Shanghai (Gasgoo)- On Jan. 12, Gasgoo learned that Shenzhen Yinwang Intelligent Technology Co., Ltd. (hereinafter "Yinwang") issued a clarification: online posts claiming that "Huawei-affiliated Yinwang plans to list in the second half of 2026" are untrue. According to the company, there is no IPO timetable at present; any future capital-market arrangements will be disclosed in accordance with laws and regulations.
Image source: Yinwang
Founded in January 2024 after Huawei carved out its former Intelligent Automotive Solution Business Unit (Car BU), Yinwang is positioned as an open platform for electrification and intelligence co-built with the broader auto industry. Its offerings span Qiankun ADS intelligent driving, vehicle control, in-vehicle optics, vehicle-cloud, and HarmonyOS cockpit solutions.
Corporate registry data show that in the current cap table, Huawei holds 80%, while AVATR Technology (a Changan Automobile joint venture) and SERES Auto hold 10% each. Xu Zhijun serves as Yinwang's chairman and legal representative; Yu Chengdong and Changan Automobile chairman Zhu Huarong are vice chairmen; Seres Group chairman (founder) Zhang Xinghai and others sit on the board.
Between September and October 2025, SERES and Changan Automobile announced plans to invest 11.5 billion yuan each in cash to acquire 10% of Yinwang from Huawei, with payments split into three installments. By October 2025, both had paid the final 3.45 billion yuan tranche, settling the 11.5 billion yuan consideration in full. With that, the shareholder structure was locked in: Huawei remained the controlling shareholder, while AVATR and SERES became the first external strategic shareholders.
Zhu Huarong had said earlier that Huawei reserved a 20% stake for Changan Automobile. Given AVATR's closer collaboration with Huawei and ample funding, AVATR subscribed to the first 10%, while the remaining 10% would be arranged as circumstances warrant.
On business synergies, AVATR disclosed in its prospectus that it will adopt a "co-creation" model with Yinwang to jointly develop a next-generation lineup, covering vehicle definition, co-development, testing and validation, and marketing. SERES, for its part, aims to reach 1 million AITO vehicles in annual production and sales within three years, which would in turn support a 1 million-unit supply program at Yinwang — forging a "business + equity" dual-engine partnership.
Even with the listing talk denied, Yinwang's market valuation has drawn outside recognition. The Hurun Research Institute's Global Unicorn List, published in June 2025, ranked Yinwang 29th with a valuation of 115 billion yuan. Industry watchers say that as AVATR, SERES and other automakers deepen their ties with the company, Yinwang could pivot from selling products to selling solutions — via technology licensing and patent monetization — providing core support for Chongqing's push to become a national hub for intelligent and connected vehicles.
