New stock news | Phish Technology second listed on the Hong Kong Stock Exchange as the third largest specialized electric drive solution provider in the field of Chinese industrial control.

According to the disclosure of the Hong Kong Stock Exchange on May 13th, Ningbo Fei Shi Technology Co., Ltd. (referred to as Fei Shi Technology) has submitted a listing application to the main board of the Hong Kong Stock Exchange, with CICC as its exclusive sponsor. This is the company's second time submitting the application, as it had submitted a listing application on October 31, 2025. According to data from Zuo Shi Consultancy, based on the sales revenue of 2025, Fei Shi Technology is the third-largest specialized electric drive solution provider in the field of industrial control in China; based on the revenue and sales volume of 2025, the company is also the third-party supplier of the seventh-largest passenger car electric drive system in China. Company Introduction The prospectus shows that Fei Shi Technology was established in 2001 and is a well-known enterprise in the Chinese electric drive solution market with business operations extending overseas. The company provides comprehensive and customized electric drive systems and solutions for various applications worldwide. Fei Shi Technology's products and solutions are characterized by high precision, high efficiency, and high torque, and have been widely used in multiple basic industrial sectors. The company's electric drive solutions have been widely applied in two core areas: industrial control and new energy vehicles. The industrial control sector has multiple application scenarios, which can be further divided into special precision electric drive systems and industrial automation solutions. The company is also actively expanding into new-generation technologies, such as the Siasun Robot & Automation, enabling innovation through precision motion control. The company began as a Sino-foreign joint venture, and over the past two decades, it has combined international practices with local market experience. Through operations in China, the company has accumulated experience and technological capabilities that can be applied to overseas markets. As of December 31, 2025, Fei Shi Technology has a research and development center in Italy and sales representatives in Italy, the United States, and the United Kingdom. The company's products are sold to customers in countries and regions such as Italy, the Netherlands, Belgium, the United States, South Korea, and India, competing directly with leading overseas electric drive solution providers in their local markets. The following diagram illustrates the company's main products and their primary application scenarios during the historical period: The company's comprehensive product portfolio covers peak torque from 0.6 Nm to 390,000 Nm and power range from 50W to 1.4 MW. Such a wide coverage range allows the company's products to be successfully applied in a variety of scenarios, including astronomical telescopes and deep-sea development in extreme environments, the developing trend of the Siasun Robot & Automation, and computer numerical control (CNC) machine tools with high demand. Fei Shi Technology has established a significant presence in various application scenarios. According to Zuo Shi Consultancy data, in 2024, based on sales of electric drive systems and solutions, the company ranked second in the field of specialized electric drive solutions for air power, second in specialized electric drive solutions for all-electric injection molding machines, third in electric drive solutions for hydraulic injection molding machines, and fourth in specialized electric drive solutions for silicon cutting. Financial Information Revenue In the fiscal years 2023, 2024, and 2025, the company achieved revenues of approximately RMB 1.243 billion, RMB 1.5 billion, and RMB 1.625 billion, respectively. Gross Profit and Gross Margin In the fiscal years 2023, 2024, and 2025, the company recorded gross profits of approximately RMB 177 million, RMB 242 million, and RMB 272 million, respectively, with corresponding gross margins of 14.3%, 16.1%, and 16.8%. Net Loss for the Year In the fiscal years 2023, 2024, and 2025, the company recorded net losses of approximately RMB 112 million, RMB 177 million, and RMB 61.886 million, respectively. Industry Overview Benefiting from the rapid development in industries such as industrial manufacturing and green transportation, the global electric drive solution market size increased from RMB 292.7 billion in 2021 to RMB 545.6 billion in 2025, with a further projected growth to RMB 1.0914 trillion in 2030. China, as the center of global manufacturing, is also one of the major markets for electric drive solutions globally. The market for electric drive solutions in China increased from RMB 113 billion in 2021 to RMB 257.1 billion in 2025, with a compound annual growth rate of 22.8% during this period. With the continuous improvement in electrification rates in industrial manufacturing and transportation sectors and the mainstreaming of intelligence, the market size for electric drive solutions in China is expected to reach RMB 485.6 billion by 2030, with a compound annual growth rate of 13.6% from 2025 to 2030. The market size for industrial control electric drive solutions in China increased from RMB 26.8 billion in 2021 to RMB 43 billion in 2025, with a compound annual growth rate of 12.6%. General industrial control electric drive solutions represent the largest application area, accounting for 79.8% of the market share in 2025. With the intelligent upgrade of China's industrial manufacturing and the rapid development of areas like Siasun Robot & Automation, the market size for industrial control electric drive solutions in China is expected to reach RMB 87.4 billion by 2030, with a compound annual growth rate of 15.3% from 2025 to 2030. Benefiting from the robust development in areas such as new energy vehicles and low-altitude economy, the market size of electric drive solutions for green transportation in China increased from RMB 86.2 billion in 2021 to RMB 257.1 billion in 2025, with a compound annual growth rate of 25.5%. By 2025, new energy vehicles have become the primary market, accounting for over 61% of the market share. It is expected that by 2030, the market size for electric drive solutions in green transportation in China will grow to RMB 398.2 billion, with a compound annual growth rate of 13.6% from 2025 to 2030. In 2021, the market size for automotive electric drive solutions in China was RMB 27.8 billion, and with the rapid growth in the new energy vehicle industry in recent years, the market size for supporting electric drive solutions has increased rapidly, reaching RMB 131.9 billion in 2025. With the tightening of incentives for new energy vehicle purchases and the shift of local subsidies to infrastructure support, it is expected that the growth rate of new energy vehicle sales will slow down in the future, and the market size for electric drive solutions for new energy vehicles will also slow down accordingly. It is estimated that by 2030, the market size for electric drive solutions for new energy vehicles will reach RMB 251.4 billion, with a compound annual growth rate of 13.8% from 2025 to 2030. Board of Directors Information The board of directors consists of 4 executive directors, 2 non-executive directors, and 4 independent non-executive directors. Equity Structure Mr. Ren Wenjie holds a direct stake of 22.17%, held indirectly through Ningbo Hongjun, Ningbo Hongche, and Ningbo Honglan, with a stake of 23.39%; Ms. Hu Jin holds a 3.92% stake; Advanced Manufacturing holds an 8.08% stake; Advanced Manufacturing Phase II holds a 5.00% stake; and Beijing-Tianjin-Hebei Fund holds an 11.79% stake. Ningbo Hongjun, Ningbo Hongche, and Ningbo Honglan are limited partnership enterprises established in China and serve as the company's employee incentive platforms, controlled by Mr. Ren Wenjie (as the general partner). Mr. Ren Wenjie and Ms. Hu Jin are spouses. Therefore, under the Securities and Futures Ordinance, they are considered to have interests in each other's holdings. Mr. He Dongsheng, as a limited partner, holds a 45.50% partnership interest in Ningbo Hongrui, which holds 24,494,896 shares. Since Mr. He Dongsheng holds not less than one-third of the partnership interest in Ningbo Hongrui, he is considered to have interests in the shares held by Ningbo Hongrui under the Securities and Futures Ordinance. Ningbo Hongjun is an employee incentive platform that holds 8,906,772 shares. Mr. He Dongsheng, as a limited partner, holds a 0.34% partnership interest in Ningbo Hongjun. Therefore, Mr. He Dongsheng holds interests in approximately 30,283 shares, corresponding to his partnership interest in Ningbo Hongjun. Intermediary Team Exclusive Sponsor: China International Capital Corporation Hong Kong Securities Limited Company Legal Advisor: For Hong Kong and U.S. law: Sullivan & Cromwell LLP (Hong Kong) Limited Liability Partnership; For Chinese law: Jin Tiancheng Law Firm in Shanghai; For international sanction law, export control, and U.S. foreign investment law: Hogan Lovells International LLP Exclusive Sponsor Legal Advisor: For Hong Kong and U.S. law: O'Melveny & Myers LLP; For Chinese law: JunHe LLP Reporting Accountants and Auditors: Ernst & Young Hua Ming LLP Industry Consultant: Zuo Shi Industry Consulting Co., Ltd. Compliance Advisor: Baihui Capital Co., Ltd. Transfer Pricing Advisor: Shenzhen RSM Tax Ltd.