Core Insights - The chairman of Haomo Zhixing, a subsidiary of Great Wall Motors focused on intelligent driving, has resigned along with several mid-level management personnel, indicating potential strategic shifts and internal management issues [2] - Haomo Zhixing has made significant advancements in technology development and market expansion, aiming to commercialize autonomous driving technology [2] - The company operates primarily in two areas: passenger car assisted driving and low-speed unmanned delivery for logistics [2] Business Performance - Despite previous positive updates from the chairman regarding customer satisfaction, financing progress, and new orders in the commercial vehicle sector, recent reports indicate that the commercialization of the company's two main business lines is struggling [3] - The passenger car assisted driving business has only secured projects with two models from Hyundai, with slow development progress and uncertain delivery timelines [3] - The low-speed unmanned delivery business has set a sales target of only over 50 units for 2025, with no plans for new model development or sales expansion, indicating a focus on inventory clearance [3] IPO Plans - There are rumors that the IPO plan for Haomo Zhixing on the Hong Kong Stock Exchange has been halted, but the chairman has stated that the plan is still in progress, with expectations for completion in 2025 [3] - As of now, there has been no submission of the IPO application to the Hong Kong Stock Exchange [3]