Green Control Transmission, a Chinese manufacturer of electric drive systems for new energy commercial vehicles, has filed for its second initial public offering (IPO), this time targeting a listing on the Shenzhen Stock Exchange's ChiNext board. The company's IPO application was accepted by the exchange on December 16.
Founded in December 2011 and incorporated in August 2018, Green Control Transmission specializes in the research, development, production, and sales of electric drive systems for new energy commercial vehicles. The company plans to raise approximately 1.58 billion yuan (about $220 million) in this offering, with proceeds earmarked for expanding production capacity and building a new R&D center.
This marks the company's second attempt to go public in China. Its previous application for a listing on Shanghai's STAR Market was withdrawn in March 2023 after being accepted in December 2022. Compared to the previous attempt, Green Control Transmission has increased its fundraising target from 1.072 billion yuan to 1.58 billion yuan.
Financial data shows steady growth in the company's performance from 2022 to 2024, with net profit turning positive in 2024. Revenue grew from 712 million yuan in 2022 to 1.328 billion yuan in 2024, while net losses of 99.4 million yuan in 2022 narrowed to a profit of 48 million yuan in 2024. In the first half of 2025, the company reported revenue of 1.219 billion yuan and net profit of 68.3 million yuan.
However, the company's accounts receivable and inventory have also increased significantly. Accounts receivable rose from 269 million yuan at the end of 2022 to 833 million yuan in mid-2025, while inventory grew from 244 million yuan to 613 million yuan during the same period.
A notable development is the company's rapid workforce expansion in the first half of 2025. Employee numbers more than doubled from 643 at the end of 2024 to 1,397 by mid-2025, with manufacturing positions accounting for 66.64% of the total workforce.
Among Green Control Transmission's shareholders is Sany Heavy Industry (600031.SH), which holds a 1.89% pre-IPO stake. Sany Group, the parent company of Sany Heavy Industry, has been one of Green Control Transmission's top two customers from 2022 to the first half of 2025, accounting for between 14.38% and 27.64% of total sales during this period.
The company is controlled by Dr. Lei Li, who holds a 43.64% stake pre-IPO. Dr. Li, born in 1985, holds a Ph.D. from Tsinghua University's Department of Automotive Engineering and has served as chairman and general manager since the company's founding.
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