Zeron HKEX Listing Highlights Growth in New-Energy Intelligent Heavy-Duty Trucks

China-based Jiangsu Zeron Automobile Technology Co., Ltd. has submitted an application for listing on the Hong Kong stock exchange, marking a significant step in the company’s growth strategy. The filing was made on May 28, with Goldman Sachs (Asia) L.L.C. and Haitong International Capital Limited serving as joint sponsors for the proposed offering. The move comes as the commercial vehicle manufacturer continues to scale production, enhance intelligent transportation technologies, and strengthen its position in the rapidly evolving new-energy truck market.

The company describes itself as the first enterprise to combine complete vehicle forward-development capabilities with end-to-end multimodal large language model-based autonomous driving technology specifically designed for heavy-duty trucks. This integrated approach enables Zeron to develop both vehicle platforms and intelligent driving systems internally, supporting the advancement of next-generation transportation solutions for logistics and freight applications.

Zeron currently offers two new-energy intelligent heavy-duty truck models, Jingzhe and Xiaoman. Delivery volumes increased substantially over recent years. The company delivered 2 vehicles in 2023, 272 vehicles in 2024, and 1,176 vehicles in 2025. This growth was accompanied by significant revenue expansion, with revenue rising from CNY 1.2 million in 2023 to CNY 120 million in 2024 and further to CNY 520 million in 2025, reflecting increasing market adoption of its intelligent heavy-duty truck portfolio.

Zeron Delivery and Revenue Growth

The company’s operating performance continued to strengthen in 2026. During the four months ended April 30, 2026, Zeron delivered 778 new-energy intelligent heavy-duty trucks. This represented a year-on-year increase of 334.6%, demonstrating sustained demand for its products and supporting its broader commercialization strategy within the intelligent transportation sector.

Planned Use of IPO Proceeds

The company intends to allocate funds raised through the offering toward several strategic priorities. These include advancing research and development activities, expanding sales and service coverage, enhancing after-sales support capabilities, and strengthening the supply chain supporting new-energy intelligent heavy-duty truck production. These investments are expected to support future growth while improving operational efficiency and customer support capabilities.

Technology and Global Expansion Strategy

Zeron plans to continue investing in full-vehicle technology development to improve product competitiveness across domestic and international markets. The company also aims to accelerate the evolution of its autonomous driving algorithms while promoting the commercialization and deployment of both new-energy intelligent heavy-duty trucks and unmanned heavy-duty truck solutions. Alongside technology advancement, the company intends to build a scalable ecosystem and optimize its domestic and international sales network structure to enhance global brand recognition and market reach.

Frequently Asked Questions

Why is Zeron pursuing an HKEX listing?
The HKEX listing is intended to support Zeron’s long-term growth and expansion plans. The company plans to use the proceeds to strengthen research and development, expand sales and service networks, improve after-sales capabilities, and reinforce its supply chain. These investments are expected to help accelerate commercialization of its intelligent heavy-duty truck technologies while supporting broader domestic and international market expansion efforts.

What products does Zeron currently offer?
Zeron currently markets two new-energy intelligent heavy-duty truck models, Jingzhe and Xiaoman. These vehicles are designed to integrate advanced intelligent driving technologies with commercial transportation applications. The company also develops autonomous driving systems based on end-to-end multimodal large language model technology and is working toward expanding the deployment of unmanned heavy-duty truck solutions for logistics and freight operations.

How has Zeron's business grown in recent years?
Zeron has recorded significant increases in both vehicle deliveries and revenue. Deliveries rose from 2 units in 2023 to 272 units in 2024 and reached 1,176 units in 2025. Revenue increased from CNY 1.2 million in 2023 to CNY 120 million in 2024 and CNY 520 million in 2025. The company also delivered 778 vehicles during the first four months of 2026, representing strong year-on-year growth.