01.AI Officially Files for a Hong Kong IPO, Adding Another IPO Contender to the Intelligent Heavy Truck Sector

Gai Shi Automotive has learned that on May 28, Jiangsu Zero One Automotive Technology Co., Ltd. (hereinafter referred to as "Zero One Automotive") officially submitted its listing application to the Hong Kong Stock Exchange, intending to be listed on the main board in Hong Kong. Goldman Sachs (Asia) LLC and Haitong International Capital Limited are acting as joint sponsors.

Image source: Zero One Automotive

According to the prospectus, Zero One Auto is positioned as a provider of intelligent heavy-duty trucks and autonomous heavy-duty truck solutions. Since its inception, the company has adhered to a vertically integrated and forward-development approach with a fully self-developed technology stack. Its independently developed “Zero One Autonomous Driving System” adopts an end-to-end multimodal large language model (MLLM), which is said to reduce the complexity of key systems by approximately 95% and lower data annotation costs by around 95% compared with the industry average.

At the core hardware level,Zero One AutoIts self-developed “Jushi” four-in-one electric drive axle integrates the motor, gearbox, drive axle, and power take-off, reducing the vehicle’s weight by over 200 kg and achieving a system peak efficiency of 94%. At the same time, it is the first company in the industry to mass-produce a multi-source heat pump vehicle-level thermal management system, which can save up to 70% energy compared with traditional PTC heating in a -20°C environment. According to Frost & Sullivan, both its electric drive axle transmission efficiency and thermal management system energy efficiency rank among the leading mass-produced products in the market.

On the commercialization front, Lingyi Auto has achieved rapid growth. In 2025, it delivered 1,176 new energy intelligent heavy-duty trucks, becoming the world’s fastest emerging new energy heavy-duty truck company to surpass annual sales of 1,000 units. By the end of 2025, its cumulative deliveries had reached nearly 1,500 units. From January to April 2026, sales totaled 778 units, with 1,002 newly signed orders, representing a year-on-year increase of 334.6%.

Financial data synchronization improved.Zero One AutoRevenue increased from 1.163 million yuan in 2023 to 124 million yuan in 2024, further rising to 522 million yuan in 2025, an approximate growth of 448 times over two years. The gross loss rate narrowed from 287.2% in 2023 to 2.5% in 2025, approaching breakeven. It has been disclosed that the company achieved positive operating cash flow in the fourth quarter of 2025.

R&D investment remained at a high level. From 2023 to 2025, R&D expenses were RMB 71.42 million, RMB 116 million, and RMB 126 million, respectively, with R&D expenses accounting for 24.1% of revenue in 2025.

Notably, Zero One Auto completed two financing rounds totaling US$400 million in March and May this year. Investors include industrial capital and international long-term funds such as CATL, Temasek, Momenta, NIO Capital, Zijin Mining, Yankuang Capital, Moutai Investment, and Sanhua Holding, forming multidimensional ecosystem synergies in areas including autonomous driving technology, supply chains, and charging and battery-swapping networks.

Lingyi Automotive stated that, in the future, it will continue to accelerate full-vehicle forward development and iterations of its autonomous driving algorithms, while advancing large-scale commercial deployment. The progress of this IPO will provide the market with a window into the commercial maturity of the forward-development approach for intelligent heavy-duty trucks.