Core Viewpoint - Ningbo Feishi Technology Co., Ltd. has submitted its listing application to the Hong Kong Stock Exchange, aiming to raise funds for its electric drive solutions business, particularly in the industrial control and new energy vehicle sectors [3]. Company Overview - Founded in 2001, Feishi Technology is a global supplier of electric drive solutions, providing integrated and customized electric drive systems [3]. - The company previously attempted to list on the STAR Market in 2021 but was unsuccessful in raising 1.6 billion RMB [3]. Financial Performance - Feishi Technology has not yet achieved profitability, with revenues of 1.376 billion RMB in 2022, 1.242 billion RMB in 2023, and projected revenues of 1.500 billion RMB in 2024 [4]. - The company reported losses of 1.300 billion RMB in 2022, 1.121 billion RMB in 2023, and is projected to incur a loss of 1.777 billion RMB in 2024 [4]. - For the first half of 2025, revenue increased by 58%, primarily driven by the growth in new energy vehicle solutions, which accounted for 60.4% of total revenue [5]. Market Position - Feishi Technology is the second-largest supplier of specialized electric drive solutions in China's industrial control sector, based on projected sales revenue for 2024 [3]. Client Concentration Risk - The company faces client concentration risk, with a significant portion of its revenue derived from a few major clients, particularly in the new energy vehicle sector [5]. R&D and Acquisitions - As of June 30, 2025, Feishi Technology employed 366 R&D personnel, representing 26.1% of its total workforce [5]. - In 2024, the company acquired Italy's NGTEC to enhance its robotics technology and strengthen its position in industrial automation [5]. Ownership and Management - The company is controlled by its Chairman and CEO, Ren Wenjie, and his spouse, holding a combined 49.48% stake [6]. - The board consists of 10 members, including 4 executive directors, with Ren Wenjie being a long-term leader since the company's inception [6].