TianTong Vision's Hong Kong Listing Bid: Level 4 Autonomous Driving Orders Drive Growth, Profitability Challenges and Related-Party Transaction Puzzles Remain Unresolved

ZC Asia has learnt that another intelligent driving solutions provider has recently knocked on the door of the Hong Kong Stock Exchange. According to HKEX filings, Suzhou Tiantong Weishi Electronic Technology Co., Ltd. has formally submitted its listing application to the Main Board of the Hong Kong Stock Exchange, with BOC International, HSBC Bank and Huatai International acting as joint sponsors.

Established in 2016, Tiantong Vision is a software-centric intelligent driving solutions provider whose business spans Level 2 to Level 4 autonomous driving and integrated cabin-driving solutions.

According to CIC(灼识咨询) data, based on 2024 installation volume, Tiantong Vision ranks as China's second-largest provider of L2-L2+ solutions offering both driving and parking capabilities, and the third-largest DMS solution provider.

Revenue growth coexists with persistent losses

Tiantong Vision's prospectus reveals a steeply ascending revenue trajectory. Company income surged from RMB 172 million in 2022 to RMB 483 million in 2024, achieving a compound annual growth rate of 67.7%. During the first half of 2025, revenue reached RMB 157 million, representing a substantial 182% year-on-year increase.

 However, this revenue expansion is accompanied by persistent losses. From 2022 to the first half of 2025, TianTong Vision recorded net losses of RMB 325 million, RMB 231 million, RMB 463 million, and RMB 193 million respectively, accumulating over RMB 1.2 billion in losses over three and a half years. Viewed through adjusted losses, the first half of 2025 recorded a loss of RMB 4.17 million, representing a 42.1% decrease from the RMB 7.21 million loss in the same period of 2024, indicating improved operational efficiency.

Level 4 Solutions Emerge as New Growth Engine

Tiantong Vision is undergoing a pronounced business restructuring. Revenue from its Level 2-Level 2+ solutions declined from 55.1% in 2022 to 36.8% in the first half of 2025.

Concurrently, Level 4 solutions are becoming an increasingly significant revenue stream. In 2024, the company generated RMB 243 million in revenue from Level 4 solutions, exceeding 50% of total revenue for the first time.

More notably, TianTong Vision has secured letters of intent for Level 4 solutions covering over 2,500 Robobuses, Robotaxis and Robotrucks, with a total contract value of approximately RMB 1 billion. Deliveries are expected within the next 3 to 5 years.

Asset-Light Operations and Customer Ecosystem

Tiantong Vision has adopted a distinct business model from its peers. Unlike Pony.ai and WeRide, which listed on the Hong Kong Stock Exchange this year, the company maintains an asset-light operational approach.

‘For Level 4 solutions, we primarily function as a third-party technology provider empowering fleet operators, avoiding capital-intensive activities such as fleet construction and operation,’ Tiantong Vision stated in its prospectus.

The advantage of this model lies in the fact that as automakers join the Robotaxi race, Tiantong Vision, as a third-party supplier, stands to benefit from the industry's high growth momentum and secure more opportunities.

Guosheng Securities projects that by 2030, the Robotaxi market in China's tier-one and tier-two cities alone could reach RMB 242.4 billion.

Industrial Capital Flocks to Invest

Tiantong Vision boasts a formidable investor roster. Since its inception, the company has completed multiple funding rounds, attracting industrial capital including ZF Friedrichshafen AG, SAIC Motor Corporation Limited, and BAIC Group.

In June 2025, the company secured RMB 137 million in its Series C+ round and RMB 448 million in its Series D round, with investors including the Tangshan Robotics Fund and Horizon Anting.

However, multiple shareholders transferred their stakes in TianTong Vision during 2025.

In March this year, ZF Holdings transferred its shares to DSNCI for RMB 20 million; in June, China Unicom Xinwo Fund, Jingjiang BAIC, and Zhuhai BAIC also transferred their stakes in Tiantong Vision.

Tiantong Vision faces challenges from fluctuating gross profit margins. From 2022 to the first half of 2025, the company's gross profit margins stood at 31.1%, 35.3%, 30.0%, and 32.4% respectively.

Concurrently, the company exhibits high customer concentration. From 2022 to the first half of 2025, revenue from the top five customers accounted for 73.0%, 91.4%, 44.6%, and 63.5% respectively.

Since October this year, the Hong Kong stock market has witnessed a small wave of autonomous driving listings, spanning Level 2 intelligent driving assistance, Level 4 Robotaxis, and Robotrucks.

In the marathon of autonomous driving, Tian Tong Wei Shi has gained an early advantage through its Level 4 orders. However, the critical factor determining its ultimate success in this race will be its ability to translate technological potential into sustainable profitability.

Disclaimer: The content herein is for reference only and does not constitute any form of investment advice. Should any information contained herein prove inaccurate, incomplete, or potentially misleading, please refer to the company's official announcements. Market risks exist; investment requires caution.