Yushi Technology (Beijing) Co., Ltd. (referred to as "Yushi Technology", stock code: "01511") started its IPO on May 12th and is preparing to be listed on the Hong Kong Stock Exchange on May 20th, 2026.
Yushi Technology sold for HKD 60.30, offering 14.4612 million shares and raising a total of HKD 872 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.
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.
Post investment valuation of 7.3 billion
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.
Geling Shentong and Innovation Factory are shareholders
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.
