China’s Big-Rig Makers Race to Hong Kong as Investors Bet on Freight Electrification
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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.
- May 7, 2026：
- DeepWay Technology Co. Ltd. submitted its Hong Kong IPO application.
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