T3 Mobility, Tianfu Communication, and 18 other companies recently submitted applications to the Hong Kong Stock Exchange

Mars Finance News, April 25—According to disclosures by the Hong Kong Stock Exchange, from April 20 to 24, a total of 20 companies submitted IPO filings to the Hong Kong Stock Exchange, including Weimai Company, Dier Laser, Tiantong Weishi, Jadu Technology, Ying Shisheng Biology, Mingzhu Chemical, HuanChuang Technology, Yuanzhong Technology, T3 Mobility, Tianfu Communications, Qianli Technology, Icarus, Binhua Group, Sunshine Power, Meike Energy, Calaro ( China ), Zhitai Biotech, Wangyuan Technology, Xiangxiang Gongyong, and XTransfer.

Among them, Dier Laser, Jadu Technology, Tianfu Communications, Qianli Technology, Binhua Group, and Sunshine Power have already been listed on A-shares, with the latest market caps of 30.163 billion, 12.092 billion, 252.347 billion, 48.466 billion, 10.572 billion, and 277.375 billion yuan, respectively.

It is worth noting that the above companies mainly focus on fields such as intelligent driving, biomedicine, optoelectronics, and new energy.

In the intelligent driving sector, it includes Tiantong Weishi, T3 Mobility, Qianli Technology, and HuanChuang Technology, a space perception chip supplier. Tiantong Weishi is a software-centric full-stack L2-L4 intelligent driving solutions provider. It is the third autonomous driving company to make a push for a Hong Kong listing this year after Xiaoma Zhixing and Wenyuan Zhixing. The core highlight of this IPO is L4 commercialization—about 1 billion yuan in intended orders already received, involving more than 2,500 Robobus, Robotaxi, and Robotruck vehicles. However, from 2022 to the first half of 2025, the company’s cumulative loss was 1.212 billion yuan, so whether commercialization can be realized is still the biggest question for the market.

T3 Mobility was initiated by FAW, Dongfeng, and Changan together with Tencent and Alibaba, with a valuation exceeding 200 billion yuan. It turns profitable in 2025, but with extremely thin margins—full-year net profit of 7.44 million yuan. Based on 797.2 million orders, the average net profit per order is about 0.009 yuan.

Qianli Technology was formerly Lifan Group. It is currently led by iFlytek co-founder Yin Qi and former Honor CEO Zhao Ming. It plans to integrate Geely’s intelligent driving team and transition to “AI + Vehicles,” with a plan to mass-produce 300,000 Robotaxis in 2028.

The biomedicine sector includes Zhitai Biotech, Ying Shisheng Biology, Yuanzhong Technology, and Weimai. Zhitai Biotech mainly targets the GLP-1 weight loss/diabetes track. Its core product Zoviglutide is benchmarked against Semaglutide. In March, it just completed more than 500 million yuan in Series C financing and then submitted its listing application. It is one of the medical companies in this batch with the strongest commercialization expectations. Ying Shisheng Biology focuses on late-line cancer therapy. Its core product Ifebemtinib is the only FAK inhibitor in China that has entered Phase III clinical trials, and it submitted a second filing. As for Yuanzhong Technology, a leading online DTP pharmacy, it has submitted filings for a sixth time, with cumulative financing exceeding 6 billion yuan. The degree of twists and turns on its path to listing is arguably the most severe among companies in this batch.

In the optoelectronics and new energy sector, Dier Laser is the first domestic company to introduce laser technology into photovoltaic cell manufacturing. By 2025, its global market share in laser processing equipment for photovoltaic cells reaches 80.4%. Its customers include top leaders such as LONGi, Jinko, and Tongwei (among the top ten). Tianfu Communications is the world’s largest optical components company. It is the world’s first to mass-produce 800G/1.6T high-speed optical engines, and it is deeply partnered with AI computing giants such as NVIDIA. In 2025, its revenue is 5.16 billion yuan and its net profit is 2.02 billion yuan, as it pushes for A+H shares and increases its focus on CPO.

Sunshine Power is a global leader in photovoltaic inverters. It has submitted a second filing for a Hong Kong listing. Its Q4 performance has sharply dropped, which has already led the market to question its energy storage gross margin. Whether this Hong Kong fundraising can support its global expansion plans is a key point to watch. (Kegu Bao report)