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37 companies densely listed within a week, with the automotive industry chain and semiconductor track being the busiest, many still trapped in a loss-making dilemma
Among them, 11 companies are already listed on the A-shares market, including storage chip leader Jiangbolong and Beijing Junzheng, semiconductor packaging and testing leader Huicheng Shares, silver resource leader Xingye Silver, electric low-speed vehicle company Taotao Vehicle, market-renowned "Yanmiao" eye hospital, interventional medical device company Sano Medical, clothing leader HLA Home, international trade comprehensive service provider Small Commodity City, gas sensor leader Hanwei Technology, and main business in machinery manufacturing and digital marketing LEO Shares.
Additionally, Silvercorp Metals Inc., a silver enterprise, is listed in both the U.S. and Canada, with its stock price continuously rising over the past year, with a total increase of over 220%.
Furthermore, nine automotive supply chain companies have strong backing from capital. Furutek, China's second-largest L0-L2 level autonomous driving third-party supplier, was valued at 6.36 billion yuan in its latest funding round; Taintong Vision focuses on L2-L2+ and L4 level driving solutions, backed by Horizon and SenseTime.
Meijia Shares specializes in AI integrated domain control solutions, with a valuation of $1.2 billion; Carlinktianxia, a leader in smart cockpit domain control, has both state-owned backing and investments from NIO, Wintai Technology, and NavInfo.
Yiyun Automotive gathers top investors like CATL, Temasek, Momenta, and NIO Capital, setting a new financing record in China's new energy heavy truck sector.
Yihong Intelligent relies on CATL for over 70% of its revenue, aiming to be the "first in Hong Kong stocks for lithium battery machine vision inspection"; ZhiZhuan Battery Swap received investments from Qianjiang Motor and Hive Energy.
Nali New Materials is backed by well-known institutions such as Temasek, Sequoia China, and CICC Capital, with the world's largest composite fluid production capacity; Jiechao New Energy also has support from Chuangxin Venture Capital, leading global third-party lithium battery recycling volume.
Profitability varies significantly. By 2025, only Yihong Intelligent, Jiechao New Energy, and ZhiZhuan Battery Swap will be profitable among these nine companies, with the other six still operating at a loss. Notably, Meijia Shares has a book loss of 1.37B yuan, but after adjusting for fair value changes, the net loss is only 120 million yuan; Carlinktianxia reported a loss of 576 million yuan with a 22% decline in revenue year-over-year, indicating operational pressure; Furutek, Yiyun Automotive, and Nali New Materials are not yet profitable but are narrowing their losses.
In the healthcare sector, four companies show clear differences in commercialization stages. Ruitouch Robotics is racing to become the "first in Hong Kong stocks for puncture robots," with its core product RC120 already registered and used in 39 hospitals, but revenue has been zero since 2024.
Kewang Pharmaceuticals focuses on tumor immunotherapy, with no revenue in 2025 and commercialization expected no earlier than 2029; Lupeng Pharmaceuticals focuses on tumors and autoimmune diseases, with its core product Lorlatinib (LP-168) having submitted a new drug application, but 2025 revenue will come from licensing agreements rather than product sales.
Zhenshi Biology is developing antiviral, tumor, and cardiovascular disease treatments, with its core product Azvudine approved for market, generating 24.8 million yuan in revenue in 2025.
In the robotics and intelligent manufacturing sector, Xian Gong Intelligent is rushing to become the "first in Hong Kong stocks for robot brains," and Laifu Harmonic Drive aims to be the "first in harmonic reducers," both not yet profitable but having obtained listing approval in Hong Kong, closer to going public; Jinlong Motor focuses on high-performance, variable frequency, and precision industrial motors, with revenue steadily increasing but gross profit margin declining for three consecutive years, and net profit fluctuating from decline to growth.
In the semiconductor sector, Liji Storage is a memory chip design company, with chip sales surpassing 100 million units in 2025, revenue soaring 70.9% year-over-year to 1.1 billion yuan, and losses narrowing to 10.54 million yuan; Guona Semiconductor mainly produces intelligent semiconductor transmission equipment, with revenue of 500 million yuan and a net loss of 12.73 million yuan in 2025.
In consumer services and cross-border e-commerce, Flashback Technology, a second-hand mobile phone recycler, is approximately 10.73% owned by Xiaomi under Lei Jun; Kai Jie E-commerce provides digital retail solutions.
In logistics and supply chains, veteran cross-border logistics company Yanwen Logistics is known as "industry second," but its net profit margin in 2025 is only 1.6%, less than half of the leading courier companies; Didi Iron focuses on operating new energy logistics vehicles.
In building materials and home furnishings, high-polymer decorative panel company Jingtong New Materials has over 98% of its product sales in the past three years from overseas markets; Bell Home mainly focuses on wooden flooring.
In new energy, the solar and storage energy solution leader Aishiwei has seen continuous revenue decline over the past three years, after failing to list on the STAR Market previously, it shifted to Hong Kong stocks. (Kechu Bao Report)