Yikong Zhijia passes HKEX hearing as 1st mining autonomous driving IPO

Yikong Zhijia Technology Co. passed its Hong Kong stock exchange listing hearing on June 24, setting the stage for the world's first publicly listed mining autonomous driving company.

"The hearing approval marks a milestone for autonomous driving commercialization in China's mining sector," the company said in its post-hearing filing, without disclosing the proposed offer price or deal size.

The CATL- and Zijin Mining-backed company reported revenue of 1.44 billion yuan ($198 million) in 2025, up from 271 million yuan in 2023 — a compound annual growth rate of 130%. Its active unmanned mining truck fleet reached 2,580 vehicles as of Dec. 31. Gross margin turned positive at 7.6% in 2024 and widened to 10.1% last year, driven by a shift toward an asset-light model where clients purchase the trucks and Yikong provides the autonomous driving software.

The listing would give Yikong a valuation benchmark for China's mining autonomous driving market, where it holds a 37.6% revenue share. The company still faces a path to profitability — net loss widened to 516 million yuan in 2025 from 334 million yuan in 2023 — as it balances R&D spending against client concentration and lengthening payment cycles.

Revenue from the client-provided fleet model, where Yikong supplies only the autonomous driving hardware and software, rose to 56.8% of total revenue in 2025 from 41.7% in 2023. That model generated a 16% gross margin last year, compared with a negative 39.3% margin for the company-owned fleet model in 2023.

The company's top five customers accounted for 66.3% of revenue in 2025, down from 94.4% in 2023 but still elevated. Its largest single client contributed 35.7% of revenue last year. Trade receivables turnover stretched to 168.5 days from 48.8 days over the same period, while the cash conversion cycle extended to 130 days from 34.1 days.

Research and development spending rose to 271 million yuan in 2025 from 177 million yuan in 2023, though the ratio to revenue shrank to 18.8% from 65.4% as the top line expanded. Guotai Junan International and Haitong International are joint sponsors for the listing.

The pricing will give Yikong an enterprise value that investors will compare with global autonomous driving and mining technology peers. First-day trading on the Hong Kong Main Board will test institutional demand for a niche sector that combines artificial intelligence with heavy industry.

This article is for informational purposes only and does not constitute investment advice.