NEV brand ZO Future Group (2309.HK) said on Friday it expects to report a profit of up to HK$120 million ($15.3 million) for its fiscal year through June, reversing a loss of HK$314 million in the previous year. It attributed the return to profitability to a one-time gain of HK$357.8 million from the sale of a subsidiary.

ZO Future previously reported it was profitable in the six months to last December, the first half of its fiscal year, but only thanks to gains from offloading its debt-laden Birmingham City Football Club. Since then the company has pivoted to new energy vehicles (NEV). That business lost HK$49.3 million in the six months to December, more than double the HK$20.4 million it lost a year earlier.

ZO Future’s stock rose 1.2% on Monday to close at HK$2.10. The stock is down 1.4% this year.

By Doug Young

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Electric vehicle (EV) maker Nio Inc. (NIO.US; 9866.HK) announced on Monday that it has entered into definitive agreements with subsidiaries of Zhejiang Geely Holding Group Co. Ltd. covering the battery swapping and charging businesses. Upon completion, a Geely Holding subsidiary will own 30% of Nio Power.

Under the agreements, the Geely Holding subsidiary will contribute its entire stake in Yiyi Internet Technology (Chongqing) Co. Ltd., which provides battery swapping services for commercial vehicles, plus 640 million yuan ($95 million) in cash to subscribe for newly issued shares in Nio Energy Investment (Hubei) Co. Ltd., also known as Nio Power.

After completion, Nio Holding Co. Ltd., known as Nio China, will retain a controlling 63.6% stake in Nio Power, while an existing investor will hold the remaining 6.4%. The deal values Nio Power at approximately 16 billion yuan after the investment.

In a concurrent transaction, Nio China will subscribe for newly issued shares representing 10% of Zhejiang Haohan Energy Technology Co. Ltd., Geely Holding’s charging business. Haohan Energy will use the cash proceeds to buy certain charging assets from Nio. The companies have also drawn up preliminary plans to provide battery swapping technology and services for consumer vehicles and commercial mobility businesses affiliated with Geely Holding, subject to further discussions.

Nio said the transactions reflected industry recognition of its battery swapping technology, network and operating capabilities. It expects the collaboration to encourage wider adoption of battery swapping and support the growth of EV use.

Following the announcement, Nio’s shares opened higher on Monday in Hong Kong and traded at HK$28.44 by the midday break, up 1.35%. The stock is down 30.5% year to date. Shares of Geely Automobile (0175.HK), a separately listed company within the Geely group, rose 1.79% in morning trading to HK$15.88 and are down 11.2% year to date.

By Lee Shih Ta

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Solar and wind farm operator Xinyi Energy Holdings Ltd.(3868.HK) said on Sunday that it will spin off its XYE New Energy Fund for a separate listing on the Shenzhen Stock Exchange. The company submitted its application to the China Securities Regulatory Commission and the Shenzhen Stock Exchange last Monday, and the latter formally accepted the application.

The fund includes two utility-scale ground-mounted solar farms, one in the city of Wuhu and the other in the city of Lu’an, both in East China’s Anhui province. The pair of projects generated combined revenue of 40.42 million yuan ($6.02 million) and a net profit of 8.44 million yuan in the first quarter of this year.

The company noted that selling the projects will allow it to quickly monetize their economic value. Moving forward, Xinyi Energy can also generate recurring income by providing operation and management services.

The anticipated spinoff is expected to yield 1.62 billion yuan. Xinyi will use funds from the spinoff for new investment opportunities and general working capital, and also for construction of real estate projects

Shares of Xinyi Energy opened up 0.6% at HK$0.79 on Monday. The stock is down over 40% from its 52-week high.

By Lau Chi Hang

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The city of Hangzhou has proposed repealing a local policy providing financial support for the low-altitude economy, potentially ending a program originally set to expire at the end of 2027, the South China Morning Post reported on Monday. The change would come after a small plane crashed into Beijing’s tallest skyscraper in June, prompting Beijing last week to establish a 600-square-kilometer no-fly zone for small aircraft over the Chinese capital.

Hangzhou, a tech hub that is home to e-commerce and cloud computing giant Alibaba, first rolled out its policy to support the local low-altitude economy in 2024. The policy offered various types of financial incentives for things like enterprise establishment and infrastructure buildouts for companies developing low altitude-related products and services like tourist flights, aerial surveys and deliveries using drones and other aircraft.

But in a recent posting on its website, the Hangzhou Municipal Bureau of Finance said that “following internal review and consultations with relevant government departments,” it determined that “the document has grounds for repeal,” according to the South China Morning post report. A monthlong consultation period on the proposal will end on Oct. 7.

Low-altitude economy proponents said Hangzhou’s repeal of financial incentives may be part of a broader national push to unify standards and eliminate unfair advantages in individual markets, and shouldn’t necessarily be viewed as a setback.

Shares of EHang (EH.US), a maker of electric vertical take-off and landing (eVTOL) aircraft that is often seen as a barometer of sentiment towards the low altitude economy, have lost about a third of their value since the initial light aircraft crash in June.

By Doug Young

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New energy vehicle (NEV) maker Seres Group Co. Ltd. (9927.HK; 601127.SH) has taken full control of its Aito brand from partner Huawei, the pair announced on Tuesday. The move sharply curtails Huawei’s influence in an alliance dating back to 2021, when it signed up Seres as the first partner for its new smart car business.

The shift will end Huawei’s dominant role in the Aito brand’s product design, development, marketing and sales, financial media Caixin reported. The partnership was one of the most successful for Huawei under its Harmony Intelligent Mobility Alliance (HIMA), which saw the company provide smart car design and technology services to other brand owners.

Other brands operating under the alliance include Chery Auto and SAIC.   

But those brands have faced growing profitability challenges while working within Huawei’s smartcar ecosystem. Despite the change, Seres will remain a member of HIMA, with Huawei transitioning to a supporting role. That will give Seres more flexibility to choose its own component suppliers, which could help to reduce its costs, a source familiar with the matter told Caixin.

Seres reported its revenue fell 7.9% in the first half of 2026 to 57.4 billion yuan ($8.55 billion) from 62.4 billion yuan a year earlier. It swung into the red with a loss of 1.72 billion yuan in the latest six-month period from a profit of 2.94 billion yuan a year earlier.

Seres’ Hong Kong listed stock was up 4.3% at HK$34.94 in late Thursday morning trading, while its Shanghai-listed shares were up 3.7% at 47.18 yuan. Both stocks are down more than 60% this year.

By Doug Young

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Car sales in China fell 23.7% in August, as manufacturers continued to aggressively sell their vehicles abroad to offset the weakness at home. Chinese carmakers sold 1.55 million vehicles during the month domestically, Reuters reported, citing data published on Tuesday by the China Passenger Car Association.

Domestic sales of new energy vehicles (NEVs) fell 10.1% in August, accounting for 64.7% of cars sold domestically during the month.

Meanwhile, China’s passenger vehicle exports in August jumped 77.5% year-on-year to about 894,000 units, slowing from an 88.2% increase in July. Among major manufacturers, BYD (1211.HK; 002594.SZ) and Geely (0175.HK) both recorded record monthly car exports last month.

Chinese vehicle exports are expected to reach 12 million units this year, and continue growing to between 18 million and 20 million annually by 2030, according to the China Passenger Car Association.

By Doug Young

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Retail sales of passenger new energy passenger vehicles (NEVs) in China totaled about 1.04 million units in August, lifting their market penetration rate to 65.8%, according to a preliminary estimate from the China Passenger Car Association.

Among major NEV brands, Geely’s (0175.HK) Zeekr brand stood out with a 109% year-on-year jump in global deliveries during August to a record 36,981 vehicles. Zeekr’s cumulative sales in the first eight months of the year have already surpassed its total for all of 2025, while its monthly overseas sales topped 10,000 vehicles for the first time in August.

Meanwhile, Leapmotor (9863.HK) delivered 103,129 vehicles in August, up 80.7% year-on-year, exceeding 100,000 units for a second consecutive month. Li Auto (2015.HK; LI.US) delivered 37,679 vehicles during the month, up 32.1%, while BYD’s (1211.HK; 002594.SZ) monthly global NEV sales rose 17.8% to 440,293 vehicles, including 256,230 battery-electric vehicles.

Nio (9866.HK; NIO.US) delivered 35,836 vehicles in August, up 14.5% year-on-year, while Xpeng (9868.HK; XPEV.US) delivered 39,107 vehicles, up 3.7%. Xiaomi Auto, the NEV unit of Xiaomi (1810.HK), again delivered more than 30,000 vehicles in August.

By Lee Shih Ta

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Portable power bank maker Anker Innovations Technology Co. Ltd. (300866.SZ; 00668.HK) on Sunday reported its revenue rose 29.1% year-on-year to 16.61 billion yuan ($2.47 billion) in the six months through June, while its profit rose 45.9% to 1.7 billion yuan.

The company attributed the revenue growth primarily to enhanced brand recognition and its continued expansion across both online and offline channels. Its gross profit increased 41.9% to 7.83 billion yuan, while its gross margin rose to 47.2% from 42.9%, mainly driven by higher margins for smart charging and power storage products and smart audio and video products. The increase also owed partly to refunds related to a portion of IEEPA tariffs paid in prior years.

The company’s revenue rose across all three of its major businesses. Its smart charging and power storage revenue increased 31% to 8.93 billion yuan, smart home and innovation revenue grew 28.8% to 4.19 billion yuan, while smart audio and video revenue rose 24.5% to 3.48 billion yuan.

Anker’s shares opened higher on Monday and traded at HK$123.5 by the midday break, up 4.11%. The stock is up 24.3% from the offer price from its Hong Kong listing in July.

By Lee Shih Ta

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Offshore wind power equipment maker Dajin Heavy Industry Co. Ltd. (1081.HK; 002487.SZ) announced last Friday that its revenue rose 14.48% year-on-year in the first half of 2026 to 3.25 billion yuan ($484 million), while its net profit increased 9.89% to 601 million yuan, the highest level for a first-half period in its history.

After deducting non-recurring gains and losses, the company’s net profit rose 4.57% to 589 million yuan in the first half of 2026. Its net cash generated from operating activities surged 544% to 1.53 billion yuan.

Dajin said the improvement was mainly driven by higher export deliveries of its offshore wind power equipment. Revenue from products delivered to overseas markets reached 2.68 billion yuan, accounting for 82.25% of its total, up 3.3 percentage points year on year. The export volume of its wind power equipment reached nearly 120,000 tons, also the highest level for a first-half period.

Dajin provides global offshore wind power developers with manufacturing, transportation and delivery services for wind foundation equipment. Its Hebei Tangshan Caofeidian deep-sea offshore facility commenced production in the first half of the year, with annual capacity of about 400,000 tons. The facility can produce extra-large monopiles, floating foundations and jackets supporting 15 MW to 25 MW large wind turbines.

The company said Europe remains its core market, with cumulative offshore wind installed capacity projected to reach about 73 GW by 2030 and average annual grid-connected capacity expected at around 7 GW to 8 GW over the next five years.

Dajin’s shares opened lower on Monday and traded at HK$29.22 by the midday break, down 10.86%. The stock is down about 56% since its listing in June.

By Lee Shih Ta

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Electric vehicle charging equipment maker Shanghai Zhida Technology Development Co. Ltd. (2650.HK) said on Monday that its revenue for the six months through June fell 13.3% year-on-year to 340 million yuan ($50 million). Its net loss widened to 117 million yuan from 30.01 million yuan a year earlier, while its gross margin fell sharply to 7.7% from 19.2%.

The company attributed the weaker performance to intensifying competition and generally lower average selling prices in the domestic market, which drove revenue from China down to 239 million yuan from 334 million yuan a year earlier. Meanwhile, selling and marketing expenses for the six-month period rose 35.4% to 52.8 million yuan from 39 million yuan, while general and administrative expenses increased 36.7% to 43.2 million yuan, further pressuring Zhida’s profitability.

The increase in selling and marketing expenses was mainly driven by advertising and promotional spending, which more than doubled to 21.3 million yuan from 9.2 million yuan a year earlier. The rise in administrative expenses was largely due to legal, consulting and other professional fees, which surged to 10.6 million yuan in the latest period from 1.2 million yuan a year earlier.

Overseas operations were a lone bright spot for the company. First-half overseas revenue jumped 73.2% to 101 million yuan, accounting for 29.7% of total revenue. Charging-pile sales more than tripled in Thailand, rose 48.5% in Brazil and increased about 3.6-fold in the UAE. Sales through domestic automaker channels also climbed 119% to 244,000 units.

Zhida’s shares opened higher on Tuesday and traded at HK$11.24 by the midday break, up 0.36%.

By Lee Shih Ta

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Electric vehicle (EV) charging pile maker Shanghai Zhida Technology Development Co. Ltd. (2650.HK) said on Friday it expects to report a loss of up to 120 million yuan ($17.8 million) for the first half of this year, widening from a 30 million yuan loss in the year-ago period.

The company blamed the growing loss on declines in both sales and gross margins, along with higher raw material prices and selling expenses due to intense competition. Zhida’s revenue rose 21% last year to 717 million yuan from 593 million yuan in 2024. Its loss for the year also narrowed to 164 million yuan from 239 million yuan a year earlier.

Zhida’s shares soared in their trading debut last October, nearly tripling from their split-adjusted IPO price of about HK$2.68 to close at HK$7.82 on their first trading day. They have continued to climb since then, and at Friday’s close of HK$12.13 now trade at more than four times their IPO price.

By Doug Young

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Automaker BAIC Motor Corp. Ltd. (1958.HK) on Tuesday warned it expects to report a loss of 1.55 billion yuan ($229 million) to 1.65 billion yuan for the first half of 2026, reversing a profit of 360 million yuan a year earlier.

The company attributed the sharp turnaround to fierce competition in China’s auto market, which caused sales to fall short of expectations. Surging raw material and marketing costs further undermined the company, dragging it into the red. Confronted with those headwinds, BAIC said it is navigating industry trends and advancing its new energy transition strategy.

It said its Beijing Benz subsidiary has accelerated the rollout of new energy vehicle (NEV) models. The unit has also boosted its localization efforts to slash costs, boost efficiency and enhance the competitiveness of its offerings in the luxury car market.

Shares of BAIC Motor opened up 2.3% at HK$0.88 on Wednesday. The stock is down over 60% from its 52-week high.

By Lau Chi Hang

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Electric vehicle battery maker Contemporary Amperex Technology Co. Ltd. (CATL)(3750.HK; 300750.SZ) said on Sunday that its revenue rose 54.8% year-over-year to 277 billion yuan ($40.89 billion) in the first half of 2026, while its profit for the period increased 42% to 43.3 billion yuan. The company said shareholders of its Shenzhen-listed stock will receive a cash dividend of 114.11 yuan for every 10 shares held, and holders of its Hong Kong stock will receive HK$16.29 for every 10 shares.

The company also launched the largest buyback in history for a company listed in Shenzhen or Shanghai, authorizing the repurchase of 20 billion yuan to 40 billion yuan worth of its Shenzhen-listed stock through centralized bidding at a maximum price of 573 yuan per share.

Among its major business segments, revenue from the company’s power battery systems reached 192.1 billion yuan, up 46% year-over-year. Its energy storage battery system revenue surged 87.5% year-over-year to 53.26 billion yuan, while revenue from battery materials, recycling and mineral resources climbed 67% year-over-year to 18.8 billion yuan.

Shares of CATL opened up 3% at HK$640 on Monday. The stock has more than doubled since its listing in May last year.

By Lau Chi Hang

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Geely Automobile Holdings Ltd. (0175.HK) announced on Thursday that it agreed to buy 34% of U.S. auto giant Ford’s (F.US) Spanish operation for 221 million euros ($251 million). Following the deal, Geely and Ford will operate Ford Espana as a China-U.S. joint venture, with Geely holding 34% and Ford continuing to hold the remaining 66%.

After the deal’s completion, the joint venture will engage in contract manufacturing of passenger vehicles at its facilities in Spain’s Valencia region. The venture will not have its own independent sales functions and will not undertake product design.

Ford Espana earned a net profit after taxes of 69.8 million euros last year, down from 236.3 million euros in 2024. Geely said the purchase will allow it to manufacture vehicles in Europe for sale to the European market, avoiding import duties. It will be able to immediately benefit from Ford Espana’s existing workforce, supply chains and other resources.

The move comes as Chinese automakers boost their exports to offset slowing sales in their home market. But those exports are meeting with resistance in some Western markets, especially new energy vehicles (NEVs) that have become a key focus for many Chinese companies. The two joint venture partners have a relationship dating back to 2010, when Geely bought the Volvo car brand from Ford for $1.8 billion.

Geely shares rose 3.3% on Thursday before the announcement. The stock is up 3.2% this year.

By Doug Young

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New energy materials producer CNGR Advanced Material Co. Ltd. (2579.HK) announced on Monday it expects its net profit for the first half of 2026 to range from 1.25 billion yuan ($184 million) to 1.35 billion yuan, up 70.58% to 84.23% year-on-year. Excluding non-recurring gains and losses, its net profit is expected to reach 1.2 billion yuan to 1.3 billion yuan, up 83.63% to 98.93% year-on-year.

The company said combined sales of its core nickel-based, cobalt-based, phosphorus-based and sodium-based products exceeded 250,000 tons during the period. Sales of ternary precursors rose more than 50%, while its overall gross margin was stable. Sales of phosphorus-based materials increased more than 25%, helping the segment swing to a profit, while sales of sodium-ion battery precursor materials also posted brisk growth.

The company added that returns from its upstream resource investments increased, while its Indonesian pyrometallurgical nickel smelting projects maintained strong profitability due to their cost advantages. It said greater integration across its “resources + smelting + materials” value chain further strengthened its operational resilience.

CNGR’s shares opened higher on Tuesday and traded at HK$24.66 by the midday break, up 5.12%. The stock is down 31.3% over the past six months.

By Lee Shih Ta

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Electric two-wheeler maker Niu Technologies (NIU.US) said on Friday its vehicle sales rose 24% to 434,687 units in the second quarter from 350,090 units a year earlier, as its sales rose both in China and overseas.

The company said it sold 402,202 units in China during the three-month period, up 26% year-on-year, driven by demand for its core models and recent new product launches. Niu’s overseas sales rose by a slower 3.6% to 32,485 units year-on-year, as the company continued to focus on improving its operational efficiency and prioritizing key markets.

Niu sells a range of two-wheeler electric vehicles, including e-motorcycles, e-bicycles and kick-scooters. The company’s revenue rose 33.4% year-on-year to 909.5 million yuan ($134 million) in the first quarter, while its net loss widened to 93.9 million yuan from 38.8 million yuan a year earlier.

Niu’s shares rose 3% on Monday to close at $2.09. The stock is down about 35% so far this year.

By Doug Young

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Electric vehicle (EV) charging pile maker Shanghai Zhida Technology Development Co. Ltd. (2650.HK) said on Tuesday it plans to sell up to 19.13 million new shares for HK$10.98 each, representing an 11.88% discount to the previous day's closing price of HK$12.46. The sale is expected to raise net proceeds of HK$205.8 million ($26 million).

The new shares represent 6.4% of the company's existing issued shares and will be about 6.01% of its enlarged issued H-share capital. The company said it will sell the shares to six or more independent professional or institutional investors.

Zhida plans to use 30% of the proceeds to develop new solar-storage-charging system products, 30% to expand application channels for its robotics business as well as engineering and manufacturing capabilities, 20% for overseas expansion, and the remaining 20% for general working capital.

In 2025, the company's revenue rose 20.7% year-on-year to 716 million yuan ($106 million), while its net loss narrowed 30.5% to 164 million yuan and its gross margin improved to 15.2%. Zhida delivered about 619,500 residential EV charging piles during the year, up 76.4% from 351,100 units in 2024.

Zhida shares opened lower on Tuesday and closed at HK$11.55 by the midday break, down 7.3%. The shares have fallen more than 82.7% from their IPO price of HK$66.92.

By Lee Shih Ta

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Green energy infrastructure services provider Envision Greenwise Holdings Ltd. (1783.HK) said on Thursday that it swung to a profit in its latest fiscal year through March, reversing a loss in the previous year, citing strong growth for its reverse supply chain management services.

The company said it expects to report a net profit of between HK$58 million ($7.4 million) and HK$63 million for its fiscal year ended on March 31, compared with a loss of HK$15.7 million in the previous year.

The company said its reverse supply chain management and environmental related service segment posted an increase of more than HK$1.5 billion during its most recent fiscal year compared with the previous year. It also cited a HK$35 million decrease in equity-settled share-based payment expenses for the improvement to its bottom line.

Envision Greenwise’s stock was up 3.7% at HK$4.44 midway through the trading day on Friday. The stock is up about 38% this year.

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Lithium-ion battery separator manufacturer Shenzhen Senior Technology Material Co. Ltd. (6067.HK) launched its Hong Kong IPO on Friday, aiming to sell 150 million shares through next Wednesday. Shares will be priced at up to HK$8.98 each, raising up to HK$1.34 billion ($171 million). The stock is set to make its trading debut on June 23.

Founded in 2003, Senior Technology designs and produces lithium-ion battery separators. Its customers include LG Energy, Samsung SDI, CATL, BYD and Gotion High-tech. According to third-party data in its prospectus, the company has ranked second globally in lithium-ion battery separator shipments for six consecutive years, with a global market share of 11.6% in 2025.

Senior Technology is the first company in China, and one of the few globally, with capabilities across all three major lithium-ion battery separator technologies: dry-process, wet-process and coated separators. By shipment volume, the company held 21.5% of the global dry-process separator market and 9% of the global wet-process separator market in 2025, ranking first and fourth worldwide, respectively.

The company reported revenue of 4.08 billion yuan ($568 million) in 2025, up 16.3% year-on-year, while its net profit fell 61.4% to 143 million yuan over that time.

Senior Technology plans to use 28% of the IPO proceeds to strengthen its R&D capabilities, 27% to expand its operations in Malaysia and the U.S., 20% for investments in next-generation battery materials and semiconductor-related companies, 15% to repay fixed-asset loans for its Sweden production base, and the remaining 10% for working capital and general corporate purposes.

By Lee Shih Ta

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EHang Holdings Ltd. (EH.US) said on Tuesday its revenue fell slightly year-on-year in the first quarter, as it works with China’s aviation regulator to address additional operational and safety requirements before launching public ticketed services for its electric vertical take-off and landing (eVTOL) aircraft.

EHang said its revenue fell to 25.7 million yuan ($3.8 million) in the first quarter from 26.1 million yuan a year earlier, as it delivered four of its EH216 eVTOLs during the latest period. It maintained its guidance for 600 million yuan in revenue this year, which would represent a 17.6% rise from the 510 million yuan in 2025. Its net loss for the first quarter rose to 126 million yuan from 78.4 million yuan a year earlier.

The company said its customers and partners currently operate its eVTOLs at more than 40 sites across China. Its short-distance EH216-S model received an airworthiness certification from China’s aviation regulator in 2023, and the company said that it and its clients are now working towards regular commercial operations. That appeared to represent a delay from an earlier statement saying commercial operations were expected to launch in March this year.

EHang shares fell 23.3% on Tuesday after the publication of its latest report. The stock is down around 50% this year.

By Doug Young

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Autonomous driving technology company Minieye Technology Co. Ltd. (2431.HK) said on Tuesday that it has inked an autonomous vehicle procurement contract worth 130 million yuan ($19 million) to supply an independent third-party buyer with driverless buses, autonomous driving kits, and supplementary technical services.

The contract entails the procurement of more than 100 driverless buses and related auxiliary services, Minieye said, adding the vehicles are primarily slated for use at local cultural tourism venues, and in micro-transit systems and public transportation scenarios.

Minieye said that the deal will help it further expand its market share in unmanned vehicles and auxiliary solutions and bolster its brand influence.

Shares of Minieye opened up on Wednesday, and were up 6.4% at HK$11.45 in late morning trading. The stock is down 64% from its 52-week high.

By Lau Chi Hang

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Shares of offshore wind equipment supplier Dajin Heavy Industry Co. Ltd. (1081.HK; 002487.SZ) finished flat in their Hong Kong trading debut on Friday, falling in the morning before rebounding later in the day to close at HK$66.40, the same as their offer price.

The company said it sold 100 million Hong Kong-listed H-shares for HK$66.40 each, raising net proceeds of about HK$6.47 billion ($826 million). The Hong Kong public offering for local investors was oversubscribed by more than 130 times, while the international offering was oversubscribed by more than 10 times.

Founded in 2003, Dajin Heavy provides integrated solutions covering the manufacture, transport and delivery of offshore wind foundations. The company was listed on the Shenzhen Stock Exchange in 2010, becoming China’s first publicly listed wind tower and monopile manufacturer.

According to third-party market data in the prospectus, Dajin Heavy was the largest supplier of offshore wind foundations in Europe by monopile sales in the first half of 2025, with a market share of 29.1%. It is also the only supplier in the Asia-Pacific region to achieve large-scale monopile deliveries to Europe.

The company plans to use 55% of the IPO proceeds to upgrade its deep-sea integrated solutions capabilities, 20% for developing a European assembly base, 10% for R&D and the remainder for overseas market expansion and general corporate purposes.

By Lee Shih Ta

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Robotaxi operator Pony AI Inc. (PONY.US; 2026.HK) said on Wednesday that its Hong Kong-listed stock was included in the Shanghai-Hong Kong Stock Connect program, making it available to Mainland China-based investors effective on Thursday.

With the inclusion, Pony AI’s stock is now available to investors in the U.S., Hong Kong and Mainland China, broadening its base. The company is one of China’s leading robotaxi builders and operators, producing more than 1,776 vehicles as of May 24, with plans to roughly double that to more than 3,500 units by the end of this year.

The company’s revenue rose 145% year-on-year in the first quarter to $34.3 million from $14 million a year earlier. Its revenue from robotaxi services rose nearly fivefold to $8.57 million from $1.73 million a year earlier, while its robotruck revenue rose 31% to $10.2 million from $7.78 million. The company recorded a quarterly net loss of $53.5 million, widening from a $37.4 million loss in the first quarter of 2025.

Pony AI’s Hong Kong-listed shares fell 3.2% on Thursday to close at HK$80.75. The stock is down about 32% this year.

By Doug Young

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New energy vehicle maker XPeng Inc. (XPEV.US; 9868.HK) said on Thursday its revenue fell 17.6% year-on-year to 13 billion yuan ($1.92 billion) in the first quarter, as its revenue from vehicle sales fell by an even larger 23.5% to 11 billion yuan amid weakness in China’s auto market.

The company sold 62,682 vehicles in the three months to March, down 33% from 94,008 in the first quarter of last year, according to its latest quarterly report. It previously reported delivering 31,011 vehicles in April, down 11.5% from 35,045 a year earlier.

Despite the declines, XPeng’s gross margin improved notably, by 5 percentage points, to 20.6% during the first quarter from 15.6% a year earlier, as more of its sales went to foreign markets where prices are generally higher. Its vehicle margin also rose to 12.1% in the first quarter from 10.5% a year earlier.

But the company’s net loss widened notably to 1.78 billion yuan from a 660 million yuan loss a year earlier, partly as a result of a 47% increase in R&D spending on new vehicle development and AI technology.

Xpeng’s Hong Kong-listed shares fell 3.8% on Friday to close at HK$63.85. The stock is down about 20% this year.

By Doug Young

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New energy materials supplier Tsaker New Energy Tech Co. Ltd. (1986.HK) said on Tuesday that the proposed spinoff and separate listing of its Tsaker Technology subsidiary on the Beijing Stock Exchange (BSE) was approved by the exchange on Monday.

Under the plan, Tsaker Technology will sell 7.97 million new shares, representing about 11.15% of its enlarged share capital, at an offer price of 30.28 yuan per share. The offering is expected to raise about 241 million yuan ($35 million).

Tsaker New Energy said it currently holds about 68% of Tsaker Technology, though that will fall to about 60.41% after the offering.

Tsaker Technology is principally engaged in the electronic chemicals and new energy materials businesses, while Tsaker New Energy mainly produces dye intermediates, agrochemical intermediates and new energy materials. The company has been expanding its new energy materials segment in recent years and pushing forward with the separate listing plan for Tsaker Technology.

Tsaker New Energy shares opened lower on Tuesday in Hong Kong and traded at HK$0.95 by the midday break. The stock has risen about 20% since the start of the year.

By Lee Shih Ta

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The company is the first publicly listed firm in its class to focus on full-scenario Level 4 autonomous driving solutions, with plans to expand globally

By Teri Yu

Autonomous driving solutions provider UISEE Technologies (Beijing) Co. Ltd. (1511.HK) made its Hong Kong trading debut on Wednesday, raising HK$870 million ($111 million) as it became the first listed company focused on fully autonomous Level 4 (L4) driving technology.

Founded in 2016, the Beijing-based company has built a leading position in autonomous mobility, deploying all-scenario AI-driven solutions for logistics, transport and shuttle services in airports and industrial settings. Unlike other autonomous driving companies that focus on technology requiring some driver assistance, known as Level 0 (L0) to Level 3 (L3), UISEE focuses on Level 4, the first level on the six-step scale considered fully autonomous.

UISEE’s stock opened at HK$56 in its debut, after the company sold 14.5 million shares for HK$60.30 apiece.

The company ranked first in airport and factory scenarios in Greater China in 2025, with market shares of 90.5% and 31.7%, respectively, according to third-party data in its IPO prospectus. The global market for L4 autonomous driving solutions is expected to grow at an annual rate of 90% from this year to 2030 as the technology gains traction, according to the prospectus.

UISEE’s revenue grew 24% last year to 328 million yuan ($48.2 million), with a gross profit margin of 51.1% in 2025, up more than 7 percentage points from the previous year. The company derived nearly two-thirds of its revenue in 2025 from its autonomous driving vehicle solutions, while software solutions accounted for most of the rest. Like many of its peers, the company is still losing money as it scales up its business.

UISEE describes its main product as an all-in-one platform providing a full range of commercial vehicles with customizable L4 autonomous driving capabilities for environments like airports and factories. Its solutions are designed to operate without human intervention in some scenarios, including diverse and sometimes harsh environments.

At airports, UISEE says it is the only provider globally to deliver L4 solutions for large-scale commercial operations. Its solutions are already in use at major airports in Hong Kong, Singapore and South China’s Guangdong province.

The company is targeting factories as another key growth area, offering autonomous logistics solutions to transport materials, parts and finished goods across indoor and outdoor settings. Vehicles equipped with its technology can operate indoors without GPS using scenario memory, and can handle mixed traffic and all-weather conditions outdoors. UISEE was the largest L4 autonomous driving solutions provider for factory scenarios in Greater China in 2025, with customers in automotive, chemicals, photovoltaics and lithium batteries, according to its prospectus.

UISEE’s solutions are centered on its proprietary U-Drive autonomous driving system that supports multiple scenarios and vehicle types. The company is advancing toward its next-generation U-Drive 6.0, which is designed to improve multi-sensor fusion and decision-making in complex, dynamic environments. Its planned U-Drive 7.0 system will focus on enabling large-scale, cross-regional deployment, with enhanced cloud coordination, data feedback loops, and integration with intelligent infrastructure.

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Electric two-wheeler maker Niu Technologies (NIU.US) reported on Monday that its revenue rose 33.4% year-on-year to 909.5 million yuan ($134 million) in the first quarter, while its net loss more than doubled to 93.92 million yuan from 38.84 million yuan a year earlier.

The company’s total sales volume increased 28.7% year-on-year to 261,624 units during the quarter. Its China sales rose 35.4% to 247,938 units, while international sales fell 32.4% to 13,686 units. Revenue from the China market climbed 41.6% to 773.6 million yuan, but overseas revenue declined 15.2% to 50.9 million yuan.

The company’s gross margin fell to 17.3% in the latest quarter from 18.9% a year earlier, mainly due to changes in product mix, increased promotional activities, and weaker overseas revenue. Meanwhile, Niu’s operating expenses rose 59.7% to 263.6 million yuan, with selling and marketing expenses up 56.8% and R&D expenses rising 38.8%, contributing to the wider net loss.

The company said it expects its revenue to range between 1.57 billion yuan and 1.82 billion yuan in the second quarter, up approximately 25% to 45% year-on-year.

Niu Technologies’ stock fell 15% on Monday in New York to close at $2.415. The stock is down 23.6% year-to-date.

By Lee Shih Ta

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EV maker Zhejiang Leapmotor Technology Co. Ltd. (9863.HK) and global automaker Stellantis (STLA.US) are reportedly planning to deepen their partnership, expanding beyond sales to include joint procurement, shared production lines and better utilization of European manufacturing capacity, as the two companies seek to accelerate their expansion in the European EV market.

Under the latest cooperation plan announced last Friday, the two sides are evaluating adding a new production line at Stellantis’ Figueruelas plant in Spain to manufacture a new Opel-branded EV, according to Caixin. Leapmotor is also planning to begin producing one of its existing models at the same factory as early as this year. In addition, the companies are studying a plan to transfer Stellantis’ Villaverde plant in Madrid to Leapmotor International to operate and introduce its new vehicle models.

Stellantis formed its partnership with in Leapmotor in 2023 and currently holds about 18.99% of the Chinese EV maker. The two companies also established Leapmotor International, a joint venture responsible for overseas sales and production. Leapmotor has leveraged Stellantis’ existing distribution network to rapidly expanded in Europe, with cumulative deliveries in the region exceeding 40,000 vehicles by the end of 2025.

Leapmotor’s monthly registrations for pure battery EV orders in Europe reached nearly 8,000 units in February this year, surging 789% year-on-year and ranking ninth in the European EV market.

As EV demand growth in Europe and the U.S. slows, Stellantis has begun scaling back its aggressive electrification strategy after swinging to a net loss in 2025. The partnership could help Stellantis lower EV development costs, while allowing Leapmotor to expand localized production in Europe and reduce tariff and logistics costs.

Leapmotor’s stock opened flat on Tuesday and traded at HK$47.96 by the midday break, down 2.91%. The stock has risen about 4.7% over the past five trading days.

By Lee Shih Ta

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Hydrogen fuel cell systems developer Beijing SinoHytec Co. Ltd. (2402.HK; 688339.SH) announced on Monday it recorded a net loss a of 618.5 million yuan ($91 million) last year, widening 36.9% year-on-year, while its revenue fell 29.49% to 258.54 million yuan.

The company’s revenue from fuel cell systems for the year totaled 121.96 million yuan, while revenue from technology development services was about 120.04 million yuan. During the period, it sold 545 fuel cell system sets, down approximately 26.55% from 2024.

The company blamed the declines on the hydrogen fuel cell industry’s early stage of commercialization, intensified competition, and a more cautious market expansion strategy amid its own working capital constraints. Those factors led to lower fuel cell system sales and affected the company’s overall profitability.

Separately, SinoHytec reported that its net loss for the first quarter narrowed about 45% year-on-year to 51.04 million yuan.

SinoHytec’s shares were suspended from trading on the Hong Kong Stock Exchange on April 1 due to a delay in publishing its annual results. They resumed trading on Monday, opening flat before falling to HK$17.57 by the midday break, down 8.54%.

By Lee Shih Ta

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Electric vehicle (EV) manufacturer Voyah Automobile Technology Co. Ltd. (7489.HK) on Sunday reported it delivered 15,146 new cars in April, up 51% year-over-year. That took its cumulative new vehicle deliveries for the first four months of the year to 49,038 units, up 36% year-over-year.

On April 22, the company officially launched global pre-sales for the Voyah Taishan X8, with cumulative orders exceeding 30,000 as of May 1. Separately, on April 24, the company officially unveiled its ESG brand, “Better Voyah.”

Voyah is a new energy vehicle brand under Dongfeng Motor Corp., which listed in Hong Kong in March this year. The company has rolled out five major models, including the Voyah Free, Dreamer, Passion, Courage, and Taishan, providing comprehensive coverage across the sedan, SUV, and MPV segments.

Shares of Voyah opened flat at HK$6 on Monday, but rose through the day and were up 2.7% in the afternoon. The stock is down 20% from its debut opening price of HK$7.50 since its listing.

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Polysilicon maker Daqo New Energy Corp. (DQ.US; 688303.SH) on Wednesday reported its sales plunged in the first quarter, as the Chinese government takes steps to try to revive the industry struggling with huge overcapacity resulting in weak prices.

Daqo reported revenue of just $26.7 million in the first quarter, down 78% from $123.9 million a year earlier. Its polysilicon sales volume for the quarter dropped to 4,482 MT from 28,008 MT a year earlier. Its average polysilicon selling price during the quarter stood at $5.96 per kilogram, roughly the same as its average total production cost of $5.95 per kilogram.

The company reported a loss of $88.4 million for the quarter, widening from a $71.8 million loss a year earlier.

Daqo’s New York-listed shares fell nearly 12% in Wednesday trading after the release of its latest results. The stock is down about 35% this year.

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Electric vehicle (EV) battery maker Contemporary Amperex Technology Co. Ltd. (3750.HK; 300750.SZ)(CATL) announced on Tuesday it plans to place 62.4 million new Hong Kong-listed H-shares at HK$628.20 each, representing a 7% discount to the stock’s previous close, to raise about HK$39.1 billion ($5 billion). The new shares will account for about 1.36% of the company’s enlarged share capital.

CATL will use the funds for global new energy projects, zero-carbon initiatives, R&D and working capital. The company said the fundraising will strengthen its capital base and support overseas capacity expansion and supply chain development amid rising demand for power and energy storage batteries. At least six institutional investors are expected to buy shares in the placement.

CATL previously raised about HK$40.6 billion through its Hong Kong IPO last May. Combined with this latest placement, the company’s total fundraising in the Hong Kong market within a year is approaching HK$80 billion.

Earlier this month, CATL said it would set up a wholly owned unit, Times Resources Group (Xiamen), with registered capital of 30 billion yuan to manage investments in new energy minerals. The platform will consolidate its mining assets and expand lithium, nickel and phosphorus projects at home and abroad to secure raw material supplies for the company and strengthen its vertical integration.

CATL’s stock opened lower on Tuesday and was trading at HK$629 by the midday break, down 6.88%. The stock has gained about 139% from its IPO price since its listing last year.

By Lee Shih Ta

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The China Securities Regulatory Commission formally registered Shenzhen Senior Technology Material Co. Ltd.’s (300568.SZ) application for a Hong Kong IPO on Friday, clearing a key regulatory hurdle for the lithium-ion battery separator manufacturer to make a second listing to complement its existing listing in Shenzhen.

The company plans to sell about 172 million H-shares in the Hong Kong listing, according to the notice posted on the CSRC website. Shenzhen Senior Technology filed its listing application with the Hong Kong Stock Exchange in December, with China Securities International as the sole sponsor.

Founded in 2003, the company’s revenue rose 14% in the first nine months of last year to 2.93 billion yuan ($430 million) from 2.58 billion yuan in the year-ago period. But its profit fell by more than half over that period, dropping to 141 million yuan in the first nine months of last year from 351 million yuan a year earlier.

By Doug Young

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Shares of distributed energy storage solutions provider Sigenergy Technology Co. Ltd. (6656.HK) soared in their Hong Kong trading debut on Thursday, climbing throughout the day to close at HK$659.50, more than double their HK$324.20 IPO price.

The company said  it sold 13.57 million H-shares in the listing, raising net proceeds of HK$4.19 billion ($537 million). The Hong Kong public offering for local investors was oversubscribed by more than 1,100 times, while the international offering was 30.2 times subscribed. Cornerstone investors purchased 6.76 million shares, accounting for 4.84% of the company’s total H-share capital after the offering.

Sigenergy’s revenue surged more than sixfold year-on-year last year to 9 billion yuan, while its profit rose 35-fold to 2.92 billion yuan.

The company plans to spend 38% of funds from the listing to expand its R&D team and enhance its technological capabilities. Another 32% will be used to strengthen marketing and after-sales services; 12% will go for capacity expansion; and 9% will be used to diversify its product portfolio and expand its industrial and commercial solar-storage-charging integrated solutions.

By Lau Chi Hang

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Solar cell maker Hainan Drinda New Energy Technology Co. Ltd. (2865.HK; 002865.SZ) announced on Thursday its revenue fell 9.6% year-on-year to 1.69 billion yuan ($248 million) in the first quarter, while it swung to a net profit of 14.16 million yuan from a loss of 105.9 million yuan a year earlier.

The company credited the profitability improvement mainly to higher prices for solar cells, which lifted its margins. During the period, it acquired a stake in Shanghai Xingyi Xinneng Technology and purchased 60% of Shanghai Fuyao Xinghe Aerospace Technology, giving it indirect control of Shanghai Xuntian Qianhe Space Technology to expand application scenarios and develop a second growth curve. Its net cash outflow from operating activities widened to 703.6 million yuan during the quarter, more than doubling year-on-year.

Meanwhile, the company is pushing ahead with cost reductions and efficiency gains for its N-type cells, while ramping up R&D in xBC and perovskite tandem technologies. Overseas, it continues to hold a strong position in India, Turkey and Europe, and is advancing localized capacity expansion.

The company’s stock opened higher on Friday in Hong Kong, closing at HK$29.4, up 0.96%. The stock is up 36.8% year to date.

By Lee Shih Ta

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CNGR Advanced Material Co. Ltd. (2579.HK; 300919.SZ) said on Wednesday its net profit rose sharply in the first quarter, as it experienced strong demand for its nickel, cobalt, phosphorus, sodium and other battery material products.

The company said it expects to report a profit of 530 million yuan ($77.1 million) to 590 million yuan for the three-month period, up between 72% and 92% from the 308 million yuan it reported in the first quarter of 2024. The company said it sold nearly 130,000 tons of battery materials in the latest period, though it did not provide a year-ago figure. CNGR said it also benefited from high nickel prices.

CNGR’s Hong Kong-listed shares rose 0.4% to close at HK$36.50 on Thursday, while its Shenzhen-listed shares rose 1.4% to close at 51.2 yuan. The Hong Kong shares are up 7.4% from their IPO price of HK$34 last November.

By Doug Young

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Distributed energy storage solutions provider Sigenergy Technology Co. Ltd. (6656.HK) launched its Hong Kong IPO on Wednesday, offering 13.57 million shares for HK$324.20 each to raise HK$4.4 billion ($641 million). The stock is set to debut on April 16.

Founded in 2022, Sigenergy focuses on distributed energy storage systems (DESS), with a core offering of modular, stackable solar-storage integrated solutions. The segment accounted for about 0.7% of the overall energy storage market in 2024. The company rose to become the world’s largest provider of such solutions by shipment volume within two years of its founding, with a market share of 28.6%, representing 0.6% of the distributed energy storage market and 0.2% of the overall energy storage market, according to third-party data in its prospectus.

Sigenergy’s Revenue surged from 58.3 million yuan in 2023 to 9 billion yuan in 2025, representing a more than 150-fold increase over two years. It also swung from a net loss of 373 million yuan in 2023 to a profit of 83.8 million yuan in 2024, before jumping further to 2.92 billion yuan in 2025.

About 38% of the IPO proceeds will be used for R&D, while 32% will go to marketing and after-sales services. Another 12% will go to capacity expansion, and 9% will go to product development, with the remainder for working capital and general purposes.

By Lee Shih Ta

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The Shenzhen-based company has evolved from a high-growth startup to become a leader in advanced light detection and ranging technology

By Teri Yu

RoboSense Technology Co. Ltd. (2498.HK) reported its first-ever quarterly profit in the final three months of 2025, marking its transition from startup to a leading producer of light detection and ranging (LiDAR) technology and robotics systems.

The company, whose sensors power advanced driver-assistance systems (ADAS) and autonomous robots, posted a profit of 104 million yuan ($15.1 million) in the fourth quarter of last year, reversing a loss of 130 million yuan a year earlier, according to its latest financial report.

The company said the milestone reflects the maturation of sensor technology to a stage of scalable and sustainable profitability. It also signifies a structural shift in the broader LiDAR industry, long characterized by aggressive spending and uncertain business models, as the technology also underwent an important shift from analog to digital during the year.

LiDAR firms historically faced steady losses due to costly R&D cycles, complex supply chains and uneven product adoption amid fierce competition. RoboSense was able to achieve greater cost efficiency with its proprietary digital chip architecture, including the rollout of its self-developed SPAD SoC and 2D chipsets in late 2024. The move eliminated the company’s reliance on third-party suppliers and digitized its LiDAR hardware, compressing traditional optical complexity into a simple integrated circuit design.

RoboSense said the transition helped to cut its unit costs by around 30% while maintaining detection range and resolution, making the technology more cost-effective and giving it an edge over its rivals.

RoboSense recorded revenue of 751 million yuan in the fourth quarter, up 46% year-on-year. During the quarter, it secured 33 design wins spanning 14 major global automotive brands, including Japan’s top three carmakers, further broadening its reach in the premium and mass-market electric vehicle (EV) segments.

Its robotics business also recorded strong gains, with shipments up more than twentyfold year-on-year to 221,200 units in the last quarter of 2025, covering applications from warehouse automation to delivery robots and humanoid platforms. Revenue from that higher-margin segment climbed to 347 million yuan, accounting for about 49% of its total product sales.

“Our strategic direction is clear: RoboSense is a robotics company,” said CEO Mark Qiu. “We will continue to expand the boundaries of physical AI, further consolidating our core competitive advantage through proprietary chipsets, which lay the foundation for our generational-lead product offerings.”

Looking to 2026, RoboSense forecast its annual sales will grow two to three times from last year’s levels, and plans to expand its production capacity to 4 million units per year. The company expects demand to rise sharply for Level 2+ advanced driving systems as they become mainstream in EVs and as physical AI robotics such as autonomous delivery systems, humanoid robots and logistics machines, enter their commercialization phase.

Founded in 2014 as Suteng Innovation Technology, RoboSense has grown from a university-based research venture into a global supplier of advanced LiDAR and perception software. Its technologies underpin Level 2+ advanced driver assistance systems and robotic vision platforms used by car manufacturers across Asia, North America and Europe.

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Hydrogen fuel technology company Jiangsu Guofu Hydrogen Energy Equipment Co. Ltd. (2582.HK) said on Tuesday it agreed to supply a 20 MW hydrogen production system to GF Hydrogen Africa Sarl for $6.2 million, as it aims to establish a large-scale demonstration project for advancing green hydrogen supply in Morocco.

Separately, Goufu said it agreed to supply five or more hydrogen refueling stations, together with related installation services, to Guangdong Yuntao Hydrogen Energy Technology for 32.05 million yuan ($4.66 million).

Shares of Guofu opened up 2.1% at HK$24.54 on Wednesday. The stock is down over 80% from its 52-week high.

By Lau Chi Hang

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Retail sales of passenger new energy vehicles (NEVs) in China reached 784,000 units in March, down 21% from a year earlier but up 69% from February, reflecting a gradual rebound after the Lunar New Year holiday, according to data released on Friday by the China Passenger Car Association (CPCA).

The March total brought cumulative NEV retail sales to 1.84 million units for the first quarter, down 24% year-on-year. On the wholesale side, NEV shipments reached 1.13 million units in March, flat from a year earlier but up 56% month-on-month, while first-quarter wholesale volume stood at 2.72 million units, down 5%.

The broader passenger vehicle market also remained under pressure. March retail sales totaled 1.66 million units, down 15% year-on-year but up 60% from the previous month. First-quarter sales reached 4.24 million units, a 17% decline from a year earlier. NEVs accounted for 47.3% of total passenger vehicle retail sales for the month, underscoring the continued advance of electrification.

The CPCA attributed the year-on-year decline in March sales mainly to a holiday shift, with this year’s Lunar New Year falling in late February, leaving early March still in a post-holiday recovery phase. Rising costs for raw materials and chips, along with higher oil prices driven by geopolitical tensions, also weighed on the market, particularly affecting traditional internal combustion engine vehicles.

Meanwhile, profitability across the auto sector remains under pressure. Earlier data showed China’s auto industry generated 43.5 billion yuan ($6.33 billion) in profits in the first two months of the year, down 30% year-on-year, with margins at 2.9%, well below the broader industry average of 5.8%.

By Lee Shih Ta

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High-end new energy vehicle (NEV) maker Seres Group Co. Ltd. (9927.HK) said on Thursday it sold 27,484 vehicles in March, up 11.7% year-on-year but slowing sharply from the 39.3% growth it recorded in the first two months of the year.

Sales of the company’s NEV models rose 20.7% in March to 22,706, accounting for 83% of its total. But that was partly offset by a 17.7% decline for its non-NEV models, whose sales fell to 4,778 vehicles in March.

Including the March figures, Seres’ sales rose 29.4% year-on-year in the first quarter of 2025 to 88,445 vehicles. Earlier this week, the company reported its revenue rose 13.6% last year to 165 billion yuan ($24 billion), while its profit of 5.96 billion yuan was roughly the same as 2024.

Seres shares fell 3.6% on Thursday after the announcement to close at HK$78.80. The stock is down about 40% from its IPO price of HK$131.50 last November.

By Doug Young

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Glass manufacturer Flat Glass Group Co. Ltd. (6865.HK) reported on Thursday its revenue fell 16.7% last year to 15.57 billion yuan ($2.25 billion), while its profit dipped 2.6% to 980 million yuan.

The company makes various types of glass, including PV glass, float glass, architectural glass, and household glass. During the period, PV glass prices continued to slide amid oversupply in the photovoltaic sector. That dragged revenue for the segment down 16.8% year-on-year to nearly 14 billion yuan.

Other glass products were also pinched by China’s sluggish property market. Float glass revenue plunged nearly 61% to 110 million yuan, while household glass revenue fell 18.7% to 250 million yuan. Architectural glass was the company’s sole bright spot, with revenue up 8.3% to 540 million yuan.

Shares of Flat Glass opened up 1.1% at HK$9.01 on Friday. The stock is down 35% from its 52-week high.

By Lau Chi Hang

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Float glass producer China Glass Holdings Ltd. (3300.HK) warned on Monday it expects to report a 4.8 billion yuan ($690 million) loss for last year, representing a nearly fivefold increase from its 964 million yuan loss in 2024.

The company attributed last year’s steep loss to weak domestic demand for glass, driven by slumps in the key real estate and solar sectors, pressuring its prices, even as rising costs squeezed its gross margins. That ultimately led to partial production suspensions, triggering 4.6 billion yuan in impairment charges.

China Glass said it will work to strengthen its working capital management and implement strict cost controls. Concurrently, it will seek financial backing from shareholders, potential investors, and local governments while negotiating with its lenders. The company also plans to expand its overseas footprint, seeking to lay the foundation for sustainable operations in the future.

Shares of China Glass opened flat at HK$0.51 on Tuesday. The stock is down 33% from its 52-week high.

By Lau Chi Hang

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EHang Holdings Ltd. (EH.US) on Thursday reported its fourth-quarter revenue rose nearly 50% year-on-year on accelerating sales for its electric vertical take-off and landing (eVTOL) aircraft, propelling the company to its first-ever profit.

EHang reported revenue of 243.8 million yuan ($35.5 million) during the final three months of 2025, up 48.4% from 164.3 million yuan a year earlier. That brought its total revenue for the year to a record 509.5 million yuan, up 11.7% from the previous year. The company delivered 100 aircraft during the latest quarter, bringing its total to 221 units for the whole year.

The company reported a 10.5 million yuan profit for the fourth quarter, reversing a 46.9 million yuan loss a year earlier, though it still lost money on an operating basis in the latest period. It reported fourth-quarter adjusted net income of 71.5 million yuan, nearly double the 36.4 million yuan adjusted profit it recorded a year earlier.

EHang shares fell 1.3% on Thursday to close at $12.11 after the results were announced. The stock is down 44% over the last 52 weeks.

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Carmaker Chery Automobile Co. Ltd. (9973.HK) said on Sunday it sold 146,173 vehicles in February, down 14.8% year-over-year. Its cumulative sales for the first two months of the year reached 337,669 units, also down 12.5% from the same period last year.

Among its five major brands, only its namesake Chery brand recorded a slight sales increase last month, rising 2.9% year-over-year. Its other four brands saw declines, with iCAR down a modest 1.7%, while Luxeed sales plummeted 90.6%. Sales for Chery brand cars rose 3.9% year-over-year in the first two months of 2026, while Luxeed tumbled 76.3%, and the remaining brands each fell over 30%.

Shares of Chery opened down 1.3% at HK$27.10 on Monday. The stock is down over 10% from its listing price last year.

By Lau Chi Hang

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Autonomous driving solutions provider Minieye Technology Co. Ltd. (2431.HK) said on Monday it signed an agreement to jointly make 3,000 driverless logistics vehicles with Ground Iron Green Technology and Shenzhen Gecko New Energy Vehicle Technology.

Under the partnership, Minieye will ensure compliance with national and industry automotive-grade certification standards. Gecko will spearhead R&D for the vehicles' chassis systems, while Ground Iron will play a key role in product definition. By integrating their manufacturing capabilities and operational resources, the partners aim to achieve large-scale deployment of driverless logistics vehicles across a range of scenarios with enhanced efficiency and cost-effectiveness.

Shares of Minieye opened up 0.2% at HK$14.98 on Tuesday. The stock is down 60% from its 52-week high.

By Lau Chi Hang

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Solar and wind farm operator Concord New Energy Group Ltd. (0182.HK) announced on Friday that it expects to report its profit plunged by more than 80% last year to roughly 160 million yuan ($22 million) from about 800 million yuan in 2024, even as its cash generated from operating activities increased.

The company attributed the slump to weaker-than-expected wind and solar conditions in parts of China, power curtailment, and intensifying competition in market-based electricity pricing, which collectively squeezed its generation volumes, revenue and margins. It also booked losses on certain financial assets and impairment charges on some of its long-term equity investments.

Concord said it has stepped up cost-cutting and business restructuring efforts, with its full-time workforce reduced by more than 30% by the end of last year from the end of 2024. The company is also accelerating overseas solar project development and has completed a secondary listing in Singapore to broaden its international financing channels.

Shares of Concord New Energy opened lower on Monday and closed at HK$0.325 by the midday break, down 5.9%. The stock is down about 22% over the past six months.

By Lee Shih Ta

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Voyah Automotive Technology Co.Ltd. (7489.HK), the electric-vehicle (EV) unit of Dongfeng Motor Group (0498.HK), said on Thursday it will list using a share distribution, called a “listing by introduction,” through the issue of 885 million of its H-shares. Trading is expected to commence on the Hong Kong Stock Exchange on March 19.

The distribution ratio is calculated based on Dongfeng Motor's shareholding in Voyah. For every Dongfeng Motor domestic share or H-share held, shareholders will receive 0.3552608 Voyah H-shares.

The company said the listing is part of state-owned Dongfeng Motor Corp.’s privatization plan for its Hong Kong-listed Dongfeng Motor Group.

Voyah’s revenue rose from 6.05 billion yuan ($877 million) in 2022 to 19.36 billion yuan in 2024. Its revenue in the first seven months of 2025 rose 90% year-on-year to 15.78 billion yuan. The company’s gross margin has also improved significantly over the last three years, rising from 8.3% in 2022 to 21.3% in the first seven months of last year.

By Lau Chi Hang       

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Telecoms cable and electronic materials maker Shenzhen Woer Heat-Shrinkable Material Co. Ltd. (9981.HK; 002130.SZ) launched its Hong Kong IPO on Thursday, with plans to raise up to HK$2.73 billion ($349 million) by selling 140 million H-shares for up to HK$20.09 each. The deadline for subscriptions is Feb. 10, with trading of the shares set to begin on Feb. 13.

Sixteen cornerstone investors have agreed to purchase $124.3 million worth of shares, or about 35% of the amount being sold.

Woer reported revenue of 6.08 billion yuan ($876 million) for the first nine months of last year, up 26% from 4.82 billion yuan in the year-ago period. About two-thirds of its revenue came from its electronic communications business, while most of the rest came from its electric power transmission product business. Its profit in the first nine months of last year rose 25% to 883 million yuan from 709 million yuan a year earlier.

Woer is part of a growing tide of Chinese companies already listed on the country’s domestic A-share markets in Shanghai and Shenzhen now making second listings in Hong Kong to tap the city’s more international investor pool.

By Doug Young

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Electric vehicle (EV) battery equipment maker Wuxi Lead Intelligent Equipment Co. Ltd. (0470.HK; 300450.SZ) launched its Hong Kong IPO on Tuesday, aiming to raise HK$4.17 billion ($534 million) through the sale of 93.6 million H-shares for HK$45.80 apiece. Applications to buy the stock will be accepted through Feb. 6, with a trading debut set for Feb. 11.

Eleven cornerstone investors have agreed to buy about $275 million worth of shares, or half of the amount being sold.

Wuxi Lead Intelligent is part of a growing group of companies listed on China’s domestic markets in Shenzhen and Shanghai now making second listings in the more internationally focused Hong Kong. The company’s revenue contacted in 2024, but resumed growth in the first three quarters of 2025, rising 15% year-on-year to 10.4 billion yuan ($1.5 billion). Its net profit in the first nine months of last year nearly doubled year-on-year to 1.2 billion yuan.

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