BUSINESS

China’s Big-Rig Makers Race to Hong Kong as Investors Bet on Freight Electrification

Published: Jun. 2, 2026 4:42 p.m. GMT+8

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Jiangsu Zeron Automobile Technology filed for a Hong Kong listing on Friday.

Two Chinese electric heavy-truck makers have launched Hong Kong IPO bids within weeks of each other, underscoring growing investor enthusiasm for a fast-growing market fueled by government incentives and higher fuel prices.

Jiangsu Zeron Automobile Technology Co. Ltd. filed for a Hong Kong listing on Friday, less than a month after DeepWay Technology Co. Ltd. submitted its own application on May 7. Together, the two companies have raised nearly 6 billion yuan ($887 million) this year.

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Two Chinese electric heavy-truck makers, Zeron and DeepWay, filed for Hong Kong IPOs within a month, raising nearly 6 billion yuan ($887 million) this year.
China sold 234,400 new-energy heavy trucks in 2025, up 176% year-on-year; 98% were battery-electric.
Challenges include battery weight reducing cargo capacity and limited charging infrastructure, but CATL has built over 300 battery-swapping stations.

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Who’s Who

...: Two Chinese electric heavy-truck makers, Jiangsu Zeron and DeepWay, filed for Hong Kong IPOs within weeks, raising nearly 6 billion yuan. Investor enthusiasm stems from government incentives and high diesel prices, though battery weight and charging infrastructure remain challenges for long-haul use.

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What Happened When

2025：: China sold 234,400 new-energy heavy trucks, up 176% year-on-year; pure battery-electric vehicles accounted for about 98% of sales.

2025：: Sany Heavy Truck held the largest market share, delivering more than 32,000 electric trucks; Farizon delivered 9,300 units.

2025：: DeepWay delivered 8,020 vehicles, up 167% year-on-year; Zeron delivered 1,176 trucks, more than quadrupling sales.

End of 2025：: China had nearly 9.8 million registered heavy trucks; annual heavy-truck sales reached 1.15 million units.

March 2026：: China's National Development and Reform Commission announced plans to build 10,000 kilometers of 'zero-carbon corridors' through 2030.

Since March 2026：: More than 10 provincial-level regions introduced supportive policies to promote electric heavy trucks.

2026：: A marketing representative from Zeron told Caixin that the battery weight issue is unlikely to be resolved soon.

2026：: An electric-truck driver in Shanghai reported limited truck-specific charging stations and long charging sessions.

2026：: An infrastructure industry insider predicted that nationwide supercharging and battery-swapping networks could be in place within three years.

2026：: Other electric heavy-truck players, including Farizon and Sany Heavy Truck, are advancing their IPO plans.

2026：: A capital market source said investors are closely monitoring companies' technological capabilities, market share, and financial health.

2026：: The source added that intensifying competition may trigger an industry shakeout over the next two years, potentially leaving only a few dominant players.