Autonomous Mining Specialist Eacon Group Files for Hong Kong IPO
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An autonomous vehicle receives ore from a dumper at a mine in Australia on Oct. 17, 2023.
Eacon Group Co. Ltd., the Chinese autonomous driving company, filed for an initial public offering (IPO) on the Hong Kong Stock Exchange on Wednesday. The move marks a rare public debut in the commercial driverless tech space.
Founded in May 2018, Eacon specializes in autonomous solutions for mining operations — one of the few segments where driverless vehicle deployment has scaled up. While the dream of robotaxis remains tangled in regulatory and technical hurdles, mining’s controlled environments have proved fertile ground for automation. From the outset, Eacon trained its sights on this niche.
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- Eacon Group, specializing in autonomous mining vehicles, filed for an IPO in Hong Kong, aiming to be the first mining-focused autonomous tech public firm.
- By end-2024, Eacon held a 50% market share in China’s autonomous mining sector, deploying 1,000 trucks, with revenue rising from 59 million yuan in 2022 to 986 million yuan in 2024.
- Despite strong growth, net losses widened to 390 million yuan in 2024 due to high R&D costs; global expansion is planned.
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Who’s Who
- Eacon Group Co. Ltd.
- Eacon Group Co. Ltd. is a Chinese autonomous driving company that specializes in solutions for mining operations. Founded in May 2018, it focuses on autonomous mining trucks, claiming a 50% revenue market share by the end of 2024. Eacon filed for an IPO on the Hong Kong Stock Exchange.
- CHN Energy Investment Group
- CHN Energy Investment Group operates the Zhungeer open-pit mine. The mine uses Eacon Group Co. Ltd.'s autonomous driving solutions for its operations.
- Xinjiang Tianchi Energy Co. Ltd.
- Xinjiang Tianchi Energy Co. Ltd. is a mining company in Xinjiang, China. It became a client of Eacon, an autonomous driving company, which deployed autonomous mining trucks at Xinjiang Tianchi Energy Co. Ltd.'s south open-pit mine. This partnership contributed to the significant increase in Eacon's autonomous truck deployments from 2020 through late 2023.
- Zijin Mining Group Co. Ltd.
- Zijin Mining Group Co. Ltd. is mentioned as one of the shareholders of Eacon Group Co. Ltd., a Chinese autonomous driving company. Eacon, specializing in autonomous solutions for mining operations, filed for an IPO on the Hong Kong Stock Exchange.
- Contemporary Amperex Technology Co. Ltd.
- Contemporary Amperex Technology Co. Ltd. (CATL) is mentioned as one of the backers of Eacon Group Co. Ltd. Eacon, a Chinese autonomous driving company specializing in mining operations, filed for an IPO on the Hong Kong Stock Exchange.
- Nio Capital
- Nio Capital is an investor in Eacon Group Co. Ltd., a Chinese autonomous driving company specializing in solutions for mining operations. Nio Capital is listed as one of the backer of Eacon Group Co. Ltd.
- Haitong International Securities Co. Ltd.
- Haitong International Securities Co. Ltd. is currently serving as the sole sponsor for Eacon Group Co. Ltd.'s initial public offering (IPO) on the Hong Kong Stock Exchange. This indicates their role in facilitating Eacon's potential public debut.
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What Happened When
- May 2018：
- Eacon Group Co. Ltd. was founded.
- 2020：
- Eacon began deploying autonomous trucks at CHN Energy Investment Group’s Zhungeer open-pit mine and Xinjiang Tianchi Energy Co. Ltd.’s south open-pit mine in Xinjiang.
- 2022：
- Eacon established a local team in Australia.
- Mid-2023：
- Eacon's autonomous mining truck fleet expanded to more than 40 trucks.
- 2023：
- According to Frost & Sullivan, Eacon set a global record by operating more than 200 unmanned mining trucks at a single site.
- October 2023：
- Eacon’s deployment of autonomous mining trucks surged past 200.
- Second half of 2023：
- Eacon achieved scaled-up operations and gained trust from mining companies.
- 2024：
- Eacon’s revenue reached 986 million yuan ($138 million) with a positive gross profit of 74 million yuan; net losses widened to 390 million.
- 2024：
- China’s autonomous mining market reached 2 billion yuan.
- End of 2024：
- Eacon achieved a 50% revenue market share with 1,000 active autonomous mining trucks deployed.
- By 2025：
- China’s autonomous mining market is expected to top 5.1 billion yuan.
- 2025-06-25：
- Eacon Group Co. Ltd. filed for an IPO on the Hong Kong Stock Exchange.
- As of June 2025：
- No public offering timetable has been confirmed; listing is subject to approval by the Hong Kong Exchange.
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