On January 14, Hangzhou Wolai Intelligent Technology Co., Ltd. (referred to as Wolai Intelligent) had its listing review status on the Shanghai Stock Exchange STAR Market changed to 'Under Inquiry.' CITIC Securities is its sponsor institution, and it plans to raise 1.004 billion yuan.
According to Zhitong Finance APP, on January 14, the listing review status of Hangzhou Wolai Intelligent Technology Co., Ltd. (referred to as: Wolai Intelligent) for the Shanghai Stock Exchange STAR Market changed to 'Under Inquiry.' CITIC Securities is its sponsor institution, and the company plans to raise 1.004 billion yuan.
The prospectus shows that Wolai Intelligent mainly engages in the research, development, production, sales, and services of intelligent testing equipment and smart manufacturing production lines. It provides comprehensive smart manufacturing solutions for emerging industries such as new energy vehicles and power semiconductors and is a national key 'Little Giant' enterprise in this field. The company is a leading provider in China covering the full lifecycle of automotive electronics R&D validation, online testing, and automated production and manufacturing with intelligent testing and smart manufacturing solutions.
Wolai Intelligent focuses on advanced testing technology and intelligent control technology. Through years of continuous independent research and innovation, it has overcome technical challenges related to the complexity, scenario diversity, and multi-domain signals of automotive electronic testing systems. The company has developed an automotive electronics testing technology platform with independent intellectual property rights. Its related technologies have reached a leading domestic level, with some reaching international advanced standards. Based on this, the company has created industry-leading automotive electronics testing equipment, breaking the long-term monopoly of foreign technologies and products, and significantly advancing the localization of smart manufacturing equipment in the new energy vehicle industry chain.
The company has developed six core technologies: automotive electronics multiparameter hybrid testing technology, full-stack software platform technology for automotive electronics testing, electromechanical joint measurement and control technology, high-precision assembly technology for intelligent measurement and control integration in automotive electronics, power semiconductor module packaging and testing technology, and digital information software technology for smart manufacturing. These technologies have been deeply applied to the company's main business operations, supporting the construction of a complete product matrix ranging from testing equipment to smart manufacturing production lines.
Wolai Intelligent has gained significant recognition and positive market reputation within the industry. It has served hundreds of top-tier domestic and international automakers, renowned automotive parts enterprises, and power semiconductor companies, including BYD (01211), Great Wall Motors (02333), SAIC Motor (600104.SH), Changan Automobile (000625.SZ), Geely Auto (00175), Seres (601127.SH), Bosch, Denso, ZF Group, Xinpeng Integration (688469.SH), Silan Microelectronics (600460.SH), StarPower Semiconductor (603290.SH), and Inovance Technology (300124.SZ). The company provides intelligent testing equipment, production lines, and comprehensive smart manufacturing solutions, earning high praise from customers.
The company's products cover important application areas such as automotive electronic controllers, smart driving domain controllers, and brake-by-wire systems, achieving a high market share in niche markets. According to Frost & Sullivan statistics, in the first half of 2025, the company held a 10.2% market share in production-grade smart driving domain controller testing equipment, ranking first among local third-party testing equipment manufacturers. As of the first half of 2025, the company is the sole strategic supplier providing production-grade domain controller testing equipment for BYD's 'Sky Eye' smart driving system on a mass scale.
According to data from the Gaogong Intelligent Automotive Research Institute, the company ranked first in market share for brake-by-wire system testing equipment from 2022 to 2024, with a 42% share in 2024. In 2024, the company also achieved a 31% market share in brake-by-wire system production line equipment, surpassing well-known foreign manufacturers to rank first in the industry. Among domestic equipment providers, Wolai Intelligent accounted for 50% and has supplied products to notable clients such as BYD and Great Wall Motors, making it a major contributor to the localization of equipment in this field.
After deducting issuance expenses, the total amount of funds raised from this offering will be used for the following projects:
In terms of financial performance, during the fiscal years 2022, 2023, 2024, and the first half of 2025, the company reported revenues of approximately 262 million yuan, 377 million yuan, 734 million yuan, and 267 million yuan, respectively. During the same periods, the company's net profits were approximately 26.80 million yuan, 34.82 million yuan, 84.92 million yuan, and 20.25 million yuan, respectively.
