According to the Hong Kong Stock Exchange disclosed on November 8, Boriton Technology Corporation (Boriton) submitted an IPO application to the Hong Kong Stock Exchange, with China International Capital Corporation and CMB International as its joint sponsors. The company had previously submitted an IPO application to the Hong Kong Stock Exchange on April 30 this year.

The prospectus shows that Boriton is a Chinese new energy solutions provider, focusing on the design, development, and commercialization of electric construction machinery such as electric loaders and wide-body dump trucks. According to data from Zohoi Consultancy, based on the shipment volume in 2023, the company ranks third and fourth among all new energy loader and wide-body dump truck manufacturers in China, with market shares of 11.6% and 8.3% respectively. It is the only pure new energy construction machinery manufacturer among the top five manufacturers of these two types of new energy engineering machinery. The company also designs and develops the power systems for electric tractors as complete sets and collaborates with manufacturers to launch these vehicles into the market.

Boriton is a rapidly growing manufacturer of electric loaders and wide-body dump trucks. The company's design and engineering process begins with a detailed analysis of customer needs and intended usage scenarios, providing the basis for the company's performance-oriented product design and precise engineering practices. The company employs different manufacturing arrangements for each product utilizing its internal production and external partnership advantages. Following this strategy, the company initially launched the BRT951EV 5-ton electric loader model in December 2019, followed by the BRT90E 90-ton electric wide-body dump truck model in May 2020. As of the final feasible date, the company's product line primarily features electric models, including electric loaders with payloads ranging from three to seven tons, and electric wide-body dump trucks with tonnages ranging from 90 to 135 tons.

From 2021 to 2023, the company's shipment volume of electric loaders increased from 140 units to 525 units, and the shipment volume of electric wide-body dump trucks increased from 12 units to 96 units, with compound annual growth rates of 93.4% and 182.8% respectively. For the six months ending June 30, 2023, and the six months ending June 30, 2024, loader shipments increased from 161 units to 205 units, and the company's dump truck shipments increased from 25 units to 122 units. According to Zohoi Consultancy, in 2023, the company ranked first in terms of shipment volume of electric wide-body dump trucks with battery capacities exceeding 650 kilowatt-hours.

Boriton has been continuously advancing powertrain design, electrical and electronic architecture, and mechanical intelligence. The company was the first to design a charging circuit for electric wide-body dump trucks, combining a four-phase parallel charging circuit to simultaneously charge a dump truck with four connectors. According to Zohoi Consultancy, this innovation allows the company to be the first in the market to fully charge a 700 kilowatt-hour battery in about 70 minutes under standard working conditions. According to the same source, the company is also the first in China to develop and commercialize a dual-motor design for construction machinery, technically solving the mutual interference and power distribution problems between the drive motor and the working motor, significantly reducing energy consumption and maintenance costs.

In addition, according to Zohoi Consultancy, the company is the first in China to introduce electric wide-body dump trucks with automatic operation systems and electric loaders utilizing remote operation technology to the market. The company's proprietary combination of remote and automatic operation technology enhances the intelligence, safety, and efficiency of loaders and wide-body dump trucks, especially in work scenarios where direct manual operation under extreme temperatures or hazardous conditions is unsafe or impractical. These capabilities differentiate the company from manufacturers heavily reliant on outsourced software technology for remote and automatic operations.

In terms of finance, as of June 30 in 2021, 2022, 2023, and 2024, Boreden achieved revenues of approximately 0.201 billion, 0.36 billion, 0.464 billion, and 0.267 billion yuan, while in the same periods, they incurred losses of about 97.467 million, 0.178 billion, 0.229 billion, and 0.154 billion yuan.