Huayi Technology, listed on the A-shares market, plans to pursue a Hong Kong IPO after 4 years. Performance pressure in 2025.

NightAirdropper · 2026-02-25T10:17:40+00:00

Huayi Technology applies for listing on the Hong Kong Stock Exchange, with Agricultural Bank International as its sponsor. The company was established in 1998 and specializes in testing for new energy vehicle powertrains. It is expected to become China's largest domestic intelligent testing solution provider by 2024. Although there are losses from 2023 to early 2025, the net profit in 2025 is expected to be either positive or negative.

NightAirdropper

2026-02-25 10:17:40

Abstract generation in progress

Rui Finance Wang Min On February 24, according to Hong Kong Stock Exchange filings, Shanghai Huayi Technology Group Co., Ltd. (hereinafter referred to as “Huayi Technology”) submitted a listing application to the Main Board of the Hong Kong Stock Exchange, with China Merchants Securities acting as its sole sponsor.

It is reported that Huayi Technology was listed on the A-share market on July 29, 2021. As of the market close on February 24, 2026, its total market value was approximately 3.8 billion yuan.

The prospectus shows that Huayi Technology was founded in 1998. As a leading and globally competitive new energy vehicle powertrain testing platform in China, it provides testing services for new energy vehicle powertrains, intelligent driving testing services, and manufactures high-precision positioning products. It also supplies intelligent testing equipment for powertrains to domestic and international markets.

According to a report by Frost & Sullivan, in 2024, based on revenue, Huayi Technology is the largest domestic supplier of intelligent powertrain testing solutions for new energy vehicles in China, with a market share of 7.9%.

In terms of performance, in the first nine months of 2023, 2024, and 2025, Huayi Technology’s operating revenues were 352 million yuan, 423 million yuan, and 386 million yuan, respectively, with net losses of 15.91 million yuan, 45.75 million yuan, and 29.26 million yuan.

Initial estimates by the finance department suggest that the net profit attributable to the parent company for 2025 will be between 53.5 million yuan and a loss of 64 million yuan; the net profit attributable to the parent after deducting non-recurring gains and losses is expected to be between a loss of 56.31 million yuan and a loss of 66.81 million yuan.

Before the IPO, Li Yin held approximately 21.05% of the shares, making him the largest single shareholder of Huayi Technology.

Related company: Huayi Technology sh688071

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