Lingyi Auto filed its listing application with the Hong Kong Stock Exchange in early June 2026, becoming another new force EV brand following NIO, XPeng, and Li Auto. The company focuses on new energy commercial vehicles, with 2025 revenue surging over 200% year-over-year, though profitability remains elusive. IPO proceeds will primarily fund capacity expansion and R&D.
IPO Background: NEV Commercial Vehicle Sector Heats Up
In June 2026, Lingyi Auto officially submitted its listing application to the Hong Kong Stock Exchange, marking a crucial step for this new force brand focused on new energy commercial vehicles.
Who Is Lingyi Auto?
- Founded: 2022 by former WM Motor executives
- Core Focus: New energy light commercial vehicles (VANs, light trucks)
- 2025 Revenue: Approximately RMB 3.5 billion, up over 200% YoY
- 2025 Sales: Approximately 28,000 units, ranking top 3 in domestic NEV commercial vehicles
- Key Clients: SF Express, JD Logistics, Huolala and other major logistics players
Lingyi Auto's choice of Hong Kong listing follows the established path of domestic new force EV brands. NIO, XPeng, and Li Auto have all successfully listed in Hong Kong, creating a replicable IPO channel.
Why File Now?
- Policy Window: NEV commercial vehicle subsidies extend through end of 2026, keeping demand robust
- Sector Tailwind: Urban delivery electrification rate rose from 8% in 2023 to 22% in 2025, massive growth runway
- Capital Environment: HKEX valuations for NEV OEMs have recovered, with improved liquidity
Financial and Operational Breakdown
Core Financial Metrics
| Metric | 2024 | 2025 | Change |
|---|---|---|---|
| Revenue (RMB bn) | 1.12 | 3.50 | +213% |
| Sales (10k units) | 0.9 | 2.8 | +211% |
| Gross Margin | -5% | 8% | +13pp |
| Net Loss (RMB bn) | 1.45 | 1.82 | +25% |
| R&D / Revenue | 28% | 22% | -6pp |
The data shows rapid revenue growth, but Lingyi Auto has yet to escape losses. Gross margin first turned positive to 8% in 2025, driven by scale effects and declining battery costs.
Product Portfolio and Market Strategy
- Flagship Models: Lingyi V7 (electric VAN), Lingyi T3 (electric light truck)
- Price Range: RMB 120,000-180,000, targeting mid-low urban delivery segment
- Competitive Edge: Fast-charging (30 minutes to 80%), connected fleet management system
- Distribution: B2B direct sales, covering over 50 cities
Industry Implications and Investment Risks
Opportunities in NEV Commercial Vehicles
Urban delivery scenarios are naturally suited for NEV commercial vehicles:
- Fixed daily mileage (100-150 km), minimizing range anxiety
- Centralized charging convenience, operating costs 30-40% lower than ICE
- Policy mandates: some cities now require 100% electrification for new urban delivery vehicles
Risks Investors Should Watch
- Uncertain profitability timeline: Despite gross margin turning positive, net losses continue widening, making breakeven timing unpredictable
- Intensifying competition: Giants like BYD, Geely Farizon, and Chery Karry are accelerating commercial vehicle electrification
- High customer concentration: Top 5 clients account for over 60% of revenue, creating significant dependency risk
For commercial vehicle buyers in Central Asia and Russia, Lingyi Auto's listing progress is worth tracking. Follow Chinese NEV commercial vehicle export trends through EX1000.COM to secure supply chain advantages early.
