DeepWay Technology, the Baidu-backed Chinese new energy heavy-duty trucks developer which is in the process of a Hong Kong listing, has secured 1.177 billion yuan (almost $170 million) in a pre-IPO financing led by Puhua Capital.
DeepWay, which mass produces and delivers intelligent electric trucks to clients globally, secured the deal with capital injections from multiple participating investors, such as Temasek-backed impact investment firm ABC Impact, Chinse lithium-ion battery maker Sunwoda Electronic, Lenovo Capital and Incubator Group, and Vlight Capital.
Multiple Chinese domestic investment platforms also participated in the round, the company announced in a recent statement.
The pre-IPO financing came just over two months after the Hefei, China-based DeepWay officially submitted its application for an initial public offering (IPO) on the main board of the Hong Kong stock exchange in November 2025, with CICC and CMB International serving as the joint sponsors of its IPO.
The company has yet to disclose its IPO fundraising target.
DeepWay said that the pre-IPO financing will be used for the operations and development of its main businesses, including the provision of new energy heavy-duty trucks and intelligent road freight solutions.
DeepWay was established in July 2020 as a joint venture (JV) between Chinese Internet search giant Baidu and Lionbridge, a services platform for commercial vehicles in China. It aims to advance the $3.9-trillion global road freight industry, which currently relies heavily on traditional fuel-powered vehicles, into a new era of zero-carbon, high-efficiency, and safe logistics through electrification and intelligent technologies.
The company has primarily generated revenues from the sale of new energy heavy-duty trucks in China, with the overall deliveries reaching about 6,400 as of mid-2025.
While its revenue has grown substantially in the past two years, DeepWay has yet to turn profitable. According to its prospectus, it incurred a net loss of 371.1 million yuan ($53.4 million) in the first six months of 2025. Its net losses in the entire 2024 stood at 675.2 million yuan ($97.2 million).
Its financial status indicates that DeepWay is likely targeting the Hong Kong IPO under the city’s Chapter 18C listing regime, which allows pre-commercial specialist technology companies, including autonomous driving and vehicle tech developers, to go public.
The company said in the prospectus that it expects to continue to incur near-term losses, as it increases investments in R&D, sales and marketing, production capacity, and international expansion. Beyond China, it has mapped out overseas markets, such as Southeast Asia, the Middle East, and South America, as regions where it is actively exploring business expansion opportunities.
In January 2025, DeepWay closed a Puhua Capital-led Series B round at $102.7 million. It also completed a Series A+ round at 770 million yuan ($110.8 million) from lead investors Shandong Weiqiao Pioneering Group and SB China Capital (SBCVC) in March 2023. Qiming Venture Partners has backed DeepWay since 2022.
