DeepWay ramps up for Hong Kong stocks: annual revenue of nearly $4 billion, with a loss of $650 million—backed by Baidu and Middle Eastern capital

Ask AI · Why is DeepWay attracting Middle Eastern capital to lead the IPO?

Lei Di Net Lei Jianping, May 8th

Autonomous driving technology company DeepWay recently updated its prospectus, preparing to list on the Hong Kong Stock Exchange.

DeepWay recently announced the completion of a Pre-IPO round of financing, raising over $310 million in total.

This financing was led by UAE’s Stone Capital, with Australian pension fund NGS Super and Xiamen Guosheng Fund participating as co-investors, and Asian impact private equity fund ABC Impact and Nanjing Ronghe Venture Capital continuing to increase their stakes as existing shareholders.

The prospectus shows that Stone invested 828 million yuan in DeepWay’s April 2026 financing, NGS Investor invested 62.73 million yuan, Xiamen Guosheng invested 20 million yuan, and Nanjing Ronghe invested 7.5 million yuan, while ABC invested 68.62 million yuan.

In the December 2025 financing, Lenovo, Qianhai Hongsheng, and Xi’an Zhongwan each subscribed for 50 million yuan; Horgos Innovation subscribed for 20 million yuan. In the January 2026 financing, Qianhai Hengtian invested 50 million yuan, Changxing Puhua DeepWay invested 392 million yuan, Puhua Small and Medium Phase II, Puhua Fengqi, and Huilu Jingchuang Linyi each subscribed for 50 million yuan, Changxing Xingchang Chuangqiang subscribed for 100 million yuan, Guangyue Zhixing subscribed for 30 million yuan, ABC invested 98.87 million yuan, and Blue Lake subscribed for 35 million yuan.

Annual revenue nearly 4 billion, loss of 650 million

According to reports, DeepWay is a new energy heavy truck and intelligent highway freight solution technology company, focusing on electrification and intelligent technology. DeepWay delivered 509 new energy heavy trucks in 2023, 3,002 in 2024, and 8,020 in 2025.

The prospectus shows that DeepWay’s revenue in 2023, 2024, and 2025 was 426 million, 1.97B, and 3.96B yuan respectively; gross profit was 1.82 million, 9.79M, and 195 million yuan; gross profit margins were 0.4%, 0.5%, and 4.9%.

DeepWay’s net losses for 2023, 2024, and 2025 were 389 million, 675 million, and 649 million yuan; the annual loss rates were 91.4%, 34.3%, and 16.4%.

As of December 31, 2025, DeepWay held cash and cash equivalents of 1.61 billion yuan.

Baidu Qiming Lenovo are shareholders

DeepWay’s executive directors are Wan Jun, Xu Shangshang, and Wang Jia; non-executive directors are Zhou Zhifeng, Li Tao, and Li Longfei; independent non-executive directors are Dr. Zhang Jingwei, Ms. Xu Junyi, and Ms. Haiyan LI-LABBE.

Wan Jun, Shanghai Junwei, Beijing Chengyue, and the employee incentive platform form DeepWay’s single largest shareholder group, collectively owning and controlling approximately 26.22% of the issued share capital as of the last practical date.

Wan Jun is the founder, chairman, and CEO of the company. He is 52 years old and has nearly 20 years of experience in smart logistics and commercial vehicles. Wan Jun is the founder and chairman of China’s leading commercial vehicle service platform, Shiqiao Group. From March 2007 to October 2012, Wan Jun served successively as Assistant President, Vice President of Zoomlion, and General Manager of Zoomlion Financing Leasing (Beijing) Co., Ltd.

Before the IPO, Wan Jun held a 3.64% stake, Shanghai Junwei 4.78%, Shanghai Junsheng and Shanghai Junyuan each 4.49%, Beijing Chengyue 3.04%; Wan Jun controls 15.96% of the company’s shares.

Baidu holds 13.48%, Pitou holds 0.54%, QM208 under Qiming holds 3.75%, BOCOM International and Suzhou Muhua each hold 0.54%, Lenovo Tianjin holds 2.21%, Wuxi Core holds 0.52%, Nanjing Ronghe 0.11%, Guangyue Investment 0.9%, Beijing Anxiang 0.37%, Qingdao Huagai 0.54%, Wang Yu and Shanghai Shiyu each 0.18%, Qiming Ronggan 0.21%, Qiming Rongkai 0.16%;

Anhui Zhong’an holds 2.6%, Hefei Jianxin 0.58%, Wuhu Jianxiang 1.14%, Greater Bay Area Fund 0.91%, Feixi Heavy Trucks 0.65%, Puhua Changxing Fund 0.78%, Puhua Special Fund 2.73%, Feixi Industrial Fund 0.39%, Linyi Guoke 2.07%, Beijing Hantang 1.18%, Beijing Heguang 1.14%;

Wuhu Xinlu Shen holds 7.94%, Beijing Juang holds 2.89%, Jinan Intelligent 5.74%, Lishui Jianxin 0.72%, Anhui Jianlu 0.29%, Qianhai Hongsheng and Xi’an Zhongwan each 0.59%, Horgos Innovation 0.24%.

Qianhai Hengtian holds 0.59%, Changxing Puhua DeepWay 4.62%, Puhua Small and Medium Phase II and Puhua Fengqi each 0.59%, Changxing Xingchang Chuangqiang 1.18%;

Huilu Jingchuang Linyi holds 0.59%, Guangyue Zhixing 0.35%, ABC 2%, Blue Lake 0.42%, Middle Eastern capital Stone holds 9.95%, NGS Investor 0.74%, Xiamen Guosheng 0.24%.

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