IPO News | Mainline Technology reports that the Hong Kong Stock Exchange focuses on providing L4 autonomous trucks and solutions

The Zhitong Finance App learned that according to the Hong Kong Stock Exchange disclosure on December 11, Mainline Technology (Beijing) Co., Ltd. (abbreviation: Mainline Technology) submitted the Hong Kong Stock Exchange main board, and Cathay Pacific Haitong is its sole sponsor.

According to the prospectus, Mainline Technology is an L4 class autonomous truck and solution provider. With a self-developed autonomous driving system as the core, the company has built a “car-end-cloud” integrated product ecosystem to provide full-stack solutions for all logistics and transportation scenarios.

The company's solutions include three core products: AItruck (smart truck), AIBox (smart terminal), and AIcloud (smart cloud service). Relying on this generalized architecture, the company was able to break through the limitations of a single scenario and achieve technology reuse and seamless connectivity from logistics hubs and road logistics to urban transportation.

The company's products are strategically deployed in three core business scenarios: Trunk Port (logistics hub), Trunk Pilot (road logistics), and Trunk City (urban transportation). Relying on the strong technical reuse of the self-developed AITrucker autonomous driving system, the three major scenarios are connected into an intelligent logistics ecosystem with synergetic effects.

AITruck

AITruck is an intelligent truck product system created by the company in deep cooperation with mainstream commercial vehicle manufacturers. Based on the self-developed autonomous driving system (AITrucker) combined with the strong engineering capabilities of OEMs, the company is promoting large-scale production and deployment of autonomous vehicles.

The AITruck product line currently mainly includes two core models: T-Truck intelligent truck and T-Mover intelligent transport robot.

AIbox

AIBox is a core intelligent terminal independently developed by the company to build a “car-road-cloud” intelligent collaboration system. This product line provides high-performance computing, sensing, control and communication capabilities for the company's autonomous driving system (AITrucker) and intelligent cloud service (AICloud).

AIBox not only empowers bike intelligence, but also builds a collaborative intelligent network connecting vehicles, infrastructure, and cloud platforms.

AIcloud

AICloud is an intelligent cloud service product series developed independently to build a “car-road-cloud” intelligent collaboration system. It supports large-scale autonomous vehicle fleet operation, algorithm iteration, and closed loop data. AiCloud uses the company's core AI capabilities to provide unified command and dispatch, safety management and data analysis capabilities for various types of autonomous driving assets such as vehicles, roadside units, and remote cockpits.

As of December 5, 2025, the company has delivered a total of 830 AITrucks and 349 AIboxes, and received intended orders for 821 AITrucks and 920 AIboxes. According to Frost & Sullivan, in terms of product sales revenue in 2024, the company is China's largest L4 autonomous truck and solution provider in the closed road scenario.

The company is highly dependent on customers. For the six months ended June 30, 2025 for the year ended December 31, 2022, 2023, and 2024, revenue from the five major customers accounted for 79.4%, 64.6%, 67.9% and 73.7% of the company's total revenue for those periods, respectively.

Financial data

revenue

In 2022, 2023, 2024, and 2025 for the six months ended June 30, the company recorded revenue of 112 million yuan (RMB, same below), 134 million yuan, 254 million yuan, and 98.927 million yuan respectively.

Total profit and comprehensive revenue for the year/period

In 2022, 2023, 2024, and 2025 for the six months ended June 30, the company recorded year/period profit and total overall revenue of -278 million yuan, -213 million yuan, -187 million yuan, and -96.388 million yuan respectively.

Gross profit and gross profit margin

For the six months ended June 30 in 2022, 2023, 2024, and 2025, the company recorded gross profit of 4.16 million yuan, 16.396 million yuan, 57.613 million yuan, and 29.99 million yuan, respectively, with corresponding gross margins of 3.7%, 12.2%, 22.7%, and 30.3%.

Industry Overview

Market size of China's commercial vehicle autonomous driving solutions industry

Autonomous driving solutions for commercial vehicles in China are mainly used in two major operating scenarios: closed roads and open roads. In closed road scenarios such as ports, border crossings, and industrial zones, the operating environment is highly controlled, has limited variables, and is more tolerant of automation technology, making it an ideal entry point for the implementation of autonomous driving technology.

From 2021 to 2024, the market size of autonomous driving solutions for commercial vehicles in closed road scenarios in China grew from RMB 400 million to RMB 1.3 billion, with a compound annual growth rate of 49.0%. The main driving force was the continued demand for improved operational efficiency, optimized labor costs, and enhanced safety and security.

Looking ahead, as the reliability of autonomous driving solutions continues to improve and the spread of digital infrastructure accelerates, the market size is expected to reach RMB 26.2 billion by 2030, and the compound annual growth rate will remain high at 65.8% from 2024 to 2030. This strong growth trend highlights that the industry is moving from pilot demonstrations to large-scale deployment.

In contrast, China's open road scenario poses greater technical and regulatory challenges, yet has broader potential for growth. The market segment expanded rapidly in the early stages of development. Its market size grew from RMB 100 million in 2021 to RMB 2.3 billion in 2024, with a compound annual growth rate of 195.2%. This explosive growth is mainly due to rapid breakthroughs in autonomous driving algorithms, sensor fusion, and computing power, as well as government policy support and the promotion of pilot projects.

With the continuous improvement of infrastructure preparations and large-scale implementation of L4 level functions, the open road scenario market is expected to reach RMB 160.6 billion by 2030, and the compound annual growth rate will remain high of 103.7% from 2024. It can be seen from this that the open road scenario is expected to become the core growth engine for the development of autonomous driving solutions for commercial vehicles in China in the next ten years.

Analysis of the market size of autonomous driving solutions for commercial vehicles under closed road scenarios in China

In the closed road scenario, the market size of autonomous driving solutions for commercial vehicles in China mainly includes two market segments: product sales and operation services. Operating services revenue grew steadily from approximately RMB 200 million in 2021 to approximately RMB 700 million in 2024, with a CAGR of 42.0%. It is expected to reach RMB 11.4 billion by 2030, which confirms the company's continued need to improve logistics efficiency.

Product sales revenue showed a stronger growth trend during the same period, from RMB 100 million in 2021 to RMB 600 million in 2024, with a compound annual growth rate of 59.8%. It is expected to continue to rise at a compound annual growth rate of 72.4% between 2024 and 2030, and will reach 14.9 billion yuan by 2030.

As autonomous driving technology becomes more mature, the market share of product sales in the total revenue of autonomous commercial vehicle solutions in closed road scenarios in China will continue to expand, and is expected to reach about 56.7% by 2030.

The competitive landscape of autonomous driving solutions in the commercial vehicle industry under the closed road scenario in China

In 2024, the market size of autonomous driving solutions for commercial vehicles in closed road scenarios in China will reach RMB 600 million in terms of product sales revenue. The company achieved revenue of approximately RMB 180 million, accounting for 31.8% of the market share, ranking first in the industry.

Market size of the commercial vehicle industry in the field of urban logistics in China

China's urban logistics market is experiencing rapid growth. Although the application of L4 autonomous driving in the field of urban logistics is still in its early stages, it is expected to become a key driving force for future market development as the technology gradually matures and industry momentum continues to increase. In 2024, the commercial vehicle market product sales revenue for China's urban logistics sector will be approximately RMB 46.6 billion.

The market size is expected to exceed RMB 85.7 billion by 2030, with a compound annual growth rate of 10.7%. As urban traffic becomes more complex and logistics costs continue to rise, autonomous driving technology is becoming a key driving force for improving delivery efficiency and reducing costs. In particular, it has shown significant advantages in last-mile delivery and intra-city traffic scenarios.

Board Information

The board of directors of the company will be composed of 7 directors, including 4 executive directors and 3 independent non-executive directors. The board of directors is solely responsible for the management and operation of the company. The term of office of directors is 3 years, and after the term expires, they are eligible for re-election.

Shareholding structure

As of December 5, 2025, Mr. Zhang Tianlei directly held about 28.25% of the company's shares. Mr. Zhang Tianlei is the general partner of Tianjin Main Line and Tianjin Backbone. The two companies hold 4.94% and 15.93% of the company's shares respectively. Therefore, Mr. Zhang Tianlei has a total right to exercise voting rights corresponding to about 49.12% of the company's shares through his direct holdings and shares held by Tianjin Main Line and Tianjin backbone.

In addition, among other shareholders, shareholders holding more than 10% of the shares include Zhuhai Yinshan and Anhui Kexun, which hold 13.81% and 10.30% respectively.

Intermediary team

Sole sponsor: Guotai Junan Finance Co., Ltd.

Company Legal Adviser: Hong Kong Law: Han Kun Law Firm Limited Liability Partnership; Related Chinese Law: Han Kun Law Firm.

Sole sponsor legal advisors: relating to Hong Kong and US law: King & Wood; relating to Chinese law: King & Wood Mallesons.

Auditor and reporting accountant: Deloitte Guan Huang Chen Fang

Industry consultant: Frost & Sullivan (Beijing) Consulting Co., Ltd. Shanghai Branch.

Compliance Advisor: Haode Finance Co., Ltd.