Autonomous Trucking Firm Trunk.Tech Files for Hong Kong IPO as Commercialization Accelerates
Trunk.Tech, a developer of Level 4 autonomous driving systems for commercial trucks, has filed for an initial public offering on the Hong Kong Stock Exchange. The filing marks a significant test for investor appetite in the autonomous logistics sector as the company seeks to capitalize on its leading market share in port automation.
The Beijing-based company, backed by prominent investors including iFlytek and Nio Capital, submitted its listing application on December 11, with Guotai Haitong acting as the sole sponsor. The move comes shortly after the company secured a strategic funding round in September 2025, which pushed its post-money valuation to RMB 3.86 billion (US$536 million).
Trunk.Tech is positioning itself as a leader in closed-scenario autonomy, claiming the top spot in market share for autonomous trucks within Chinese ports. The company has delivered over 800 smart trucks to date. The IPO proceeds are earmarked for enhancing research and development capabilities, building a mass-production supply chain for smart equipment, and expanding its commercial footprint from ports to highway logistics.
While the company remains unprofitable, its filing reveals a trajectory of narrowing losses and rapidly expanding gross margins, driven by increased commercial adoption. The listing attempt underscores a broader push by Chinese autonomous driving heavyweights to tap into public capital markets to fund the capital-intensive transition from pilot programs to large-scale deployment.
Financial Trajectory and Margin Expansion
Trunk.Tech has recorded a compound annual growth rate (CAGR) of 50.4% in revenue from 2022 to 2024. Revenue climbed to RMB 254 million (US$35.3 million) in 2024, up from RMB 112 million in 2022. For the first half of 2025, the company reported revenue of RMB 99 million. This growth is attributed to the increased commercial delivery of its autonomous driving solutions, with the number of fulfilled projects doubling from 24 in 2022 to 48 in 2024.
A key highlight in the prospectus is the significant improvement in profitability metrics. Gross margin surged from 3.7% in 2022 to 22.7% in 2024, further expanding to 30.3% in the first half of 2025. Gross profit for the first six months of 2025 reached RMB 30 million, a stark contrast to the RMB 600,000 recorded in the same period of 2024.
Despite these improvements, Trunk.Tech continues to operate at a loss. The company reported a net loss of RMB 187 million (US$26 million) in 2024, narrowing from RMB 278 million in 2022. The net loss for the first half of 2025 stood at RMB 96.4 million. Notably, R&D spending has tightened, decreasing from RMB 147 million in 2022 to RMB 60 million in the first half of 2025.
Operational Scale and Technology Stack
The company’s operations are anchored in a "Vehicle-Device-Cloud" ecosystem. Its core business revolves around three products: the AiTruck (smart trucks equipped with the L4 Trunk Master system), AiBox (smart terminals), and AiCloud (cloud services for data and monitoring).
As of the filing date, Trunk.Tech has delivered 830 AiTrucks and 349 AiBox terminals. Its autonomous fleet has accumulated nearly 100 million kilometers of transport mileage, with autonomous driving accounting for over 95% of that distance. The company’s technology has been integrated into more than 20 truck models from major manufacturers, including China National Heavy Duty Truck Group and FAW Jiefang Group.
Trunk.Tech achieved early commercial success in 2018 with a pilot project at Tianjin Port and has since expanded to cover high-speed mainline transport and urban distribution. By revenue, it currently holds the largest market share in China for L4 autonomous trucks and solutions in closed road scenarios.
Leadership and Strategic Backing
Founded by Dr. Zhang Tianlei, a former technologist at Baidu and Microsoft with a Ph.D. from Tsinghua University, Trunk.Tech has attracted a roster of high-profile strategic investors.
Since 2017, the company has completed multiple funding rounds involving GLP’s Hidden Hill Capital, Bosch, and Zhongding Capital. The founder’s team also includes industry veterans and academics, leveraging deep ties to China’s autonomous driving research community. The company obtained China's first road test license for intelligent connected commercial vehicles, establishing a regulatory foothold early in its development.