On May 15, ZHIDA TECH (02650), known as the "first global smart charging stock" on the Hong Kong market, issued a voluntary announcement. It disclosed that the sales of charging piles by its Thai subsidiary, ZD Trading (Thailand) Co., Ltd., from January to April 2026 surged by approximately 71.3% year-on-year. Since April this year, the company has also signed new agreements with several globally renowned automotive brands and agents. These include MG Sales (Thailand) Co., Ltd. (a Thai company under SAIC Motor), OMODA and JAECOO (Thailand) Co., Ltd. (a Thai company under Chery Group), and TAILIAN TRADING CO., LTD., among others.
The significant sales growth is closely tied to the strong impetus from Thailand's EV3.5 new energy vehicle incentive policy. Effective from January 2, 2024, this policy promotes the rapid expansion of Thailand's NEV market through incentives such as vehicle purchase subsidies, import duty exemptions for complete vehicles, and excise tax reductions. Particularly in 2026, the EV3.5 policy requires automakers to produce electric vehicles locally in Thailand at a 1:2 ratio to compensate for imports. This directly compels major Chinese automakers to accelerate factory construction and expand local sales in Thailand, making supporting charging infrastructure a rigid demand and directly boosting order growth for ZHIDA TECH.
SAIC's MG brand and Chery's OMODA and JAECOO series are already established and sold in Thailand. The further cooperation between these two automakers and ZHIDA TECH in charging infrastructure reflects the rapid evolution of Thailand's new energy ecosystem towards integrated "vehicle-charger" development.
It is noteworthy that ZHIDA TECH's business success in Thailand is not accidental but the result of years of forward-looking strategic planning. The company initiated its global expansion in 2015, with its Thai factory commencing operations in 2024. This factory is not only ZHIDA TECH's first overseas production facility but also Thailand's first specialized charging pile factory. It serves as both a manufacturing base and is being developed into a future green industry hub for China-Thailand collaboration.
In the announcement, the company summarized its competitive advantage as the dual localization capabilities of "localized manufacturing + localized installation service network." The Thai factory enables local production, delivery, and installation, establishing a "difficult-to-replicate local responsiveness with global coverage capability" and forming a one-stop solution from production to implementation. This "first-mover" strategy is allowing the company to reap early benefits from Thailand's EV wave.
The positive news from Thailand is a microcosm of the returns from ZHIDA TECH's overall globalization strategy. In March 2026, the company released its first annual report since listing, showing record-high revenue. Shipment volume grew by 76% year-on-year, while overseas and robotics revenue soared nearly 80%, with overseas business revenue reaching a historical peak.
In the domestic market, ZHIDA TECH focuses on home charging piles. In 2025, it delivered approximately 340,200 units to domestic automakers, a 68.8% year-on-year increase, solidifying its position as a core partner for nine of China's top ten automakers. With a highly leading market share domestically, Southeast Asia and global markets are becoming key variables for the company's pursuit of higher growth.
Furthermore, ZHIDA TECH was officially included in the Southbound Trading under the Shenzhen-Hong Kong Stock Connect and Shanghai-Hong Kong Stock Connect on April 10, 2026, allowing mainland investors to invest directly through the Stock Connect schemes. The opening of this capital channel has further enhanced the company's market visibility and liquidity.
From a macro perspective, ZHIDA TECH's growth in Thailand is just the tip of the iceberg regarding the benefits from Southeast Asia's new energy infrastructure boom. Analysis suggests that passenger EV sales in Southeast Asia are projected to grow from 226.3 thousand units in 2024 to 2.4 million units in 2029, representing a compound annual growth rate of 59.7%. This massive increase in vehicles will inevitably generate demand for charging infrastructure on a similar scale. Charging pile companies with local production capabilities and early strategic partnerships with leading automakers will gain a significant first-mover advantage.
Using Thailand as a springboard and deepening ties with key overseas automakers like SAIC and Chery, ZHIDA TECH is translating this first-mover advantage into sustained orders. As the effects of the EV3.5 policy further materialize and more Chinese automakers ramp up production in Thailand, the company's high-speed growth in its Thai business is expected to continue throughout 2026.
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