The Chinese autonomous mining vehicle solutions provider, Yikong Zhijia (07687), has initiated its global offering of H-shares, with the subscription period running from June 29, 2026, to July 3, 2026.
The company plans to issue 26.132 million H-shares globally, with 10% allocated for the Hong Kong public offering and 90% for the international offering. An over-allotment option of up to 15% is also available.
The indicative price range is set between HK$81.16 and HK$87.92 per share, with a board lot size of 50 H-shares. Trading on the Stock Exchange of Hong Kong is expected to commence at 9:00 a.m. on Wednesday, July 8, 2026.
The group specializes in the commercial deployment of unmanned driving solutions for mining operations and was among the early entrants into the autonomous mining transport sector. Its solutions are designed to meet the specific operational demands of mines, particularly in environments with complex terrain, limited human resources, and high safety requirements.
Market Leadership and Performance
According to data from Frost & Sullivan, the company holds the top position in several key metrics. It ranked first in 2025 by revenue among all commercial vehicle intelligent driving companies in China. It is also the largest provider of unmanned mining solutions in China by the number of active unmanned mining trucks as of December 31, 2025.
With a fleet of 2,580 active unmanned mining trucks at the end of 2025, the company also leads in fleet scale within China. It was the world's first, and currently only, company to deploy a fleet of over 2,500 active unmanned mining trucks in 2025.
As of December 31, 2025, the group leads its peers in cumulative unmanned transport volume, unmanned operational mileage, and completed transport cycles, with its solutions having been deployed on-site for over six years with a continuous safety record.
In 2025, the group commanded approximately 37.6% of the market share in China's unmanned mining solutions sector, ranking first nationally. China, during the same period, was the world's largest market for such solutions, accounting for over 50.0% of the global market share.
Cornerstone Investment
The company has entered into cornerstone investment agreements with a consortium of investors, including ZIJINNING, Aurora SF, Fidelity International, JPMAMAPL, Barings, Indus Funds, Jain Global, REGAL, GF Fund Management, CDH, and Seven Grand.
These cornerstone investors have agreed, subject to certain conditions, to subscribe for a certain number of offered shares at the offer price, rounded down to the nearest full board lot of 50 H-shares. The total subscription amount is US$146 million, excluding brokerage commissions and relevant exchange fees.
Assuming a final offer price of HK$84.54 (the midpoint of the price range), the cornerstone investors will subscribe for an aggregate of 13.066 million offered shares. This represents approximately 50.00% of the H-shares offered under the global offering (assuming the over-allotment option is not exercised), 8.84% of the total issued share capital post-offering (assuming no exercise), and 8.61% if the over-allotment option is fully exercised.
Use of Proceeds
The company estimates net proceeds from the global offering to be approximately HK$2.072 billion, assuming an offer price of HK$84.54 per H-share.
The intended allocation of the net proceeds is as follows: approximately 35.0% will be used to strengthen software R&D; 15.0% for hardware R&D; 4.0% to support information technology development; 23.0% for overseas business expansion and customer acquisition; 8.0% for talent development and organizational growth; 5.0% for strategic alliances, investments, and selective acquisitions; and the remaining 10.0% will serve as working capital and for general corporate purposes.
Client Base and Growth
The group serves China's largest, most prominent, and forward-looking mining companies, including State Energy Group, State Power Investment Corporation, Tebian Electric, Zijin Mining, Shougang Group, Guanghui Energy, and Baowu Group.
As of December 31, 2025, the company had 13 terminal customer groups operating across 30 mining sites. The number of terminal customer groups grew from five as of December 31, 2023, to ten by the end of 2024.
Customer loyalty is strong, with a 100% retention rate for all terminal customer groups for three consecutive years from 2023 to 2025. Furthermore, as of December 31, 2025, the deployment of its unmanned mining truck fleet at a single mine site has expanded to over 500 vehicles, representing the world's largest such fleet deployed at a single mine site.
This expansion reflects sustained client confidence in the group's solutions and their ongoing collaboration to scale deployments alongside their own business growth.
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