Autonomous driving technology company DeepWay recently announced a significant increase in funding for the Pre IPO round, raising over 310 million US dollars 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.
DeepWay stated that the funds raised this time will be primarily used to promote DeepWay's deep development of autonomous driving technology and the global commercialization of unmanned freight robots.
Half year revenue of 1.5 billion, loss of 370 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.
In 2023, DeepWay will begin delivering the first generation of DeepWay Star and deliver over 500 vehicles for the year ending December 31, 2023; As of December 31, 2024, over 3000 units have been delivered for the fiscal year. As of June 30, 2025, over 2800 units have been delivered in the six months.
According to the prospectus, DeepWay's revenue in 2023 and 2024 will be RMB 426 million and RMB 1.969 billion respectively; The gross profit is 1.82 million yuan and 9.79 million yuan respectively; DeepWay incurred losses of RMB 266 million, RMB 389 million, and RMB 675 million in 2022, 2023, and 2024, respectively.
DeepWay's revenue in the first half of 2025 was 1.5 billion yuan, compared to 763 million yuan in the same period last year; The gross profit was 44.14 million yuan, compared to 27.42 million yuan in the same period last year; The loss during the period was 371 million yuan, compared to 306 million yuan in the same period last year.
As of June 30, 2025, DeepWay held cash and cash equivalents of RMB 593 million.
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 4.68% of the shares, Shanghai Junwei held 6.12%, Shanghai Junsheng and Shanghai Junyuan held 5.76% each, and Beijing Chengyue held 3.9%;
Baidu holds 17.28% of the shares, Pixiu holds 0.69%, and QM208, a subsidiary of Qiming, holds 4.8%, BOCOM International、 Suzhou Muhua holds 0.69% of the shares, Lenovo Tianjin holds 2.83%, Wuxi Nuclear Core holds 0.67%, and Guangyue Investment holds 1.15%;
Beijing Anxiang holds 0.47% of the shares, Qingdao Huagai holds 0.69%, Wang Yu and Shanghai Shiyu hold 0.23% respectively, Qiming Ronggan holds 0.27%, and Qiming Rongkai holds 0.2%;
Anhui Zhong'an holds 3.33% of the shares, Hefei Jianxin holds 0.75%, Wuhu Jianxiang holds 1.47%, the Greater Bay Area Fund holds 1.17%, Feixi Heavy Truck holds 0.83%, Puhua Changxing Fund holds 1%, Puhua Special Fund holds 3.49%, Feixi Industrial Fund holds 0.50%, Linyi Guoke holds 2.65%, Beijing Hantang holds 1.51%, and Beijing Heguang holds 1.85%;
Wuhu Xinlushen holds 10.17%, Beijing Juang 3.7%, Jinan Smart 7.36%, Lishui Jianxin 0.92%, Anhui Jianlu 0.37%, Qianhai Hongsheng 0.76%, Xi'an Zhongwan 0.76%, and Khorgos Innovation 0.30%.
