Gasgoo Munich- Jiangsu ZERON Technology Co., Ltd. formally filed an application to list on the main board of the Hong Kong Stock Exchange on May 28, according to industry reports. Goldman Sachs (Asia) and Haitong International Capital are serving as joint sponsors.
Image Source: ZERON
The prospectus positions ZERON as a provider of smart and autonomous heavy truck solutions, adhering to a strategy of vertical integration and full-stack in-house development from its inception. Its proprietary "ZERON Autonomous Driving System" utilizes an end-to-end multi-modal large language model (MLLM), which the company claims reduces key system complexity by approximately 95% and cuts data labeling costs by roughly 95% compared to industry averages.
On the hardware front, ZERON's self-developed "Jushi" four-in-one electric drive axle integrates the motor, gearbox, drive axle, and power take-off. This achieves a weight reduction of over 200 kilograms and a peak system efficiency of 94%. Additionally, the company is the first in the industry to mass-produce a multi-source heat pump thermal management system, delivering up to 70% energy savings compared to traditional PTC heating at -20°C. Frost & Sullivan data indicates that the transmission efficiency of its drive axle and the energy efficiency of its thermal management system lead among mass-produced products.
Commercialization is accelerating rapidly. ZERON delivered 1,176 new energy smart heavy trucks in 2025, becoming the fastest emerging new energy heavy truck company globally to surpass 1,000 annual sales. Cumulative deliveries approached 1,500 units by the end of 2025. In the first four months of 2026, sales volume reached 778 units, with new orders totaling 1,002 — a 334.6% year-on-year increase.
Financials are improving in tandem. ZERON's revenue climbed from 1.163 million yuan in 2023 to 124 million yuan in 2024, and further to 522 million yuan in 2025, representing a roughly 448-fold increase over two years. The gross loss margin narrowed significantly from 287.2% in 2023 to 2.5% in 2025, approaching break-even. The company disclosed that it achieved positive operating cash flow in the fourth quarter of 2025.
R&D investment remains elevated. From 2023 to 2025, research expenses were 71.42 million yuan, 116 million yuan, and 126 million yuan, respectively. In 2025, R&D spending accounted for 24.1% of revenue.
Notably, ZERON completed a total of $400 million in financing rounds this March and May. 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. These partnerships foster multi-dimensional ecosystem synergy in autonomous driving technology, supply chains, and charging and battery-swapping networks.
ZERON stated that it will continue to accelerate full-stack vehicle development and iterate its autonomous driving algorithms to drive large-scale commercial deployment. The progress of this IPO offers the market a window into the commercial maturity of the smart heavy truck development path.
