Core Insights - The heavy-duty truck market is experiencing significant growth driven by the rise of e-commerce, infrastructure upgrades, and the pursuit of efficiency, with global sales expected to reach 2.1 million units and $152.1 billion in revenue by 2024, and projected to grow to 2.8 million units and $249.1 billion by 2030 [1][4] - DeepXiang Technology, a leading company in the new energy heavy-duty truck sector, has submitted an IPO application to the Hong Kong Stock Exchange, aiming to capitalize on the growing market [1][4] Industry Overview - The heavy-duty truck market is essential for efficient goods transportation globally, with various applications including express delivery, port transport, and cold chain logistics [1] - The global new energy heavy-duty truck market is expected to see sales of 95,500 units and a market size of $9.8 billion in 2024, with projections to increase to 703,000 units and $80.6 billion by 2030 [5][6] Company Profile - DeepXiang Technology focuses on new energy heavy-duty trucks and has achieved commercialization since 2023, with over 99% of its revenue coming from heavy-duty truck sales [11][12] - The company has faced significant losses, totaling approximately $1.7 billion over three and a half years, as it invests heavily in R&D and technology [14][20] Market Position - DeepXiang Technology ranks tenth in global new energy heavy-duty truck sales in 2024, distinguishing itself with a focus on forward-defined models [9] - The Chinese new energy heavy-duty truck market is highly concentrated, with the top ten players accounting for over 90% of total sales [8] Financial Performance - The company reported revenues of approximately $4.26 million, $19.69 million, and $15.06 million for 2023, 2024, and the first half of 2025, respectively, while continuing to incur losses [14][15] - DeepXiang Technology's R&D expenses have been substantial, reflecting the high costs associated with developing new energy heavy-duty trucks [14][16] Future Outlook - The company plans to use funds raised from its IPO for R&D, expanding sales and service networks, and general corporate purposes, aiming to improve its market position and financial stability [18][20]