New stock news | Wolong Electric Group (600580.SH) has submitted an application to the Hong Kong Stock Exchange to become a leading provider of electric drive system solutions.

According to the disclosure by the Hong Kong Stock Exchange on February 27th, Wolong Electric Group (600580.SH) has submitted an application for listing on the main board of the Hong Kong Stock Exchange, with CICC, Huatai International, and GF SEC (Hong Kong) as joint sponsors. It is reported that the company previously submitted a listing application to the Hong Kong Stock Exchange on August 13, 2025. Company Profile According to the prospectus, Wolong Electric Group is a leading provider of electric drive system solutions. The company focuses on the R&D, production, sales, and service of electric drive system products and solutions, continuously providing customers worldwide with solutions in five core areas including explosion-proof electric drive system solutions, industrial electric drive system solutions, HVAC electric drive system solutions, new energy transportation electric drive system solutions, and applications of Siasun Robot & Automation components and systems. The company's electric drive system solutions mainly include motors, drives, controllers, software, and related lifecycle services. Each solution is customized for specific downstream technical, regulatory, and commercial requirements, covering areas from HVAC and industrial environments to electric aviation and intelligent Siasun Robot & Automation fields. The explosion-proof, industrial, and HVAC electric drive system solutions are the company's core business segments, while the new energy transportation electric drive system solutions and applications of Siasun Robot & Automation components and systems reflect the company's strategic focus on growth, integration, and software-driven innovation. Based on customers' specific needs, the company provides complete or partial electric drive system solutions through customized or standardized products and services. The company's electric drive system products and solutions are compatible with other components of electric drive systems purchased by customers from external suppliers. Financial Information Revenue The company recorded revenues of approximately RMB 14.266 billion, RMB 15.567 billion, RMB 16.247 billion, and RMB 11.967 billion for the fiscal years 2022, 2023, 2024, and the nine months ended September 30, 2025, respectively. Profit for the Year/Period The company recorded profits for the year/period of approximately RMB 839 million, RMB 553 million, RMB 832 million, and RMB 829 million for the fiscal years 2022, 2023, 2024, and the nine months ended September 30, 2025, respectively. Gross Profit The company recorded gross profits of approximately RMB 3.404 billion, RMB 3.725 billion, RMB 3.771 billion, and RMB 2.931 billion for the fiscal years 2022, 2023, 2024, and the nine months ended September 30, 2025, respectively. Industry Overview The industrial chain of the electric drive system solutions market involves upstream raw material suppliers, midstream electric drive system solution providers, and downstream applications. Upstream suppliers produce raw materials to provide necessary materials and hardware for the design and manufacture of electric drive system solutions, including magnetic materials, silicon steel, copper wire, electronic components, and bearings. As midstream players, electric drive system solution providers develop, design, and manufacture electric drive system solutions based on their expertise and customer demands. This requires a range of complex interdisciplinary knowledge, including motor engineering, mechanical design, material science, control theory, power electronics, and thermal management. In the downstream sector, electric drive system solutions, as core power solutions for electrical equipment, are widely used in various aspects of residential and industrial production. Especially in the context of carbon neutrality and energy transition, their application areas are expanding continuously. The global electric drive system solutions market is expected to continue growing from approximately RMB 674 billion in 2020 to approximately RMB 1.3381 trillion in 2029, with a compound annual growth rate of 7.7% (from 2020 to 2024) and 8.1% (estimated from 2024 to 2029). Explosion-proof, industrial, and HVAC electric drive system solutions are the core mature areas of the market, leading in scale and showing stable growth. The new energy transportation and Siasun Robot & Automation electric drive system solutions are experiencing rapid growth. With the continuous rise in energy efficiency, intelligent motion control, and low-emission travel demand, the global electric drive system solutions market is expected to achieve long-term stable development. Board of Directors and Management Information The company's board of directors consists of 10 directors, including 4 executive directors, 2 non-executive directors, and 4 independent non-executive directors. Directors serve a term of 3 years and may be re-elected after the term expires. Ownership Structure The company's controlling shareholders (Wolong Holdings, Wolong Shunyu, Mr. Chen Jiancheng, and Ms. Chen Yanni) collectively control approximately 38.84% of the company's total issued share capital. Wolong Shunyu is wholly owned by Wolong Holdings, while Wolong Holdings is owned by Mr. Chen Jiancheng, Ms. Chen Yanni, and five other shareholders (referred to as "other equity holders") who respectively hold approximately 48.93%, 38.73%, and 12.34% interests. None of the five other shareholders individually holds more than 5% equity in Wolong Holdings. Intermediary Team Joint Sponsors: China International Capital Corporation Hong Kong Securities Limited, Huatai Financial Holdings (Hong Kong) Limited, Guangfa Financing (Hong Kong) Limited Legal Advisors: Regarding Hong Kong law: JunHe LLP; Regarding Chinese law: JunHe LLP; Regarding international sanctions law: DLA Piper Singapore Pte. Ltd. Independent Auditors and Reporting Accountants: Ernst & Young (Hong Kong) Limited Industry Consultants: Fosun Sullivan (Beijing) Consulting Co., Ltd. Shanghai Branch