New stock news | Bethel Automotive Safety Systems (603596.SH) has filed to the Hong Kong Stock Exchange as the double champion of Chinese brands in EPB and electronic control brake systems.

According to the disclosure by the Hong Kong Stock Exchange on May 21st, Wuhu Bethel Automotive Safety Systems Co., Ltd. (603596.SH), a leading supplier of intelligent chassis systems for automobiles, submitted an application for listing on the main board of the Hong Kong Stock Exchange. CICC is the exclusive sponsor. Company Profile The prospectus shows that Bethel Automotive Safety Systems is a leading supplier of intelligent chassis systems for automobiles in China. According to Frost & Sullivan, by 2025, the company ranked first among Chinese brand suppliers in the Chinese electronic parking brake system and wire control braking system markets with market shares of 14.2% and 8.6%, respectively. Since its establishment in 2004, Bethel Automotive Safety Systems has been focused on the research, development, manufacturing, and provision of intelligent chassis systems for automobiles. The company has built core technology stacks covering automobile braking systems (X-axis), steering systems (Y-axis), suspension systems (Z-axis), and intelligent driving systems, with the capability for end-to-end self-research, matching validation, and large-scale production. According to Frost & Sullivan, the company is one of the few Chinese brand suppliers that can provide a complete XYZ axis chassis solution and achieve system-level integration. It is also one of the earliest Chinese brand suppliers to achieve large-scale production of core automotive intelligent chassis technology and platform layout. In the wave of continuous development of electrification and intelligence in the automotive industry, the solutions provided by Bethel Automotive Safety Systems can effectively support the conversion of intelligent driving decision instructions into stable, efficient, and agile chassis motion and control responses. This is essential for achieving advanced autonomous driving and critical for ensuring the safety and comfort of drivers and passengers. Additionally, according to Frost & Sullivan, there is a high degree of synergy between the core technologies of automotive intelligent chassis systems and Siasun Robot & Automation, with significant industrial collaboration. Leveraging the company's expertise and experience in the field of automotive intelligent chassis systems, the company is in a favorable position to seize related opportunities. By 2025, the company has begun applying the proprietary technologies accumulated in the research and manufacturing of automotive intelligent chassis systems to the promising industry of Siasun Robot & Automation, initiating the development of core components of Siasun Robot & Automation (such as motors, lead screws, and Siasun Robot & Automation joint modules). The company is a pioneer in the research and commercialization of core automotive intelligent chassis technology in China, and the following market positions confirm this advantage. According to Frost & Sullivan data, the company is the first Chinese brand supplier and the second in the world to achieve mass production of Electronic Parking Brake (EPB); the first in the world to achieve mass production of a dual-control EPB system; the first Chinese brand supplier to achieve mass production of an Electronic Stability Control system; the first Chinese brand supplier to introduce and mass produce the One-Box wire control brake; the first Chinese brand supplier to achieve mass production of the One-Box wire control brake system with braking redundancy functionality; the first in the world to achieve a technological breakthrough in full dry electronic-mechanical braking system and mass produce it; and the first in the world to obtain the highest safety certification for Electronic Mechatronic Brake (EMB) system (i.e., supplier of the level D automotive safety integrity). By 2025, the company ranked first among Chinese brand suppliers in the EPB and BbW market shares in China. Financial Information Revenue In the fiscal years 2023, 2024, and 2025, the company achieved revenues of approximately 7.196 billion, 9.636 billion, and 11.712 billion RMB, respectively. Gross Profit In the fiscal years 2023, 2024, and 2025, the company recorded gross profits of approximately 1.375 billion, 1.774 billion, and 2.062 billion RMB, respectively. Profit In the fiscal years 2023, 2024, and 2025, the company recorded annual profits of approximately 911 million, 1.222 billion, and 1.321 billion RMB, respectively. Industry Overview In the context of the global and Chinese automotive industries' ongoing development towards electrification and intelligence, the braking system market continues to grow steadily, evolving towards electronization and integration. In terms of parking brake technology, EPB has become the mainstream solution, with a penetration rate of approximately 90% in China's automobile sales by 2025, expected to exceed 95% by 2030; EPB penetration in global automobile sales by 2025 is about 80% and is expected to reach nearly 90% by 2030. In the field of driving brakes, the wire control braking system further integrates features such as ABS and ESP to achieve a more centralized braking control architecture, providing a key execution foundation for intelligent driving functions, and is experiencing rapid scaling applications. As the underlying industry chain matures and the continuous upgrade of vehicle electronic electrical architectures, the proportion of wire control braking in new vehicle models is increasing. It is expected that by 2030, the penetration rate of wire control braking in China's automobile sales will exceed 80%, and its penetration rate in global automobile sales will also rapidly increase to over 50%. In terms of specific technological evolution, the high integration and lightweight advantages of the One-Box solution have become the mainstream choice in the current wire control braking system market. In 2025, the proportion of One-Box in the global and Chinese wire control braking systems reached around 70%. At the same time, as the next-generation cutting-edge technology that completely eliminates hydraulic pipelines, EMB is currently in the stage of technical verification and continuous optimization, expected to gradually enter the commercialized mass production stage during the forecast period, thereby driving the automotive chassis towards a higher level of pure wire control braking architecture. In the global and Chinese automotive steering system markets, EPS currently holds the dominant position, while wire control steering is expected to accelerate penetration in the future. By 2030, the penetration rate of wire control steering in global automobile sales is estimated to reach about 5%, while in the Chinese market, which is advancing more rapidly in intelligence, the penetration rate of wire control steering in automobile sales is expected to reach around 10%. The overall market size of lightweight components in the global and Chinese automotive chassis is showing a continuous growth trend. Looking ahead, with the common promotion of stricter emission and energy efficiency standards, advances in lightweight materials and manufacturing technologies, and the accelerated popularity of new energy vehicles, the market size of the global and Chinese chassis lightweight systems industry is expected to continue to expand. Board of Directors Information The board of directors comprises nine members, including three executive directors, three non-executive directors, and three independent non-executive directors. The board is responsible for and has general powers to manage and operate the company. The directors serve a term of three years and may be re-elected upon the expiration of their term. Equity Structure As of May 13, 2026, Chairman Yuan holds approximately 23.07% equity in the A shares, including about 18.24% directly held by Chairman Yuan and about 4.83% held by Bethel Automotive Safety Systems Investment Management. Shanghai Henglu (owned entirely by Chairman Yuan's spouse Ms. Pan) is the executive partner of Bethel Automotive Safety Systems Investment Management and holds about 6.70% partnership interest. Therefore, Chairman Yuan, Bethel Automotive Safety Systems Investment Management, Shanghai Henglu, and Ms. Pan together form the company's largest single shareholder group. Intermediary Team Exclusive Sponsor: China International Finance Hong Kong Securities Limited Company Legal Advisor: Baker McKenzie for Hong Kong and U.S. law; Jingtian & Gongcheng Law Firm for Chinese law and China's cybersecurity and data privacy protection laws Exclusive Sponsor Legal Advisor: Dechert International LLP for Hong Kong and U.S. law; Commerce & Finance Law Offices for Chinese law Reporting Accountants and Independent Auditors: PricewaterhouseCoopers (Hong Kong) Limited Industry Consultant: Frost & Sullivan (Beijing) Consulting Co., Ltd. Shanghai Branch Compliance Advisor: Hogan Capital Limited