Yushi Technology (Beijing) Co., Ltd. (referred to as "Yushi Technology", stock code: "01511") was listed on the Hong Kong Stock Exchange today.
Yushi Technology's offering price is HKD 60.30, with 14.4612 million shares sold and a total fundraising amount of HKD 872 million; After deducting the payable listing expenses of HKD 76.6 million, the net fundraising amount was HKD 795 million.
The cornerstone investors of Yushi Technology are Xiong'an Autonomous Driving, CYGG under 58 Group, and Starwin International (Hongtai Securities), with a total subscription of HKD 261 million.
Among them, Xiong'an Autonomous Driving subscribed for HKD 224 million, CYGG subscribed for HKD 7.82 million, and Starwin International subscribed for HKD 29.7 million.
Yushi Technology's shareholders include Geling Shentong, Shaanxi Big Data Industry Fund, Hubei High Quality, Innovation Factory, ZhenFund, Bosch Shanghai, Xinzhifeng, etc.
Yushi Technology opened at HKD 56 today, and as of now, the company's market value is approximately HKD 8.8 billion.
Wu Gansha stated in an interview that the past decade of entrepreneurship has not been easy. In the first decade, Yushi Technology's strategy was to maintain the bottom line and survive, while in the second decade, the strategy was to strive for the upper limit. There are two ways to compete for the upper limit: one is to compete for technology, which means to make the most cutting-edge AI technology; the other is to commercialize, which means to be the best customer.
We are full of anticipation for the second decade, and the 20th year will definitely be better than the first decade. The commercial vision of autonomous driving that we have been longing for should be realized in the second decade. So I think it's still the feeling of 'returning as a teenager'. ”
In the past two years, many young Chinese people have not had a background in large companies, but have created companies with a market value exceeding billions or even billions in just a few years. Wu Gansha has been at Intel for 16 years and has been running a business for 10 years, but his market value is not as high as the companies founded by these young people.
Regarding this, Wu Gansha said that she is not anxious at all because the penetration rate of autonomous driving is only 1%, and there is still huge room for growth in the future. The key is to take every step well.
Eagles soar high in the sky, fish swim shallow at the bottom, and thousands of types of frost compete freely. Indeed, China has such an environment that allows young people to make many different attempts, but one thing remains: listing is a starting point, just an prologue, and not even the beginning of the end. ”
As an early investor in Yushi Technology, Li Kaifu, Chairman of Innovation Works, said, "I am very pleased to see Yushi Technology reach a new milestone today, and I sincerely congratulate Wu Gansha and the Yushi team. As an early investor in Yushi, Innovation Works has always firmly believed in the team's judgment of the long-term value of autonomous driving and its ability to solidly promote the integration of technology and industry
In the past few years, regardless of how the industry environment has changed, Yushi has always adhered to the equal emphasis on technological innovation and scenario implementation, continuously polishing its products and commercialization capabilities in complex real-world scenarios such as airports, factories, and logistics. This long-term spirit is particularly rare. ”
Li Kaifu pointed out that a truly excellent technology company not only possesses advanced technology, but more importantly, is able to transform technology into industrial value. The achievements made by Yushi Technology today demonstrate that Chinese original technology enterprises are fully capable of occupying an important position in the global intelligent driving industry. We also look forward to Yushi Technology continuing to maintain its entrepreneurial aspirations in the new stage and promoting China's intelligent driving industry to a higher level.
Annual revenue of 328 million, loss of 230 million
Yushi Technology was founded in February 2016 and is a technology-based enterprise focused on autonomous driving. It is committed to providing AI driving services for the entire industry and scenario, and becoming AI drivers that empower the new ecology of travel and logistics.
Yushi Technology relies on its independently developed U-Drive ® The intelligent driving platform has formed a scalable L3-L4 level intelligent driving system in business, which can meet the needs of multi scenario and high-level autonomous driving. As of April 2025, Yushi Technology has accumulated over 5.6 million kilometers of true autonomous driving mileage.
According to the prospectus, Yushi Technology's revenue for 2023, 2024, and 2025 will be 161 million yuan, 265 million yuan, and 328 million yuan, respectively; The gross profit is 78.82 million yuan, 116 million yuan, and 168 million yuan respectively; The gross profit margins are 48.8%, 43.7%, and 51.1%, respectively; The annual losses were 213 million yuan, 212 million yuan, and 230 million yuan respectively.
Yushi Technology's revenue from autonomous driving vehicle solutions in 2025 is 195 million yuan, accounting for 59.5%; The revenue from autonomous driving software solutions is 121 million, accounting for 37%.
The R&D expenses of Yushi Technology in 2023, 2024, and 2025 are 184 million yuan, 196 million yuan, and 234 million yuan, respectively.
Yushi Technology's required cash outflows for operating activities in 2023, 2024, and 2025 are RMB 120 million, RMB 208 million, and RMB 174 million, respectively.
As of December 31, 2025, Yushi Technology held cash and cash equivalents of 113 million yuan.
Geling Shentong and Innovation Factory are shareholders
The executive directors of Yushi Technology are Wu Gansha, Zhou Xin, and Jiang Zongzhe; The non-executive directors are Wu Jun, Zhou Jun, and Gao Xiaohu; The independent non-executive directors are Zhou Mingsheng, Ms. Bai Rui, and Du Zide.
Wu Gansha is the Chairman, Executive Director, and CEO of the company, Zhou Xin is the Chief Product Officer and Deputy General Manager, and Jiang Yan is a co-founder;
Peng Jianjin is a co-founder and the head and deputy general manager of the Innovation Business Division, and Zhao Yong is also a co-founder. Jiang Zongzhe serves as the Chief Financial Officer, Secretary of the Board of Directors, and Joint Company Secretary.
Since its establishment, Yushi Technology has received multiple rounds of financing. Among them, Yushi Technology completed 275 million yuan in August 2021, with a cost per share of 37.16 yuan, a pre investment valuation of 5 billion yuan, and a post investment valuation of 5.275 billion yuan;
Yushi Technology completed a financing of 300 million yuan in March 2023, with a cost per share of 49.32 yuan, a pre investment valuation of 7 billion yuan, and a post investment valuation of 7.3 billion yuan.
Before the IPO, Wu Gansha held 16.44% of the shares, Jiang Yan held 4.77%, Zhou Xin and Peng Jinfen held 2.38% of the shares respectively, and Zhao Yong held 1.43% of the shares;
The employee shareholding platform Beijing Simaju holds 9.53% of the shares, with Wu Gansha (its general partner) beneficially owning 18.53% of the equity; Wu Gansha and Zhou Xin (their limited partners) represent the equity beneficiaries and hold 61.47% and 20% equity respectively.
Prior to IPO, Yushi Technology's equity structure
Geling Shentong holds 7.89% of the shares, Xike Angel Phase III Fund holds 3.45%, Beijing Hard Technology Phase II Fund holds 1.32%, Shaanxi Big Data Industry Fund holds 1.17%, Shanghai State owned Enterprise Reform Fund holds 2.2%, and Taizhou Shengsheng holds 1.36%;
Shenzhen Venture Capital holds 1.32% of the shares, Tianjin Hongtu holds 0.79%, Shanghai Hongtu and Liyang Hongtu each hold 0.26% of the shares, Changzhou Hongtu holds 0.13% of the shares, and Zhongjin Qihong holds 2.91% of the shares;
Guangfa Yunyi holds 1.56% of the shares, Guangfa Xinde Environmental Protection holds 0.73%, Guokai Manufacturing Fund holds 2.11%, Hubei High Quality holds 1.82%, Bosch Shanghai holds 1.75%, Xinzhifeng holds 1.37%, and CITIC Securities Investment holds 0.91%
Century Gateway Investment Limited holds 3.88% of the shares, Ningbo Lanting holds 3.5% of the shares, and Sinovation Fund III, L.P. (Innovation Works) holds 3.42% of the shares;
Zhongke Holdings holds 2.74% of the shares, Xinding Huaqi holds 2.53% of the shares, Zhongguancun Longmen, Tengyun Yuansheng, and Beijing Smart Cloud City hold 1.32% of the shares respectively, CAS-TechFundIL.P、 Jiaxing Jiayao holds 1.23% of the shares respectively;
Zhen Partners IV (HK) Limited (ZhenFund) holds 0.93% of the shares, Yusheng Future holds 0.91% of the shares, Xiangjiang Investment holds 0.88% of the shares, Jiangsu Zhongde holds 0.79% of the shares, Yintai Jiahe holds 0.78% of the shares, Hengtong Datai holds 0.61% of the shares, and Keyuan Shenneng, Xiamen Oaklin, and Chongqing Liangjiang Zhanxin Fund each hold 0.53% of the shares.
After the IPO, Wu Gansha held 14.98% of the shares, Jiang Yan held 4.34%, Zhou Xin and Peng Jinfen held 2.17% of the shares respectively, and Zhao Yong held 1.3% of the shares; Beijing Simaju, an employee shareholding platform, holds 8.68% of the shares, with Wu Gansha (its general partner) beneficially owning 18.53% of the equity; Wu Gansha and Zhou Xin (their limited partners) represent the equity beneficiaries and hold 61.47% and 20% equity respectively.
After IPO, Yushi Technology's equity structure
Wu Gansha controls a total of 32.34% of the company's equity.
Geling Shentong holds 7.19% of the shares, Xike Angel Phase III Fund holds 3.15% of the shares, Beijing Hard Technology Phase II Fund holds 1.2% of the shares, Shaanxi Big Data Industry Fund holds 1.06% of the shares, Shanghai State owned Enterprise Reform Fund holds 2% of the shares, and Taizhou Shengsheng holds 1.24% of the shares;
Shenzhen Venture Capital holds 1.2% of the shares, Tianjin Hongtu holds 0.72%, Shanghai Hongtu and Liyang Hongtu hold 0.24% each, Changzhou Hongtu holds 0.12%, and Zhongjin Qihong holds 2.66%;
Guangfa Yunyi holds 1.42% of the shares, Guangfa Xinde Environmental Protection holds 0.67%, Guokai Manufacturing Fund holds 1.92%, Hubei High Quality holds 1.66%, Bosch Shanghai holds 1.59%, Xinzhifeng holds 1.25%, and CITIC Securities Investment holds 0.82%
Century Gateway Investment Limited holds 3.53% of the shares, Ningbo Lanting holds 3.19% of the shares, Sinovation Fund III, L.P. holds 3.12% of the shares, Zhongke Holdings holds 2.5% of the shares, Xinding Huaqi holds 2.3% of the shares, and Zhongguancun Longmen, Tengyun Yuansheng, and Beijing Smart Cloud City each hold 1.2% of the shares, CAS-TechFundIL.P、 Jiaxing Jiayao holds 1.12% of the shares respectively;
Zhen Partners IV (HK) Limited holds 0.85% of the shares, Yusheng Future holds 0.83% of the shares, Xiangjiang Investment holds 0.8% of the shares, Jiangsu Zhongde holds 0.72% of the shares, Yintai Jiahe holds 0.71% of the shares, Hengtong Datai holds 0.55% of the shares, and Keyuan Shenneng, Xiamen Oaklin, and Chongqing Liangjiang Zhanxin Fund each hold 0.48% of the shares.
Yusheng Future holds 0.83% of the shares, Xiangjiang Investment holds 0.8% of the shares, Jiangsu Zhongde holds 0.72% of the shares, Yintai Jiahe holds 0.71% of the shares, Hengtong Datai holds 0.55% of the shares, Keyuan Shenneng, Xiamen Oaklin, and Liangjiang Zhanxin Fund hold 0.48% of the shares respectively, Qingshan Fund holds 0.22% of the shares, and Wang Yanmin holds 0.16% of the shares.
Why is the shareholding ratio of Geling Shentong so high? The reason is that at the beginning of Wu Gansha's entrepreneurship, he did not work alone, but brought his "old subordinates" at Intel - co founders Zhou Xin and Peng Jianjin, and co founded Yushi Technology with Geling Shentong founder Zhao Yong, North China University of Technology's unmanned driving championship team leader Jiang Yan, and five other founders.
Wu Gansha stated that Green Deep Eye is not an investor in Yushi Technology, but rather an initiator. Yushi Technology was composed of three teams at that time. One was led by Wu Gansha and a group of Intel experts. The second was a team incubated by Green Deep Sight to develop autonomous driving vision. The third was an academic faction represented by Professor Jiang Yan from Beijing Institute of Technology.
As the initiator, Green Deep Eye has acquired a certain amount of shares.
Wu Gansha said that Innovation Works was also an important investor in the early stages of Yushi Technology. Yushi Technology had several important investors in the first round. Yushi Technology had many conversations with Innovation Works Chairman Li Kaifu and founding partner Wang Hua, and they were particularly optimistic about this track. There was also Xu Xiaoping, founder of ZhenFund. Innovation Works and ZhenFund are important shareholders of the company, accompanying them all the way to the listing.
