Gasgoo Munich - On January 20, the Shanghai Stock Exchange's listing review committee approved the initial public offering of Wuhu Atech Automotive Co., Ltd. during its second session of 2026.
After nearly seven months in the queue, this auto electronics specialist—operating for over two decades—has officially secured its ticket to the Shanghai main board. Huatai Securities is acting as the sponsor for the offering.
Who is Atech Automotive?
Founded in 2002, Atech Automotive specializes in intelligent solutions for automotive electronics. Over two decades, it has built a complete ecosystem spanning design, verification, and mass production. Its core operations cover the R&D, manufacturing, and sales of electronics for body, cockpit, powertrain, and autonomous driving domains, alongside automotive electronics EMS and technical development services.
On the technology front, R&D personnel account for 46.29% of the workforce, supported by 182 authorized patents. The company masters core technologies like smart vehicle control based on SOA architecture and strictly adheres to automotive quality standards such as IATF16949. That technical depth allows it to meet the customized development needs of automakers, securing a foothold in a fiercely competitive market.
Image Source: Atech Automotive
Atech Automotive demonstrates strong competitive traction across several niches. According to independent third-party data, its 2024 market share in pre-installed body (domain) controllers for Chinese domestic passenger cars hit 25.50%—ranking first for three consecutive years. It also topped the remote physical key market with a 13.83% share. In the rapidly expanding smart cockpit sector, its domain and display assembly products claimed a 6.41% share, landing it in third place.
Clearly, Atech Automotive has established a solid stronghold in traditional body control and is accelerating its push into emerging areas like the smart cockpit.
Atech Automotive's client roster is equally noteworthy. It has partnered with mainstream domestic OEMs like Chery, Changan, and Great Wall Motor, while also serving new entrants such as Li Auto and XPENG. Through parts suppliers like Bosch, it indirectly supplies international brands including Volvo and Audi.
The relationship between Atech Automotive, Chery, and Xiaomi is particularly compelling. Chery participated early through its subsidiary Ruichuang Investment in angel and Pre-A rounds and now holds 14.99%. This dual role as strategic shareholder and core customer has created a deeply integrated partnership.
Xiaomi's footprint is more diverse. Its Hubei Xiaomi Changjiang Industrial Fund partnership holds 8.19%, while Beijing Jimu Venture Capital—an affiliate of Xiaomi's industrial investment—holds 4.32%. Xiaomi Intelligent Manufacturing also participated. Clearly, the Xiaomi ecosystem has been doubling down on IAT across multiple funding rounds.
Purpose of the Fundraising
Financially, Atech Automotive has maintained a steady growth trajectory in recent years.
From 2022 to 2024, revenue climbed from 2.174 billion yuan to 3.467 billion yuan, representing a compound annual growth rate of 26.26%. Net profit attributable to shareholders rose from 91.7 million yuan in 2022 to 212 million yuan in 2024. In the first half of 2025, revenue reached 1.522 billion yuan, keeping the upward trend intact.
Notably, Atech Automotive's weighted average return on equity hit 19.07% in 2024, a profitability metric that stands out among comparable peers in the industry.
Breaking down the business structure, body domain products remain a key profit driver, showing relatively stable gross margins.
The smart cockpit business, meanwhile, is the fastest-growing segment, with a CAGR of nearly 60% between 2022 and 2024. However, gross margins remain relatively low. In its prospectus, Atech attributes this to an expansion phase strategy—trading price for market share—and expects profitability to improve as economies of scale and product maturity increase.
Another concern is customer concentration: revenue from Chery, the largest client, surged from 27.6% in 2022 to 53.89% in 2024. In the first half of 2025, that figure stood at 50.26%. This means more than half of Atech's revenue comes directly from a single source.
During the SSE review process, regulators focused heavily on customer concentration, lower gross margins, the cooperative R&D model with Meijia Tech, and the impact of “annual price reduction” policies on sustainable profitability.
In its response, Atech detailed its mitigation strategies: optimizing the client mix by adding customers like Changan, Li Auto, and Geely; managing cost pressures through process improvements and supply chain management; and leveraging a rich pipeline of designated projects to offset price cuts on older products.
For this IPO, Atech Automotive plans to raise 1.5 billion yuan. The funds will primarily go toward building a new energy vehicle electronics production base, a smart connected vehicle electronics R&D center, and supplementing working capital.
The core goal is to break through capacity bottlenecks and reinforce technical advantages. With the rapid rise of new energy and smart connected vehicles, demand for auto electronics is surging, and Atech Automotive's current capacity is struggling to keep up. Expanding the base will boost automated production and management efficiency, allowing it to better handle OEM orders.
The new R&D center aims to consolidate Atech Automotive's competitiveness in cutting-edge technology. Given the rapid iteration in automotive electronics, continuous investment is essential to maintain a technical lead in emerging fields like smart cockpits and autonomous driving.
Analysts suggest that a successful market listing would be a significant milestone for Atech.
First, the IPO will provide ample funding to ease the pressure of rapid expansion. Second, a public listing will boost brand influence and market recognition, helping diversify the client base and reduce reliance on single customers. Third, the discipline of the capital market will elevate corporate governance and risk resilience. Finally, it will unlock more resources and opportunities for talent acquisition and industrial M&A.
![[Gasgoo Express] Chery to acquire Nissan's South African plant](https://gascloud.gasgoo.com/production/2026/01/cca16aa8-3e64-45cb-acd0-f41dea55a071-1769472828.png)
