On July 8th, Yikong Intelligent Driving Technology Co., Ltd. (referred to as "Yikong Intelligent Driving", stock code: "07687") was listed on the Hong Kong Stock Exchange.
The issuance price of Yikong Intelligent Driving is HKD 87.92, with 26.13 million shares sold and a total fundraising of HKD 2.297 billion; After deducting the payable listing expenses of HKD 123 million, the net fundraising amount was HKD 2.175 billion.
The cornerstone investors of Easy Control Intelligent Driving are ZIJINING, a wholly-owned subsidiary of Zijin Mining, Aurora SF, a subsidiary of Xuzhou Xugong Industrial Investment Partnership (Limited Partnership), and Fidelity International JPMAMAPL、 Baring Indus Funds、Jain Global、REGAL、 Guangfa Fund, CDH under Dinghui Investment, and Seven Grand jointly subscribed for $146 million.
Among them, ZIJINNING subscribed for $20 million, Aurora SF subscribed for $20 million, Fidelity International subscribed for $30 million, JPMAMAPL subscribed for $25 million, Baring subscribed for $15 million, Indus Funds and Jain Global subscribed for $10 million each, REGAL subscribed for $8 million, Guangfa Fund and CDH subscribed for $5 million each, and Seven Grand subscribed for $3 million.
The revenue of Yikong Intelligent Driving continues to expand, with a revenue of 1.4 billion yuan in 2025, but the loss during the same period has also expanded to 520 million yuan.
The opening price of Yikong Intelligent Driving today was HKD 91, up 3.5% from the issue price; As of now, the company's market value is approximately HKD 13.5 billion.
Momenta、 Four other companies, including Basic Semiconductor and Ruiwei Technology, also went public on the same day.
Annual revenue of 1.4 billion, loss of 520 million
Yikong Intelligent Driving is a L4 level unmanned driving solution company that has built a fully self-developed full stack L4 level unmanned driving technology stack specifically tailored for mining operations.
The proprietary capabilities of Easy Control Intelligent Driving cover core areas such as intelligent perception, prediction, and regulation, as well as a flexible software defined driver architecture that enables highly adaptive, scalable, and stable deployment in the most complex mining environments.
According to the prospectus, the revenue of Yikong Intelligent Driving in 2023, 2024, and 2025 will be 271 million yuan, 986 million yuan, and 1.435 billion yuan, respectively; The gross profits are -50.46 million yuan, 74.71 million yuan, and 145 million yuan respectively; The annual losses were 334 million yuan, 390 million yuan, and 515 million yuan respectively.
Yikong Intelligent Driving is transitioning from a fleet model provided by capital intensive companies to a fleet model provided by lighter capital customers. In this model, customers purchase or lease vehicles, while Yikong Intelligent Driving provides autonomous driving technology, software support, and services.
In 2025, the revenue generated by the fleet model provided by customers accounted for 56.8% of the total revenue of Easy Control Intelligent Driving, compared to 46.0% in 2024 and 41.7% in 2023.
From 2023 to 2025, the annual transportation distance of Yikong Intelligent Driving will increase from 4.6 million kilometers to 61.8 million kilometers, and the annual transportation volume of materials will increase from 30.6 million cubic meters to 308 million cubic meters.
The adjusted net losses for EasyDrive in 2023, 2024, and 2025 are 284 million yuan, 300 million yuan, and 484 million yuan, respectively; EBITDA was RMB 277 million, RMB 262 million, and RMB 224 million respectively; Adjusted EBITDA was -227 million yuan, -175 million yuan, and -193 million yuan, respectively.
As of December 31, 2025, EasyDrive held cash and cash equivalents of 245 million yuan.
Zijin Mining is a shareholder
The executive directors of Yikong Intelligent Driving are Lan Shuisheng, Zhang Lei, Dr. Lin Qiao, Dr. Chen Huiyong, and Ms. Qu Xiaoyan. The non-executive director is Lai Shengmin, and the independent non-executive directors are Dr. Gong Yan, Dr. Han Jian, and Ms. Wang Yushan.
Lan Shuisheng, CEO of Yikong Intelligent Driving, is a serial entrepreneur who focuses on the non consensus but huge market potential of autonomous driving in mining areas, and leads various key stages of the company's development.
Chairman and co-founder Zhang Lei has over 10 years of experience in the research and development of autonomous vehicles, with a deep focus on the field of autonomous driving in mining areas and commercial vehicle platforms. Dr. Chen Huiyong, Vice President of Research and Development, is an expert in electric vehicle systems and has served as the Chief Engineer of Yutong. Dr. Lin Qiao, Vice President of Strategic Ecology, previously led the development of Alibaba's Cainiao unmanned driving department and the research and development of aerospace technology control systems. Chief Financial Officer Qu Xiaoyan has extensive experience in capital operations and has led financing and listing projects for multiple industry-leading companies.
Prior to IPO, the equity structure of Yikong Intelligent Driving
Prior to the IPO, Blue Water Holdings held 26.29% of the shares, with its wife Liu Dongmei holding 2.3%, Jiaxing Zhitao holding 7.25%, Zhang Lei holding 6.15%, Ningbo Yuying holding 0.4%, and Ningbo Zhongying holding 0.36%. These controlling shareholders collectively controlled 42.75% of the company's equity.
Ningbo Nanying, Ningbo Zhongying, and Ningbo Yuying are employee incentive platforms for Easy Control Intelligent Driving.
Xinghang entity holds 4.3% of the shares through Minxi Xinghang, 3.51% through Xinghang Chaozhi, 0.84% through Xinghang Chaoguang, 0.82% through Xinghang Qiguang, 0.5% through Xinghang Chaofeng, 2.24% through Xinghang Qixin, and a total of 12.22% through Xinghang entity;
Shanghai Chentao holds 0.97% of the shares through Huzhou Yuecheng, 0.83% through Jiaxing Kelong, 0.5% through Jiaxing Chenzhi, 0.5% through Pingtan Jiayi, 0.42% through Jiaxing Chenyi, 0.35% through Chuangxiang Entrepreneurship, and 0.52% through Yitao Entrepreneurship, totaling 4.09% of the shares.
Zijin Mining holds 2.62% of the shares through Zidi Investment, 0.93% through Ziniu Investment, 0.15% through Zixing Investment, and 0.17% through Qihang Investment, with a total shareholding of 3.87%;
Ningbo Nanying holds 7.46% of the shares, Chentao Xinghang holds 1.55%, MagicAcademy holds 3.22%, Tianjin Sidao holds 1.54%, Xingfu Venture Capital holds 1.01%, Ma Zheng holds 0.44%, and Zhengzhou High tech Fund holds 0.4%;
Yunji Chuangyuan holds 1.13% of the shares, Wuke Xingqi holds 0.53%, Xihe Investment holds 0.57%, Ningbo Wending holds 0.56%, Times Zeyuan holds 3.31%, Zhao Dapeng holds 0.71%, OceanEW15 holds 0.19%, Tongli holds 0.53%, Shanghai Fangguang holds 0.81%, and Changzhou Fangguang holds 1.1%;
Shandong New Energy holds 0.89% of the shares, CSO FUND holds 1.13%, Luoyang Fund holds 0.87%, Longyan Ruitou and Qingdao Huixin hold 0.87% respectively, Tian'anma No.1 Venture Capital holds 0.55%, Ge Weidong holds 1.73%, Xiwei Production Investment holds 1.04%, Anhui Hongxing holds 1.21%, Gao Chengde Yi holds 0.87%, and Fujian Provincial Fund holds 0.52%.
After the IPO, Blue Water holds 21.64% of the shares, Ms. Liu Dongmei holds 1.9%, Jiaxing Zhitao holds 5.97%, Zhang Lei holds 5.07%, Ningbo Yuying holds 0.33%, and Ningbo Zhongying holds 0.29%. The above-mentioned controlling shareholders collectively control 35.19% of the company's equity.
Xinghang entity holds 3.54% of the shares through Minxi Xinghang, 2.89% through Xinghang Chaozhi, 0.69% through Xinghang Chaoguang, 0.68% through Xinghang Qiguang, 0.41% through Xinghang Chaofeng, and 1.85% through Xinghang Qixin. Xinghang entity holds a total of 10.06% of the shares;
Shanghai Chentao holds 0.8% stake through Huzhou Yuecheng, 0.68% stake through Jiaxing Kelong, 0.41% stake through Jiaxing Chenzhi, 0.41% stake through Pingtan Jiayi, 0.34% stake through Jiaxing Chenyi, 0.29% stake through Chuangxiang Entrepreneurship, and 0.43% stake through Yitao Entrepreneurship, totaling 3.37% stake.
After IPO, the equity structure of Yikong Intelligent Driving
Zijin Mining holds 2.15% of the shares through Zidi Investment, 0.77% through Ziniu Investment, 0.12% through Zixing Investment, and 0.14% through Qihang Investment, totaling 3.18% of the shares;
Ningbo Nanying holds 6.14% of the shares, Chentao Xinghang holds 1.28%, MagicAcademy holds 2.65%, Tianjin Sidao holds 1.27%, Xingfu Venture Capital holds 0.83%, Mazheng holds 0.36%, and Zhengzhou High tech Fund holds 0.33%;
Yunji Chuangyuan holds 0.93% of the shares, Wuke Xingqi holds 0.44%, Xihe Investment holds 0.47%, Ningbo Wending holds 0.46%, Times Zeyuan holds 2.72%, Zhao Dapeng holds 0.58%, OceanEW15 holds 0.16%, Tongli holds 0.44%, Shanghai Fangguang holds 0.67%, and Changzhou Fangguang holds 0.91%;
Shandong New Energy holds 0.73% of the shares, CSO FUND holds 0.93%, Luoyang Fund holds 0.71%, Longyan Ruitou and Qingdao Huixin hold 0.71% respectively, Tian'anma No.1 Venture Capital holds 0.46%, Ge Weidong holds 1.43%, Xiwei Production Investment holds 0.86%, Anhui Hongxing holds 1%, Gaocheng Deyi holds 0.71%, Fujian Provincial Fund holds 0.43%, Zijin Mining affiliated company ZIJINING holds 1.21%, and other public shareholders participating in the global offering hold 16.47%.
