According to a disclosure on the Hong Kong Stock Exchange on June 7, Greyb Intelligent Power Technology Co., Ltd. has submitted an application for a main board listing. China International Capital Corporation Hong Kong Securities Limited is the sole sponsor.
Company Overview
Greyb is a global provider of solutions for intelligent electrified powertrain domain systems and universal 800V high-voltage DC power supply systems. With a core focus on high-performance power electronics, motors, software, thermal management, and platform integration technology, the company achieves competitive, integrated hardware and software solutions through vertical integration and system optimization. Historically, its primary service area has been the new energy vehicle (NEV) powertrain domain, and it is now expanding into AI computing infrastructure power supply systems and embodied intelligent powertrain domain e-drive systems, aiming to drive the low-carbon and intelligent upgrade of the global energy transition economy.
As of the latest practicable date, the company has secured 40 nominations from 10 OEMs, either directly or through tier-one suppliers. Its solutions have been adopted in 16 commercially launched vehicle models from 12 automotive brands. As of the same date, 24 projects are in the customer engagement and solution design phase.
Leveraging its technological and scale advantages, Greyb ranks as the world's third-largest independent third-party supplier by installed capacity of integrated NEV powertrain domain solutions. It holds the top position globally among independent third-party suppliers by installed capacity of NEV multi-in-one powertrain domain solutions.
Financial Information
Revenue
For the years 2023, 2024, and 2025, the company recorded revenues of approximately RMB 314 million, RMB 738 million, and RMB 3.628 billion, respectively.
Gross Profit
For the years 2023, 2024, and 2025, the company's gross profit was approximately RMB -21.257 million, RMB 7.493 million, and RMB 262 million, respectively.
Annual Loss
For the years 2023, 2024, and 2025, the company recorded annual losses of approximately RMB 270 million, RMB 345 million, and RMB 288 million, respectively.
Industry Overview
Driven by the ongoing global transition to vehicle electrification, the market size for global NEV powertrain domain solutions is projected to grow from RMB 197.7 billion in 2025 to RMB 486.0 billion in 2030, representing a compound annual growth rate (CAGR) of 19.7% from 2025 to 2030.
As the global NEV industry evolves towards intelligence and domain control, with rising demand for vehicle lightweighting, integration, and high efficiency, NEV powertrain solutions are accelerating towards high-level integration. Reflecting this trend, the penetration rate of multi-in-one powertrain domain solutions in the global market has grown rapidly, from 1.4% in 2020 to 31.4% in 2025, and is expected to reach 56.6% by 2030.
The market size for global NEV multi-in-one powertrain domain solutions is projected to grow from RMB 62.0 billion in 2025 to RMB 275.1 billion in 2030, with a CAGR of 34.7% over the period.
Simultaneously, benefiting from sales growth of extended-range electric vehicles and increased demand for front-compartment two-in-one e-drive solutions, the market for two-in-one e-drive solutions is expanding rapidly. The market size for global NEV two-in-one e-drive solutions is projected to grow from RMB 15.7 billion in 2025 to RMB 41.0 billion in 2030, with a CAGR of 21.2% from 2025 to 2030.
In China, the market size for NEV powertrain domain solutions is projected to grow from RMB 127.8 billion in 2025 to RMB 323.0 billion in 2030, with a CAGR of 20.4% from 2025 to 2030.
Benefiting from performance improvements, cost reductions, and enhanced reliability brought by high integration, the market size for China's NEV multi-in-one powertrain domain solutions is projected to grow from RMB 43.3 billion in 2025 to RMB 199.7 billion in 2030, with a CAGR of 35.8% over the period.
In China's NEV powertrain domain solutions industry, the penetration rate of multi-in-one powertrain domain solutions reached 33.9% in 2025 and is expected to further increase to 61.8% by 2030.
Board Information
The board of directors consists of nine members, including five executive directors, one non-executive director, and three independent non-executive directors.
Shareholding Structure
As of the latest practicable date, the general partner of Sequoia Mingde is Sequoia Kunde. The general partner of Sequoia Kunde is Shanghai Huanyuan. Xiamen Hongshan Xingrui Innovation Technology Co., Ltd. holds a 58.8% limited partnership interest in Sequoia Kunde. Xiamen Hongshan is 96.67% owned by Beijing Hongshan Huanrui Management Consulting Co., Ltd. Beijing Hongshan Huanrui is 51% owned by Zhou Kui. Under the Securities and Futures Ordinance, Sequoia Kunde, Sequoia Shengde, Sequoia Kangde, Shanghai Huanyuan, Zhou Kui, Xiamen Hongshan, Beijing Hongshan Huanrui, Meishan Hongshan, Sequoia Yade, Hangzhou Hongshan, Wuhu Juncheng, Shanghai Jingmu Investment, Shanghai Jingmu Enterprise, Shanghai Taiming, Tan Wenhong, and Sequoia Haoxin are deemed to have interests in the 27,783,863 shares held by Sequoia Mingde.
As of the latest practicable date, Boheng Company is 99% owned by Mr. Guan Bo. Bozhikong No.1 is an employee incentive platform, and Bozhida is the company's employee shareholding platform, with Mr. Guan Bo as the general partner for each. Under the Securities and Futures Ordinance, Mr. Guan Bo is deemed to have interests in the 15,500,000 shares held by Boheng Company, the 5,320,045 shares held by Bozhikong No.1, and the 867,470 shares held by Bozhida.
Advisory Team
Sole Sponsor: China International Capital Corporation Hong Kong Securities Limited
Company Legal Advisors: Paul Hastings (Hong Kong) LLP, Jia Yuan Law Offices
Sponsor Legal Advisors: Sullivan & Cromwell (Hong Kong) LLP, Tongshang Law Firm
Auditor and Reporting Accountant: KPMG
Industry Consultant: China Insights Consultancy (Shanghai) Co., Ltd.
Compliance Advisor: Red Sun Capital Limited
Comments