Green Control Drive's startup board IPO has been accepted, focusing on electric drive systems for new energy commercial vehicles.

On December 16th, Suzhou LK Drive Technology Co., Ltd. (referred to as LK Drive) has had its IPO on the Shenzhen Stock Exchange ChiNext board accepted. CICC is the sponsor institution, and the company plans to raise 1.58 billion yuan. According to the prospectus, LK Drive is one of the domestic enterprises specializing in electric drive systems for new energy commercial vehicles. Based on innovative electric drive system technologies, the company provides clients with electric drive systems, components, and related technology development and services. The company's main products are electric drive systems for new energy commercial vehicles, primarily used in pure electric, hybrid, and fuel cell commercial vehicles, as well as non-road mobile machinery. In terms of production, the company's required raw materials and components mainly include motor controllers, magnetic steel, gears, housings, enameled wires, silicon steel, bearings, chips, etc. The company has become the mainstream powertrain system supplier for the new energy commercial vehicle industry. Its main customers include XCMG Group, Sany Group, Dongfeng Motor, Golden Dragon, Beiqi Foton, Sinotruk Jinan Truck, Zoomlion, among others. Among them, Sany Group and XCMG Group rank in the top two places in terms of sales of new energy heavy trucks in 2024, with a combined market share of 34.77%. As one of the leading enterprises in the domestic new energy commercial vehicle electric drive system industry, the company holds an important market position in the field of new energy heavy trucks. According to the research data from Cori Consultancy, the company's market share in the new energy heavy truck motor supporting market has been the industry leader in 2022, 2023, and 2024, with a significant advantage in the industry. During the reporting period, the electric drive system accounted for more than 90% of the company's revenue and was its main source of income. The net proceeds from this issuance after deducting issuance expenses are intended to be invested in the following projects: Financially, in the fiscal years 2022, 2023, 2024, and January-June 2025, LK Drive achieved operating revenues of approximately 712 million yuan, 770 million yuan, 1.328 billion yuan, and 1.219 billion yuan, respectively. During the same period, the net profits were -99.42 million yuan, -12.33 million yuan, 48.04 million yuan, and 68.2955 million yuan, respectively.