Core Viewpoint - The company is attempting to transition from a cleaning appliance manufacturer to a diversified technology group, aiming for a global IPO by the end of 2026, while facing significant challenges in high-end manufacturing and market positioning [1][2][13]. Expansion Strategy - The company joined Xiaomi's ecosystem in 2017 and quickly rose in the cleaning appliance sector, achieving a revenue of 15 billion yuan in 2024 and serving over 30 million households globally [1]. - The cleaning appliance market is showing signs of saturation, with a 7.7% decline in retail volume and a 12% drop in average price in 2024 compared to 2021 [1]. - The company is diversifying into automotive, mobile, and space mining sectors to create a multi-faceted valuation model, inspired by Xiaomi's success in the market [2][3]. Automotive Ambitions - The company plans to launch a luxury electric vehicle that competes with high-end brands like Bugatti, with impressive specifications such as a 0-100 km/h acceleration in 1.8 seconds [3]. - The strategy includes leveraging brand prestige to enhance valuation, as the narrative of "competing with Bugatti" is more appealing than producing mid-range electric vehicles [3]. Challenges in Execution - There are significant gaps in technology transfer from cleaning appliances to automotive manufacturing, with the company's core technologies not meeting automotive standards [5]. - The company has filed 6,379 patents, but only 5% pertain to critical automotive systems, indicating a potential overestimation of its technological capabilities [5]. - The decision to build a factory in Germany poses risks due to the competitive landscape and stringent carbon regulations, which could increase manufacturing costs [6][7]. Financial Considerations - The company faces substantial funding challenges, needing 30-40 billion yuan to support automotive development, factory construction, and marketing [8]. - The reliance on an IPO for funding raises concerns, especially if the automotive business does not demonstrate tangible progress before the planned public offering [9]. Market Dynamics - The company announced over 15 billion yuan in orders, primarily from Middle Eastern and Central Asian dealers, but these orders may not translate into actual sales [9][12]. - The mismatch between the company's target market for luxury vehicles and its existing customer base in cleaning appliances could hinder effective market penetration [10]. - The low conversion rate for luxury vehicle orders raises questions about the sustainability of the company's projected sales figures [11]. Industry Reflection - The company's foray into high-end manufacturing reflects a broader anxiety among Chinese tech firms seeking growth beyond their core businesses, often leading to a focus on narrative over substance [13]. - Long-term success in high-end markets requires building brand equity and technological capabilities over time, rather than relying on short-term valuation strategies [14].

Core Viewpoint - The article discusses the ambitious plans of Chasing Technology to pursue multiple IPOs for its various business units, highlighting the potential benefits and risks associated with this strategy [2][3]. Business Expansion - Chasing Technology is rapidly expanding into diverse sectors, including smartphones, astronomy, and electric vehicles, with plans to launch its first smartphone and a luxury electric vehicle by 2027 [3]. - The company aims to leverage the valuation differences across various sectors by splitting its businesses for independent IPOs, which could maximize overall company value [2]. Market Evaluation - Experts caution that while Chasing Technology has experience in hardware development, the new sectors it is entering require significant capital and technical expertise, raising questions about the feasibility of its expansion strategy [4]. - The company’s primary revenue still relies heavily on its cleaning devices, with other ventures in early investment stages, indicating a need for careful evaluation of resource allocation [3]. Risks of Expansion - There are concerns that if the core business does not establish a stable profit model, the company's aggressive expansion into high-investment areas could lead to financial risks and resource dilution [4]. - The long-term nature of some of its new ventures, such as asteroid mining, poses challenges for immediate commercialization, necessitating caution against overextending investor expectations [4]. Employee Investment Controversy - Allegations have surfaced regarding Chasing Technology's requirement for employees to invest in private equity funds, potentially linking this to job security, which raises ethical and legal concerns [6][8]. - The company has publicly denied any mandatory investment policies, asserting that participation in investment schemes is voluntary and aimed at fostering a long-term incentive structure [7][8].