A-share digital intelligent vehicle diagnostic solution provider Autel Technology makes another attempt at Hong Kong listing.

On June 30, Shenzhen Autel Intelligent Technology Corp., Ltd. (hereinafter referred to as "Autel"), a company listed on the STAR Market of the A-share market, submitted its prospectus to the Hong Kong Stock Exchange for its main board listing, planning an IPO in Hong Kong.

This is a renewed application following the expiration of its previous filing on December 19, 2025. If successfully listed this time, Autel will formally establish a "A+H" dual capital market platform.

As a global provider of digital intelligent vehicle diagnostics and smart charging solutions originating from the Nanshan District of Shenzhen, Autel's core business structure has been undergoing changes in recent years. The prospectus shows that the company not only relies on its traditional vehicle diagnostics business but is also increasing its focus on smart charging and multi-agent collaboration solutions.

According to a report by Frost & Sullivan, based on revenue from 2023 to 2025, Autel is the world's leading provider of digital intelligent vehicle diagnostics, with its market share increasing from 10.5% in 2023 to 11.8% in 2025. This core business primarily targets auto repair shops, offering comprehensive diagnostic products, tire pressure monitoring systems, and advanced driver-assistance system calibration products.

Meanwhile, the smart charging business is becoming the company's second growth curve.

The prospectus shows that, based on overseas revenue in 2025, Autel is the largest provider of smart charging solutions in China; in the North American market, it ranks fourth in revenue scale and is also the top Chinese company entering this market.

Additionally, since 2024, the company has strategically positioned "multi-agent collaboration solutions" as its third growth curve, primarily covering embodied robots (such as wheeled humanoid robots and drones), AI application platforms, and vertical AI models, used for unmanned operation monitoring and maintenance in energy, transportation, and industrial parks. As of the latest practicable date, this business has completed eight pilot projects.

Financial data shows that Autel achieved simultaneous growth in revenue and profit during the historical track record period.

In 2023, 2024, and 2025, the company realized total revenues of RMB 3.25B, RMB 3.93B, and RMB 4.83B, respectively; during the same periods, gross profits were RMB 1.7B, RMB 2.08B, and RMB 2.69B, with the overall gross margin increasing from 52.4% to 55.7%.

The increase in profit is particularly notable. The profit for 2023 was RMB 140 million, growing to RMB 560 million in 2024, and further rising to RMB 890 million in 2025.

This profitability is primarily attributed to the volume growth of the high-margin software business and the stability of the overseas business. Over the past three years, the revenue retention rate from its overseas subscription software services has remained between 42% and 48%.

Geographically, North America and Europe are its core markets. Taking 2025 as an example, contract revenue from the North American market accounted for 52.9%, Europe accounted for 19.1%, while mainland China accounted for only 2.6%.

As a technology-driven company, Autel maintains a high level of R&D investment. From 2023 to 2025, the company's R&D expenditures were RMB 535 million, RMB 636 million, and RMB 775 million, respectively, accounting for over 16% of total revenue during the same periods.

For this Hong Kong IPO, Autel plans to use the proceeds to strengthen its charging and multi-agent collaboration solutions, develop AI underlying technologies, make strategic investments and acquisitions, and supplement working capital. Against the backdrop of a complex external geopolitical environment and recent internal compliance rectification, Autel is once again sprinting for a Hong Kong listing. The market is watching to see how it will leverage the "A+H" dual platform to hedge overseas risks and boost its valuation.

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