Core Viewpoint - Shanghai Huayi Technology Group Co., Ltd. has submitted an application for listing on the Hong Kong Stock Exchange, with Agricultural Bank of China International as its sole sponsor [3]. Company Overview - Huayi Technology was established in 1998 and is recognized as a leading and globally competitive provider of powertrain testing services for new energy vehicles in China [4]. - The company went public on the A-share market on July 29, 2021, and as of February 24, 2026, its total market capitalization is approximately 3.8 billion RMB [4]. Market Position - According to a report by Frost & Sullivan, Huayi Technology is projected to be the largest domestic supplier of intelligent powertrain testing solutions for new energy vehicles in China by revenue, with a market share of 7.9% in 2024 [4]. Financial Performance - For the fiscal year ending December 31, 2023, Huayi Technology reported revenues of 351.82 million RMB, with a net loss of 15.91 million RMB [5]. - The projected revenues for 2024 and 2025 are 423.44 million RMB and 386.49 million RMB, respectively, with corresponding net losses of 45.75 million RMB and 29.26 million RMB [5]. - The company anticipates a net profit attributable to shareholders of the parent company ranging from 53.5 million RMB to -64 million RMB for the fiscal year 2025 [6]. Shareholding Structure - Prior to the IPO, Li Yin holds approximately 21.05% of the shares, making him the largest single shareholder of Huayi Technology [7].