IPO forward|DeepWay submits in-depth listing to the Hong Kong Stock Exchange to create an “industrial robot” for road freight

In the wave of deep transformation of the global automobile industry towards new energy and intelligence, the Hong Kong stock market has become an important hub for innovative companies to connect with global resources due to its international capital ecosystem and inclusiveness to emerging industries. DeepWay Shenzhen, the world's leading technology company for new energy heavy trucks and intelligent road freight solutions, will also enter the secondary market with the help of the Hong Kong capital market and embark on a new journey of global development.

The Zhitong Finance App learned that on November 6, DeepWay submitted a listing application on the Hong Kong Stock Exchange. This move is not only a milestone in enterprise development, but also marks a new stage of smart new energy heavy trucks moving from technical verification to capital market recognition. As the first new heavy truck company to hit Hong Kong stocks, DeepWay's in-depth listing exploration may open up capitalization channels for new forces in the industry, push the industry to shift from technology competition to “technology+capital+ecology” comprehensive competition, and reshape the competitive pattern of the new energy heavy truck industry.

New energy heavy truck new power leader

DeepWay Shenzhen is the world's leading new energy heavy truck and intelligent road freight solution technology company. It focuses on using electrification and intelligent technology to drive the global road freight industry to a new stage of zero-carbon, efficient and safe logistics.

Unlike traditional heavy truck companies, DeepWay has long been positioned as an “AI-driven industrial robot company with the mission of intelligent global road freight”. By positively defining heavy truck products and innovating intelligent technology, it creates industry-disrupting solutions and pushes the road freight industry to a new stage of development.

As the first company in the world to achieve batch delivery of intelligent new energy heavy trucks using a positive definition method, DeepWay has deeply broken through the constraints of traditional fuel vehicle architectures and is different from the “oil to electricity” transition model common in the industry. Based on the first principle, the company restructured the product logic from the actual needs of the freight scenario. Instead of simply replacing the power system within the fuel vehicle framework, the company redefined the vehicle architecture, performance and function with the advantages of electric drive as the core and intelligence as the ultimate goal, laying a solid foundation for the deep adaptation of electrification and intelligence.

Market delivery data further confirms DeepWay's deep industry leadership. According to the prospectus, in 2023, 2024 and the first half of 2025, the company delivered 509, 3002 and 2,873 new energy heavy trucks respectively. According to Insight Consulting data, according to 2024 sales volume, the company ranked first in the global positive definition new energy heavy truck market.

In terms of global layout, DeepWay is the first company in China to positively define the delivery of new energy heavy trucks overseas. As of September 2025, the company has established a sales channel network in countries such as Singapore, Thailand, Malaysia, the United Arab Emirates, Australia, etc., and the global business footprint continues to expand.

In terms of profitability, although the company has not yet generated profits, gross profit has been corrected, which is not easy among the new forces of heavy trucks. Industry insiders believe that at present, the new forces of heavy trucks are still in the early stages of commercialization. As the scale of delivery continues to grow, the scale effect will gradually become apparent, and eventually it will usher in a profit inflection point.

Electrification+intelligent construction technology “moat”

From forward-defining technology to breaking through traditional fuel vehicle architectures, to promoting large-scale delivery of terminal products to verifying market value, to now sprinting into Hong Kong stocks, every step of DeepWay's deepening advance is inseparable from the technical undertone of “independent innovation”, and this undertone is also being transformed into a technological “moat” leading the industry through the deep integration of electrification and intelligence.

The new vehicle architecture scheme and self-developed core systems and components are the main innovation direction of DeepWay's deep new energy heavy truck solutions. The Zhitong Finance App learned that DeepWay's full-stack self-developed electronic and electrical architecture enables high-speed communication capabilities, and highly integrated components improve control efficiency and effectively reduce costs and failure rates. The aerodynamic low wind resistance body solution achieves low wind resistance, low energy consumption and longer battery life, and the wind resistance coefficient has reached the leading level in the industry. The company pioneered an integrated solution for truck battery chassis, which increased the container volume ratio by 9.6% compared to oil-to-electric heavy trucks, and greatly reduced manufacturing and maintenance costs.

In terms of core systems and components, DeepWay has achieved full-stack self-development and production of the core “three-electric” system for new energy heavy trucks, including battery systems, electric drive axles, and electric controllers, which are now installed in new model products. Conducting “three electric” self-research based on the positive definition concept can better meet the needs of the electrification and intelligent transformation of heavy trucks, improve the economy, safety and suitability of products for autonomous driving applications, reduce technical costs, and continuously increase gross profit. In addition, self-developed core components can reduce dependence on external suppliers, simplify the supply chain, and reduce costs. As the scale of the company's business continues to grow, the scale advantage will be further demonstrated.

The company's ultimate vision is to achieve driverless freight. In the process of moving towards this goal, DeepWay deeply adopts a progressive development path, defines development around user scenarios, and attaches great importance to commercial implementation. At the level of combined assisted driving, the “Tianji Accompanying” combined driving assistance system has been standard in all systems and is installed on more than 2,000 delivered vehicles. The system covers more than ten auxiliary driving functions, such as predictive comfort braking and adaptive cruise control, to comprehensively improve driving safety, operation efficiency, and driving comfort.

In the development of advanced intelligent driving, DeepWay has deeply developed the intelligent formation transportation system “Tianji Yanxing” with “manned driving in the front and unaccompanied in the rear”. It has completed core function development and technical verification, and carried out user adaptation tests in various operating scenarios. The “Tianji · Solo” bicycle intelligent driverless driving system has obtained test licenses in Beijing, Tianjin, Hefei and other regions, and normalized tests have been carried out on sections such as the Beijing-Jintang Expressway.

In addition, focusing on intelligent operation, DeepWay has developed its own “Shenxiang·Tianshu” intelligent operation solution to create a full-stack operation platform for intelligent commercial vehicles, achieve intelligent control of the entire road freight process, and accurately address the three core requirements of customers for safety management, cost management, and efficient operation.

Build an “industrial robot” for the logistics industry

Currently, the new energy heavy truck industry is ushering in explosive growth opportunities, providing a broad space for DeepWay's deep development. According to Insight Consulting data, the global annual sales volume of new energy heavy trucks will reach 95,500 units in 2024, with a market size of 9.8 billion US dollars. Sales are expected to surge to 703,000 units by 2030, driving the market size to 80.6 billion US dollars.

China is leading the global transition to new energy for heavy trucks. In 2024, China's new energy heavy truck sales volume will reach 84,800 units, and sales revenue will reach 45.5 billion yuan. In the same year, China contributed 88.8% of global NEV heavy truck sales and 71.4% of global sales revenue. The penetration rate of new energy heavy trucks in China has risen rapidly, reaching 28.9% in September 2025. By 2030, the penetration rate of new energy heavy trucks in China is expected to reach 53.5%, with annual sales volume of 542,500 units, and a market size of RMB 255.8 billion, with compound annual growth rates of 36.3% and 33.3%, respectively.

In the context of the rapid growth of the industry, the new heavy truck force represented by DeepWay has become the only effective path to solve the industry's three major pain points of high carbon emissions, high total cost of ownership (TCO), and high safety risk, with characteristics such as full life cycle cost advantages and strong scenario adaptability brought about by positive definition. This trend is highly similar to the logic of new forces such as Tesla in the passenger car market disrupting the traditional fuel vehicle pattern. In other words, the future rise of new energy heavy trucks will become inevitable.

As far as DeepWay is concerned, future growth potential mainly comes from scenario expansion and technology iteration. In terms of scenario expansion, it has extended from short-haul bulk transportation to medium- and long-haul scenarios such as express delivery and cold chain transportation. Currently, cooperation with companies such as Shentong and SF Express has verified medium- and long-distance operation capabilities, and the 500-kilometer one-way battery life can cover transportation needs between core urban clusters. According to Insight Consulting, the maximum range of the heavy truck delivered by DeepWay is 660 kilometers. It is currently one of the longest battery life new energy heavy truck models delivered in batches on the market, enabling the company to take the lead in the industry to lay out transportation scenarios of more than 300 kilometers per day with broad space and low competition.

In terms of technology iteration, the company firmly believes that intelligent technology will lead the next revolution in the road freight industry, adhere to the intelligent technology layout for a long time, continue to rapidly accumulate data and perform closed-loop iteration of algorithms in the field of intelligent driving, continue to attack driverless technology, and promote robotruck development and large-scale application of IPTS.

Based on software and hardware integration and collaborative independent research and development, DeepWay has become the first company in China and the world to use a positive definition method to create intelligent new energy heavy truck solutions and achieve batch delivery. The smart heavy truck it launched already has the basic attributes of an “industrial robot”. It is expected to become the first company to implement unmanned industrial robots in the logistics industry, providing important support for the intelligent transformation of the global freight industry.

In summary, DeepWay, as the first enterprise to complete the leap from technology research and development to large-scale commercialization, will push China's NEV heavy truck industry from technological upgrading to international competition. In this “butterfly transformation” of globalization, breaking through the constraints of traditional fuel vehicle architectures with positive definition, building strong technical barriers with a full-stack self-developed “three-electric” system, achieving scenario-based implementation with progressive smart driving technology, and verifying the adaptability of technical solutions with a global layout, multi-dimensional capabilities have all formed the core value of this “New Energy Heavy Truck New Force”. In the wave of accelerated development of the new energy heavy truck industry, DeepWay's in-depth listing path is worth looking forward to in the market.