[IPO Frontline] Backed by SPIC and BYD! Electric Mining Truck Leader Boretech Aims for Hong Kong Listing
Over the past two years, the Hong Kong IPO market has continued to boom, and the autonomous mining truck segment has also attracted a wave of capital. Following the successful listing of Xidi Zhijia (03881.HK) and the queuing for IPO of Yikong Zhijia, another player in the industry is accelerating its sprint towards the capital market.
At the end of January 2026, Shanghai Bo Yi Intelligent Technology Co., Ltd. (hereinafter referred to as "Bo Yi Technology") officially submitted its prospectus to the Hong Kong Stock Exchange, attempting to seize more capital influence in this trillion-yuan potential track.
The Capital "Darling" of the Electric Mining Truck Track
As a core player in the electric mining truck field, Bo Yi Technology's business layout revolves around the dual themes of "unmanned + electrification," constructing three synergistic business segments: Intelligent Vehicles, Intelligent Mining, and Intelligent Transportation.
The Intelligent Vehicle business, as the core revenue source. It focuses on the "Bo Yi Electric Bull" series of electric autonomous mining trucks. Among them, the Bo Yi Electric Bull 145 is the world's largest electric autonomous mining truck model by load capacity as of September 30, 2025.
The Intelligent Mining business, mainly provides integrated solutions covering the entire process of "loading-transportation-unloading-energy replenishment."
The Intelligent Transportation business focuses on unmanned transportation services for mines, forming full value chain coverage from product sales to operational services.
In terms of market position, according to data from CIC, Bo Yi Technology was already the world's largest provider of electric autonomous mining trucks by shipment volume and revenue in 2024; by the end of 2024, it had cumulatively deployed 584 mining trucks, covering over 20 mines, with both battery swap station deployments and unmanned electric shovel shipments ranking first in the industry.
Its strong industry competitiveness has made it a capital "darling," with a star-studded investor lineup including State Power Investment Corporation, BYD (01211.HK), Zhongguancun Collaborative Innovation Fund, Xi'an Aviation Group, and other well-known institutions.
It is worth noting that competition in the track has become fierce, with equally strong competitors. By the number of active autonomous mining trucks in 2024, Yikong Zhijia is the world's largest provider of unmanned driving solutions for mining areas, backed by CATL (300750.SZ) (03750.HK), Nio (09866.HK) (NIO.US), and Zijin Mining (02899.HK). Xidi Zhijia recently secured a large order for 500 mining trucks, indicating the initial emergence of a leading effect in the industry.
Exponential Revenue Growth, but "Increasing Revenue Without Increasing Profit"
Prospectus data shows that Bo Yi Technology is in a period of rapid scale expansion, especially with revenue showing exponential growth.
The number of autonomous mining trucks in operation increased from 378 at the end of 2023 to 856 at the end of September 2025. Particularly after commencing operations at the Inner Mongolia Datang Shengli East No. 2 Mine in the second half of 2024, 120 new Intelligent Vehicles were deployed between October 2024 and November 2025, rapidly expanding its scale.
In terms of revenue, the company's revenue was RMB 69.565 million in 2023, increased to RMB 171 million in 2024, and soared to RMB 315 million in the first three quarters of 2025, showing a very strong growth momentum. At the same time, the company has entered overseas markets, completing deployment at the Sorowako mine in Indonesia and shipping to international mining giants, with initial results in its global layout.
However, while autonomous driving is a promising track, it is still in a stage of high investment, high R&D, and high operational costs. "Increasing revenue without increasing profit" also troubles Bo Yi Technology.
Due to being in the business investment phase, the company continues to incur losses, with a net loss of RMB 32.479 million in 2023, expanding to RMB 60.986 million in 2024, and a loss of RMB 58.666 million in the first three quarters of 2025. Operating cash flow is also under pressure, with net cash used in operating activities reaching RMB 183 million in the first three quarters of 2025, a significant increase compared to the same period last year.
Looking ahead, the explosive demand in the track provides broad space for industry players. The global "dual carbon" goals are driving the green transformation of the mining industry. The domestic market for intelligent mine transformation has already reached a scale of hundreds of billions of yuan, and overseas mining giants are also actively seeking alternative solutions. If Bo Yi Technology can leverage the financing advantages of the Hong Kong stock market to further expand R&D and production capacity investment, it is expected to consolidate its global leading position. However, intensified industry competition also means it needs to continuously break through in areas such as technological iteration and cost control.
Facing the Dual Tests of Customer Concentration and Tight Cash Flow
Behind the rapid growth, Bo Yi Technology also faces non-negligible operational risks, with high customer concentration and tight cash flow being particularly prominent.
Regarding customer concentration, while this is a common characteristic of the intelligent mining industry, Bo Yi Technology's dependence remains relatively high. In 2023, 2024, and the first three quarters of 2025, the company's revenue from its top five customers accounted for as high as 91.5%, 96.1%, and 97.7% respectively, with the single largest customer accounting for 70.4%, 37.9%, and 65.0% respectively. Although the company's customers include leading industry players such as China Huaneng, China Datang, and Ansteel Group, over-reliance on a few customers may still lead to revenue volatility. If the cooperative relationship with core customers changes, it will have a significant impact on the company's operations.
In terms of cash flow and debt, the company's financial pressure continues to increase. As of the end of September 2025, cash and cash equivalents were only RMB 70.798 million, while interest-bearing bank and other borrowings had increased to RMB 258 million during the same period, further climbing to RMB 374 million by the end of November 2025. In the first three quarters of 2025, the company's current ratio was only 0.8, below the safe threshold of 1, reflecting significant short-term debt repayment pressure.
The commercialization process of the autonomous mining truck track is still at a critical stage. Bo Yi Technology's Hong Kong stock market sprint is both recognition of its industry position and exposes the growing pains. For investors, its globally leading market share, clear business layout, and luxurious investor lineup are the core attractions, but risks such as customer concentration and tight cash flow also require close attention. In the future, whether the company can optimize operational quality while maintaining growth will be key to its firm footing in the capital market.
Author: Yao Yuan
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