New Stock News | 01Auto submits application to Hong Kong Stock Exchange, focusing on new energy heavy trucks and unmanned heavy truck solutions.

According to the disclosure from the Hong Kong Stock Exchange on May 28, Jiangsu Zero One Automotive Technology Co., Ltd. (referred to as Zero One Automotive) has submitted an application to list on the main board of the Hong Kong Stock Exchange, with Goldman Sachs and Haitong International as its joint sponsors. Company Overview The prospectus shows that Zero One Automotive is a new energy intelligent heavy truck technology company, with a business model covering data-driven iteration in the areas of whole vehicle and unmanned heavy truck solutions, leading in the field of automatic driving heavy trucks. The company is the world's first company with the capabilities of positive design whole vehicle development and heavy truck automatic driving end-to-end multimodal large language model. Based on the end-to-end multimodal large language model and combined with the capability of whole vehicle development. The company's self-developed Zero One Self-Driving (ZSD) system is the industry's first heavy truck automatic driving end-to-end multimodal large language model. This system automates the entire process from sensor input to driving trajectory generation, with solid algorithm performance and strong scene generalization capabilities. By mass delivery and operation of the company's new energy intelligent heavy trucks, a flywheel effect can be formed. The new energy intelligent heavy trucks running on real road conditions continuously accumulate vehicle data. The company uses the ZhiZi platform to monitor signals from over 4,000 vehicles throughout the vehicle lifecycle, accelerating vehicle system iterations, reducing failure rates, and improving overall vehicle performance. In terms of whole vehicles and solutions, the company has launched two new energy intelligent heavy truck models, Jingzhe and Xiaoman, with a focus on developing new energy intelligent heavy trucks to meet customers' main demands for operational efficiency and performance, while also considering the requirements of unmanned heavy truck solutions for vehicles. The comprehensive unmanned heavy truck solution includes equipping vehicles with line-control chassis specifically designed for automatic driving, combining the company's self-developed Zero One autonomous driving system with a cloud-based digital platform that integrates with each customer's specific operational scenarios. The company's unmanned heavy truck solution is centered around an industry-leading end-to-end multimodal large language model for heavy freight transportation applications, with strong scene generalization capabilities designed for customers with heavy truck highway freight demands, achieving safer, more efficient, and less manpower-dependent freight operations. The company is in the process of commercializing its unmanned heavy truck solutions, and plans to expand the deployment of automatic driving from closed environments to open road scenarios through vehicle entry points, supporting the large-scale commercialization of automatic driving heavy trucks. In terms of commercialization vision, the company is committed to achieving the large-scale commercialization of automatic driving heavy trucks through a three-step strategic approach: expanding the sales of new energy intelligent heavy trucks in a positive development direction, promoting the deployment of unmanned heavy truck solutions, and establishing a comprehensive commercialization and operation ecosystem. During the historical period, the company's revenue mainly came from the sales of new energy intelligent heavy trucks. For the years ending December 31, 2023, 2024, and 2025, the total revenue from sales to the top five customers in each respective year accounted for 98.9%, 60.8%, and 35.8% of the total revenue for those years. Financial Information Revenue For the years 2023, 2024, and 2025, the company achieved revenues of approximately RMB 1.163 million, RMB 1.24 billion, and RMB 5.22 billion, respectively. Annual Loss For the years 2023, 2024, and 2025, the company incurred annual losses of approximately RMB 1.14 billion, RMB 2.41 billion, and RMB 2.81 billion, respectively. Industry Overview Heavy truck transportation is an important part of the global trade and industrial supply chain. According to data from Frost & Sullivan, the total transaction volume (GTV) of the global heavy truck transportation industry exceeded RMB 18 trillion in 2025, with a global heavy truck fleet size exceeding 20 million vehicles. New energy heavy trucks refer to heavy trucks equipped with new energy power systems that replace traditional diesel engines with electrification and other alternative technologies. According to data from Frost & Sullivan, driven by the increasing demand for cost reduction and efficiency improvement in heavy truck operations, as well as the continuous upgrading of new energy heavy truck manufacturing technologies, the global market size of new energy heavy trucks is projected to grow from 12,200 vehicles in 2021 to 267,600 vehicles in 2025, with a compound annual growth rate (CAGR) of 116.4% from 2021 to 2025. In the future, the continuous upgrade of core technologies in new energy heavy trucks and the gradual improvement of energy supply infrastructure will promote the popularization of new energy heavy trucks. According to Frost & Sullivan, the global market size of new energy heavy trucks is expected to grow from 360,000 vehicles in 2026 to approximately 1.2 million vehicles in 2030, with a CAGR of 34.1% from 2026 to 2030. New energy intelligent heavy trucks are expected to grow rapidly, accelerating the replacement of oil-to-electric heavy trucks, which are currently considered transitional solutions. By 2030, the penetration rate of new energy intelligent heavy trucks in the overall new energy heavy truck market is expected to increase from 6.3% in 2025 to 33.9% in 2030, with a compound annual growth rate of 86.8% from 2026 to 2030. The participants in the global new energy heavy truck market mainly include traditional companies such as traditional heavy truck manufacturers and construction machinery manufacturers, as well as new energy heavy truck newcomers. By sales volume in 2025, the global market size of new energy heavy trucks reached 267,600 vehicles. Among them, traditional companies, with mature production systems, extensive engineering experience, and comprehensive sales networks, account for over 80% of the market share. In recent years, the market presence of new energy newcomers has been rapidly increasing. As the industry moves towards the development of new energy intelligent heavy trucks centered on a positive development pure electric platform, higher demands are placed on the positive design capabilities of the entire vehicle platform. Unmanned driving heavy trucks refer to heavy trucks equipped with Level 4 or higher unmanned driving technology. According to Frost & Sullivan, by 2025 income, the market size of global unmanned driving heavy truck solutions has exceeded RMB 1.5 billion. By 2030, the revenue is expected to reach RMB 192.4 billion, with a compound annual growth rate of 209.8% from 2026 to 2030. Board of Directors Information The company's board of directors consists of 9 directors, including 4 executive directors, 2 non-executive directors, and 3 independent non-executive directors. Directors are elected and appointed by shareholders, serving a term of 3 years and eligible for reappointment upon the expiration of their term. Capital Structure As of May 22, 2026, Mr. Huang and his controlled entities (Yangzhou Banarai, Yangzhou Binary, Yangzhou Dongyao, Yangzhou Shengyao, Shanghai Dongyao, Suzhou Lingdong, Suzhou Zerodong, Suzhou Banarai, Suzhou Jushi, and Suzhou Donyi) constitute a group of controlling shareholders of the company, collectively holding approximately 30.05% of the total issued share capital of the company. Shanghai Dongyao is controlled by Mr. Huang and acts as a general partner of Yangzhou Banarai, Yangzhou Binary, Yangzhou Dongyao, Yangzhou Shengyao, Suzhou Lingdong, Suzhou Zerodong, Suzhou Banarai, Suzhou Jushi, and Suzhou Donyi. Advisory Team Joint Sponsors: Goldman Sachs (Asia) LLC, HAITONG INT'L Capital Limited Company Legal Counsel: Regarding Hong Kong and U.S. law: Kirkland & Ellis LLP; Regarding Chinese law: Tongshang Law Firm Legal Counsel for Joint Sponsors: Regarding Hong Kong and U.S. law: Sullivan & Cromwell LLP; Regarding Chinese law: Jingtian & Gongcheng Law Firm Reporting Accountants and Auditors: PricewaterhouseCoopers Industry Consultant: Frost & Sullivan (Beijing) Consulting Co., Ltd. Shanghai Branch Compliance Consultant: Horizon Capital Limited.