Core Viewpoint - Aodong New Energy Co., Ltd. has submitted its listing application to the Hong Kong Stock Exchange, aiming to leverage its expertise in the battery swapping model for electric vehicles, which is seen as a promising solution for rapid energy replenishment in the electric taxi and heavy-duty truck markets [1][3]. Group 1: Company Overview - Aodong was founded on June 16, 2016, in Shanghai by notable entrepreneurs and focuses on promoting the battery swapping model for electric vehicles [3]. - The company has been a pioneer in the battery swapping industry, providing solutions for major events like the Shanghai World Expo and Guangzhou Asian Games [3]. - Aodong claims to have achieved several milestones, including the fastest battery swapping time of 20 seconds and the largest battery swapping network in cold regions [3]. Group 2: Market Potential - The battery swapping model is identified as the optimal solution for electric taxis, which require quick, safe, and cost-effective energy replenishment due to their high usage frequency [4]. - Aodong has established a network of 521 battery swapping stations across 16 cities, managing 160,000 batteries and facilitating over 100 million battery swaps, providing over 40 billion kilowatt-hours of energy to 130,000 electric taxis [4]. Group 3: Heavy-Duty Truck Market Insights - The electric heavy-duty truck market is projected to grow rapidly, with sales expected to reach 51,000 units by 2030, reflecting a compound annual growth rate of 37% [5]. - Aodong's technology allows for a 40-second battery swap for heavy-duty trucks, and the company is increasing its resources to collaborate with electric truck and autonomous driving companies [5]. Group 4: Technological Innovations - Aodong has developed its own V2S2G technology, creating a closed-loop system that connects vehicles, battery swapping stations, and the power grid, enabling efficient energy management [8]. - The technology allows for real-time interaction between the battery swapping stations and the grid, optimizing energy storage and distribution based on demand [8]. Group 5: Financial Performance - Aodong has significantly reduced its net losses, with figures showing a decline from RMB 7.85 billion in 2022 to an expected RMB 1.57 billion by mid-2025 [9]. - The company is positioned to lead the battery swapping industry in China and internationally, leveraging its core technology and operational capabilities [9].