Xinlian Technology's GEM IPO has inquired about the highest number of ETC users and toll transactions in the country

The Zhitong Finance App learned that on July 15, Shandong Express Xinlian Technology Co., Ltd. (abbreviation: Xinlian Technology) changed its GEM listing review status to “Inquired”. Zhongtai Securities is the sponsor and plans to raise 508.94 million yuan.

According to the prospectus, Xinlian Technology focuses on next-generation information technology services in the field of smart transportation. It is the country's leading enterprise providing ETC information technology services and data application ecosystem services to automobile manufacturers, car owners, highway owners, and parking lot operators.

As of December 31, 2025, the company's cumulative number of ETC users distributed, the number of new ETC users added during the reporting period, and the scale of ETC user toll transactions all ranked first in the country, taking the lead in implementing ETC automotive front-end systems and Internet distribution models on a large scale in the industry. The company relied on ETC data infrastructure to gather multi-dimensional data resources in the transportation industry, and used advanced technologies such as big data analysis and cloud computing to dig deeper into scenario applications at the user service level and build an integrated multi-scenario smart transportation service system.

The company's main business covers three major sectors: ETC distribution and technical services, data application and ecological services, and fast pass technical support services. Among them, ETC distribution and technical services provide automobile manufacturers with full-life cycle solutions such as front-loading system design, commissioning and testing, software adaptation, activation and after-sales, and directly provide OBU distribution and installation services for terminal vehicle owners; data applications and ecological services form commercial vehicle traffic data applications and member rights services based on multi-dimensional passenger vehicle data; and fast pass technical support services provide electronic no-stop charges, accurate route identification, and evasion prevention and control for scenarios such as highways and parking lots, to help improve traffic efficiency and reduce operating costs.

The issuer has formed an ecological collaboration of “distribution and customer acquisition - data accumulation - service value addition”. The details are as follows:

The company has now established cooperation with 35 automobile manufacturers, covering 56 automobile brands, including 18 of the top 20 domestic passenger car sales in 2025 according to the Passenger Transport Federation (CPCA), and 9 of the top 10 NEV passenger vehicle sales brands. The company's front assembly business covers all categories of car companies, including autonomous, joint ventures and new energy. Cooperative brand sales account for 64% of total passenger car sales in the country.

In terms of commercial vehicle traffic data application services, as of December 31, 2025, the business has served a total of 4.67 million commercial vehicles, serving customers including well-known companies such as SF Express, JD, Cainiao, Debon, Zhongtong, Yuantong, and Yunda. In 2025, the company's commercial vehicle traffic data application service business had an average daily toll of 189 million yuan, ranking first in the country in terms of number of customers and toll amounts.

The company has many core technologies directly related to its main business, and is a pioneer and leader in scientific and technological innovation in the industry. As of December 31, 2025, the company has obtained 36 patents and 122 software copyrights. In terms of standard preparation, the company participated in compiling 4 national standards, 1 local standard in Shandong Province, and led or participated in 3 group standards.

On the financial side, in 2023, 2024 and 2025, the company achieved operating income of approximately $663 million, $723 million and $736 million respectively; for the same period, net profit was approximately $207 million, $171 million and $136 million respectively.