Autonomous driving technology company DeepWay has recently updated its prospectus and is preparing to list on the Hong Kong Stock Exchange.
DeepWay recently announced the completion of its Pre IPO round of funding, raising over $310 million in total.
DeepWay's financing this time is led by United Arab Emirates' Stone Capital, with Australian pension fund NGS Super and Xiamen Guosheng Fund following suit, and Asia's influential private equity fund ABC Impact and Nanjing Ronghe Venture Capital continuing to contribute as old shareholders.
According to the prospectus, Stone invested RMB 828 million in DeepWay's financing in April 2026, NGS Investor invested RMB 62.73 million, Xiamen Guosheng invested RMB 20 million, Nanjing Ronghe invested RMB 7.5 million, and ABC invested RMB 68.62 million.
In the financing of DeepWay in December 2025, Lenovo, Qianhai Hongsheng and Xi'an Zhongwan will respectively subscribe 50 million yuan, and Khorgos Innovation will subscribe 20 million yuan; In the financing in January 2026, Qianhai Gengtian invested 50 million yuan, Changxing Puhua Shenxiang invested 392 million yuan, Puhua Small and Medium Phase II, Puhua Fengqi, and Huilu Jingchuang Linyi each subscribed 50 million yuan, Changxing Xingchang Chuangqiang subscribed 100 million yuan, Guangyue Zhixing subscribed 30 million yuan, ABC subscribed 98.87 million yuan, and Blue Lake subscribed 35 million yuan.
Annual revenue of nearly 4 billion, loss of 650 million
It is reported that DeepWay is a new energy heavy-duty truck and intelligent highway freight solution technology company, focusing on electrification and intelligent technology. DeepWay will deliver 509, 3002, and 8020 new energy heavy-duty trucks in 2023, 2024, and 2025, respectively.
According to the prospectus, DeepWay's revenue in 2023, 2024, and 2025 will be RMB 426 million, RMB 1.969 billion, and RMB 3.961 billion, respectively; The gross profit is 1.82 million yuan, 9.785 million yuan, and 195 million yuan respectively; The gross profit margins are 0.4%, 0.5%, and 4.9%, respectively.
DeepWay will incur losses of 389 million, 675 million, and 649 million in 2023, 2024, and 2025, respectively; The annual loss rates were 91.4%, 34.3%, and 16.4%, respectively.
As of December 31, 2025, DeepWay held cash and cash equivalents of RMB 1.61 billion.
Baidu Qiming Lenovo is a shareholder
The executive directors of DeepWay are Wan Jun, Xu Shangshang, and Wang Jia, while the non-executive directors are Zhou Zhifeng, Li Tao, and Li Longfei. The independent non-executive directors are Dr. Zhang Jingwei, Ms. Xu Junzhen, and Ms. Haiyan LI-LABBE.
Wanjun, Shanghai Junwei, Beijing Chengyue, and the employee incentive platform constitute the single largest shareholder group of DeepWay. As of the latest practical date, they jointly own and have the right to control approximately 26.22% of the total issued share capital of DeepWay.
Wan Jun is the founder, chairman, and CEO of the company. Wan Jun is 52 years old and has nearly 20 years of experience in the smart logistics and commercial vehicle industries. Wan Jun is the founder and chairman of Lion Bridge Group, a leading service platform for commercial vehicles in China. From March 2007 to October 2012, Wan Jun served as the Assistant to the President and Vice President of Zoomlion Heavy Industry Science and Technology Co., Ltd., as well as the General Manager of Zoomlion Finance Leasing (Beijing) Co., Ltd.
Before the IPO, Wanjun held 3.64% of the shares, Shanghai Junwei held 4.78%, Shanghai Junsheng and Shanghai Junyuan held 4.49% each, and Beijing Chengyue held 3.04%; Wanjun controls 15.96% equity of the company.
Baidu holds 13.48% of the shares, Pixiu holds 0.54%, and QM208, a subsidiary of Qiming, holds 3.75%, BOCOM International、 Suzhou Muhua holds 0.54% of the shares, Lenovo Tianjin holds 2.21%, Wuxi Nuclear Core holds 0.52%, Nanjing Ronghe holds 0.11%, Guangyue Investment holds 0.9%, Beijing Anxiang holds 0.37%, Qingdao Huagai holds 0.54%, Wang Yu and Shanghai Shiyu hold 0.18%, Qiming Ronggan holds 0.21%, and Qiming Rongkai holds 0.16%;
Anhui Zhong'an holds 2.6% of the shares, Hefei Jianxin holds 0.58%, Wuhu Jianxiang holds 1.14%, the Greater Bay Area Fund holds 0.91%, Feixi Heavy Truck holds 0.65%, Puhua Changxing Fund holds 0.78%, Puhua Special Fund holds 2.73%, Feixi Industrial Fund holds 0.39%, Linyi Guoke holds 2.07%, Beijing Hantang holds 1.18%, and Beijing Heguang holds 1.14%;
Wuhu Xinlushen holds 7.94%, Beijing Juang 2.89%, Jinan Smart 5.74%, Lishui Jianxin 0.72%, Anhui Jianlu 0.29%, Qianhai Hongsheng and Xi'an Zhongwan 0.59%, and Khorgos Innovation 0.24%.
Qianhai Gengtian holds 0.59% of the shares, Changxing Puhua Shenxiang holds 4.62% of the shares, Puhua SME Phase II and Puhua Fengqi hold 0.59% of the shares respectively, and Changxing Xingchang Chuangqiang holds 1.18% of the shares;
Huilu Jingchuang holds 0.59% of the shares in Linyi, Guangyue Zhixing holds 0.35%, ABC holds 2%, Blue Lake holds 0.42%, Middle East Capital Stone holds 9.95%, NGS Investor holds 0.74%, and Xiamen Guosheng holds 0.24%.
