New stock news | Autel Intelligent Technology Corp., Ltd. (688208.SH) once again submitted an application to the Hong Kong Stock Exchange as a provider of intelligent vehicle diagnosis and smart charging solutions.

According to the disclosure by the Hong Kong Stock Exchange on June 30th, Shenzhen Autel Intelligent Technology Corp., Ltd. (referred to as Autel Intelligent Technology Corp., Ltd. (688208.SH)) has submitted an application to list on the main board of the Hong Kong Stock Exchange, with CICC as the exclusive sponsor. The company previously submitted its application to the Hong Kong Stock Exchange on December 19, 2025. Company Overview The prospectus shows that Autel Intelligent Technology Corp., Ltd. is a provider of intelligent vehicle diagnostics and smart charging solutions. According to data from Frost & Sullivan, the company is the world's leading intelligent vehicle diagnostics provider based on revenue from 2023, 2024, and 2025, with market share growing from 10.5% in 2023 to 11.8% in 2025. Based on overseas revenue in 2025, the company is the largest smart charging provider in China. In terms of 2025 revenue, the company is the fourth largest charging provider in North America and the largest Chinese smart charging provider in North America. The company's intelligent vehicle diagnostics provide an integrated software and hardware solution for vehicle diagnostics. Its main customers are automotive repair shops, and its products are used by technicians from various mainstream automotive brands and models to simplify and enhance the efficiency of vehicle maintenance and repair processes. The company's intelligent vehicle diagnostics include smart diagnostic terminals and diagnostic software: - Smart diagnostic terminals are physical tools used to access and interact with vehicles. This includes: (i) comprehensive diagnostic products compatible with both fuel and electric vehicles; (ii) TPMS products, such as sensors and tools for detecting, monitoring, and maintaining tire conditions; and (iii) ADAS calibration products to ensure the proper operation of ADAS functions. - Diagnostic software mainly includes: (i) proprietary software systems pre-installed on the company's diagnostic tablets, allowing users to communicate with vehicle systems, perform diagnostic tests, and interpret and analyze fault data; and (ii) AutelCloud, a SaaS platform that supports diagnostic data management by collecting, organizing, analyzing, and securely sharing data generated during the diagnostic process. The company's smart charging solutions combine hardware and software to allow users to monitor, control, and optimize their charging experience. The company's smart charging is suitable for various scenarios, including public charging station operators, commercial fleet operators, and individual vehicle owners. The smart charging hardware includes: - Chargers, including DC and AC chargers, which provide a safe, efficient, and reliable charging experience. - Comprehensive energy management solutions that manage the generation, storage, and use of vehicle charging energy, achieving efficient energy utilization by real-time supply-demand balancing. The charging software mainly consists of a suite of software systems that can be used with the company's energy intelligence hub to support the management of the charging process and the operation of charging stations. This includes: - Charging station management system to support efficient charging station operation. - Operations and maintenance cloud platform for daily monitoring and maintenance of chargers and charging stations. - EMS cloud platform to support the operation of comprehensive energy management solutions. - Payment cloud platform for convenient billing and settlement. Revenue breakdown by product is as follows: During the historical period, the company has established a global sales network covering over 100 countries and regions, including North America, Europe, and mainland China. The company's sales network combines dealer networks with direct sales channels. During the historical period, the company collaborated with over 700 dealers globally, continuously expanding the company's market coverage and penetration rate. At the same time, the company directly interacts with end customers, providing services to leading energy companies, major charging facility operators, intelligent vehicle diagnostics retailers, and Fortune Global 500 companies worldwide. Financial Information Revenue: In the fiscal years 2023, 2024, and 2025, the company achieved revenues of approximately RMB 3.251 billion, RMB 3.932 billion, and RMB 4.833 billion, respectively. Profit: In the fiscal years 2023, 2024, and 2025, the annual profits were approximately RMB 140 million, RMB 560 million, and RMB 890 million, respectively. Gross Margin: In the fiscal years 2023, 2024, and 2025, the company's gross margins were 52.4%, 52.9%, and 55.7%, respectively. Industry Overview The global vehicle diagnostics industry market size increased from approximately USD 31.25 billion in 2021 to approximately USD 41.77 billion in 2025, with a compound annual growth rate of 7.5%. It is expected to further increase to approximately USD 80.66 billion by 2030, with a compound annual growth rate of 14.1% from 2025 to 2030. In 2025, North America, Europe, China, and other regions accounted for 36.5%, 38.3%, 12.6%, and 12.6%, respectively. By 2030, North America is expected to maintain its leading position, with an estimated market share of 37.7%. In the future, with the increasing penetration of AI intelligence in the field of vehicle diagnostics, the proliferation of remote diagnostics services, and the accelerated deployment of enterprise cloud platforms, the proportion of software solutions is expected to significantly increase, projected to rise from 19.2% in 2025 to 26.9% in 2030. In 2025, the global vehicle diagnostics industry market size reached approximately USD 41.77 billion. The company recorded global revenue of approximately USD 491 million in 2025, with a market share of approximately 11.8%, ranking first globally and maintaining a significant lead. Additionally, diagnostic tablets, ADAS calibration products, and TPMS products constitute the core segments of the global vehicle diagnostics industry, with the company ranking first in each of these three categories based on revenue in 2025. Compared to its peers, the company has established a stable market position by offering a comprehensive "diagnostics + TPMS + ADAS" product combination through integrated software and hardware. By leveraging vertical AI models and deep data accumulation, the company's efficient hardware and consistent OTA updates enable repair shops to effectively manage increasingly complex vehicle electronic architectures. With the continued increase in the number of vehicles and average vehicle age, the vehicle diagnostics industry is experiencing global opportunities. The global vehicle parc is expected to increase from approximately 2 billion vehicles in 2025 to approximately 2.3 billion vehicles by 2030, with a compound annual growth rate of 2.8%. Global sales of new energy vehicles are projected to increase from approximately 23.6 million vehicles in 2025 to approximately 44.3 million vehicles by 2030, with a compound annual growth rate of approximately 13.4%. As the adoption of new energy vehicles accelerates, the new energy vehicle diagnostics market is undergoing significant structural development. In terms of vehicle age, the average age of light vehicles and passenger vehicles in the United States has increased from approximately 10 years in 2010 to around 13 years in 2025, and this trend is expected to continue. In mature markets like North America and Europe, the combination of a high vehicle parc and increasing average vehicle age is driving steady growth in maintenance and repair demand. At the same time, China, as the world's largest vehicle market, not only has a large vehicle base but also exhibits strong growth momentum driven by the surge in sales of new energy vehicles. As China's vehicle age structure enters a period of concentrated maintenance, aftermarket demand is accelerating. The global charging solutions industry market size increased from approximately USD 36 billion in 2021 to approximately USD 131 billion in 2025, with a compound annual growth rate of approximately 38.1%. With the continuous increase in the penetration of electric vehicles, the strategic layout of energy intelligence hubs, and the deep integration of AI in energy management, the market size is expected to reach approximately USD 566 billion by 2030, with a compound annual growth rate of approximately 34.0% from 2025 to 2030. The market share of software submarkets is expected to increase significantly from approximately 5.6% in 2025 to approximately 24.9% in 2030. In North America, the rapid expansion of public energy intelligence hubs is expected to drive the regional market to reach approximately USD 111 billion by 2030, with a compound annual growth rate of approximately 35.8% from 2025 to 2030. Based on overseas revenue in 2025, the company is the largest provider of charging solutions in China. In 2025, the top five charging providers in North America combined held approximately 24.1% of the market. The company ranks fourth in the North American charging solutions industry and is the largest Chinese company by scale. The global multi-agent collaboration solution industry market size increased from approximately USD 183 billion in 2021 to approximately USD 437 billion in 2025, with a compound annual growth rate of 24.2%. Looking ahead, with further expansion of application scenarios, the global market for multi-agent collaborative solutions is expected to reach USD 2,128 billion by 2030, with a compound annual growth rate of 37.3% from 2025 to 2030. Additionally, as the widespread use of multi-agent collaborative solutions drives down hardware costs and AI breakthroughs continue to enhance system intelligence levels, the industry's value focus will gradually shift towards software, with the software share expected to increase from 16.3% in 2025 to 30.0% in 2030. Board Information The Board of Directors will consist of seven directors, including four executive directors and three independent non-executive directors. Equity Structure Zhejiang Haining Jiahui Investment Partnership Enterprise (Limited Partnership) ("Haining Jiahui") is a limited partnership established in China on November 21, 2013, as an investment holding platform. As of the latest practicable date, Mr. Li is a limited partner of Haining Jiahui, owning 2.73% of the partnership interest. The largest limited partner of Haining Jiahui is Yan Junxu (an independent third party), who holds approximately 18.18% of the partnership interest. None of Haining Jiahui's limited partners hold 10% or more of the partnership interest. Zhejiang Haode Jiahui Investment Management Co., Ltd. (an independent third party) is the general partner of Haining Jiahui. According to Haining Jiahui's internal partnership arrangements, all economic rights of the company's A shares held by Haining Jiahui belong to Mr. Li, but the voting rights attached to these A shares are controlled by its general partner. As of the latest practicable date, the remaining 18.50% equity of DoElong Creation Digital Energy is held by the following parties: (i) Shenzhen Top Technology Information Consulting Enterprise (Limited Partnership) ("Top Technology Holding") holds approximately 4.78%; (ii) Shenzhen Top Technology Energy Information Consulting Enterprise (Limited Partnership) ("Top Technology Energy") holds approximately 4.69%; (iii) Shenzhen Top Technology New Information Consulting Enterprise (Limited Partnership) ("Top Technology New") holds approximately 4.27%; (iv) Shenzhen Top Technology Power Information Consulting Enterprise (Limited Partnership) ("Top Technology Power") holds approximately 3.29%; and (v) Shenzhen Top Technology Source Information Consulting Enterprise (Limited Partnership) ("Top Technology Source") holds approximately 1.47%. According to the company's Chinese legal advisor, as of the latest practicable date, the general partners of Top Technology Holding, Top Technology Energy, Top Technology New, Top Technology Power, and Top Technology Source are Shenzhen Top Technology Association Information Consulting Enterprise (Limited Partnership) ("Top Technology Association"), controlled by Ms. Gao Yuwei (the supervisor of DoElong Creation Digital Energy). Top Technology Association holds approximately 44.17% of the partnership interest. Nong (the company's former executive director) is the sole limited partner of Top Technology Association, holding approximately 55.83% of the partnership interest. Intermediary Team Exclusive Sponsor: China International Finance Hong Kong Securities Limited Company Legal Advisor: With regards to Hong Kong law and U.S. law: Pu Hui Law Firm (Hong Kong) Limited Liability Partnership; with regards to Chinese law: Zhong Lun Law Firm; with regards to international sanctions: Ashurst Perkins Coie Tokyo; with regards to special litigation matters: Mayer Brown LLP Legal Advisors of the Exclusive Sponsor: With regards to Hong Kong law: JT Legal Hui Law Firm Limited Liability Partnership; with regards to Chinese law: JunHe Law Firm Auditors and Reporting Accountants: Tianjian International Accounting Firm Limited Company Industry Consultants: Frost & Sullivan (Beijing) Consulting Co., Ltd. Shanghai Branch