1.159 billion yuan, respectively, marking a year-on-year growth of 625.1%. For the first three quarters of 2025, revenue increased by 85.1% to 1.217 billion yuan, surpassing the total revenue for 2024, with overseas business revenue growing by 329.5% [7][8]. Market Position - As of September 30, 2025, Zhenqu Technology secured 50 contracts with 13 OEMs, including 4 foreign manufacturers. Its solutions are applied in 82 vehicle models, with 54 models in mass production. The company ranks 11th and 8th in China's motor controller installation volume for 2024 and the first three quarters of 2025, respectively [5][6]. Industry Growth - The global electric control market for electric vehicles has grown from 21.6 billion yuan in 2020 to an estimated 116.6 billion yuan by 2024, with a projected compound annual growth rate (CAGR) of approximately 12.1% reaching 231.2 billion yuan by 2030 [5][6]. Strategic Expansion - Zhenqu Technology aims to expand its customer base globally, leveraging China's position as the largest automobile exporter. The company is also extending its core motor control technology into high-growth adjacent applications, enhancing its long-term growth potential [6][8]. IPO and Funding - Following the last round of financing before the IPO, Zhenqu Technology's valuation stands at 4.28 billion yuan. The funds raised from the IPO will be used to accelerate product innovation, enhance R&D capabilities, improve domestic delivery, and support international expansion [8].