Zebra Intelligence, second listing application to Hong Kong Stock Exchange

On March 18, Zebra Intelligence Information Technology Co., Ltd. (“Zebra Zhi Xing”) submitted listing application materials to the Hong Kong Stock Exchange. This is the company’s second attempt to launch an IPO on the HKEX.

Public information shows that Zebra Zhi Xing is an intelligent cockpit company incubated jointly by Alibaba and SAIC Motor. Currently, Alibaba-related entities hold a total of 41.67% of shares and control 37.09% of voting rights; SAIC-related entities hold 32.90% of shares and control 35.48% of voting rights. Both are co-controlling shareholders with no single ultimate controlling party.

Image source: Company announcement

According to the listing application materials, Zebra Zhi Xing’s business heavily depends on SAIC and Alibaba. In terms of performance, in 2023, 2024, and 2025, Zebra Zhi Xing’s net profits are approximately -¥876 million, -¥847 million, and -¥1.896 billion, respectively, with ongoing losses.

Ongoing losses

According to Zhuoshi Consulting, based on 2024 revenue, the company is China’s largest software-centric intelligent cockpit solution provider. As of December 31, 2025, the company is one of only two fully self-developed automotive operating system suppliers in China and the only one that seamlessly integrates the three core pillars of smart automotive experience—system-level operating system solutions, AI full-stack end-to-end solutions, and automotive platform services—offering differentiated cockpit solutions as a business model.

In 2023, 2024, and 2025, Zebra Zhi Xing achieved operating revenues of approximately ¥872 million, ¥824 million, and ¥861 million, respectively, with net profits of approximately -¥876 million, -¥847 million, and -¥1.896 billion, totaling over ¥3.6 billion in losses over three years.

Image source: Company announcement

The company’s net losses are mainly due to strategic investments in R&D to advance its technology, as well as expenditures on sales and marketing activities to attract and retain more customers. The company’s business strategy involves promoting its solutions through flexible pricing models.

The net loss narrowed from ¥876 million in 2023 to ¥847 million in 2024, primarily due to improved resource allocation within the R&D team and increased organizational efficiency, leading to reduced operating expenses. However, the net loss further increased to ¥1.896 billion in 2025, mainly due to an impairment loss of ¥1.841 billion related to intangible assets associated with the company’s system-level operating system solutions.

Regarding the use of raised funds, the company states in its listing application that part of the proceeds will be invested in R&D to further strengthen its technological leadership in the intelligent cockpit solutions market; some will be allocated to increasing market share, consolidating leadership, and expanding globally; some will be used to promote strategic partnerships, investments, and acquisitions aligned with the company’s long-term growth strategy to solidify its market position; and the remainder will serve as working capital and for general corporate purposes.

Most revenue comes from a small number of customers

In 2023, 2024, and 2025, the total revenue from the top five customers accounts for 89.9%, 88.5%, and 76.4% of total revenue, respectively, with the largest customer contributing 47.4%, 38.8%, and 39.2%.

Most of the company’s revenue is derived from a few customers. Notably, the company has established a long-term, mutually beneficial, strategically aligned, and deeply integrated technological partnership with SAIC. The company mainly provides integrated software solutions and licensing services to SAIC, while SAIC supplies hardware products to the company.

In 2023, 2024, and 2025, procurement from the top five suppliers accounts for 73.7%, 68.7%, and 56.6% of total procurement, respectively, with the largest supplier accounting for 58.4%, 50.5%, and 40.7% of total procurement each year.

The company’s major procurement comes from a few suppliers. In particular, it has established a long-term relationship with Alibaba. The company states that Alibaba is a global technology company focused on e-commerce and cloud computing. The relationship with Alibaba is mutually beneficial, commercially reasonable, and strategically valuable for the company’s technology and product roadmap. The company procures public cloud computing services, specific cloud-related products and technical services from Alibaba; software licenses from Amap and Tmall Genie; and shared services. Additionally, the company has also provided integrated software solutions to Alibaba on a smaller scale.

The company notes that some key risks include: the industry in which it operates may not grow as expected; intense competition from well-known companies and new market entrants; failure to compete effectively in technology, pricing, or customer service could significantly adversely affect its business, financial condition, and operating results; past performance does not guarantee future growth or financial results; failure to manage business growth or execute growth strategies effectively could have serious negative impacts; and limited operational history in some areas makes it difficult to assess future prospects and risks.

Furthermore, failure to commercialize strategic plans at scale could negatively impact the company’s operations, business, and financial performance, or damage its reputation. If the company cannot retain existing customers, attract new ones, or increase customer spending, it could significantly affect its business, financial condition, and operating results.