On April 23, 2026, Chongqing Afari Technology Co., Ltd. (referred to as 'Afari Technology'), headquartered in Chongqing, submitted its prospectus to the Hong Kong Stock Exchange, with plans to list on the Main Board of the Hong Kong Stock Exchange. This marks their renewed application following the expiration of their previous filing on October 16, 2025.
Qianli Technology, formerly Lifan Shares, was listed on the Shanghai Stock Exchange on November 25, 2010, with the stock code 601777.SH. As of the close of trading on April 23, 2026, its total market capitalization was approximately RMB 49 billion.
Qianli Technology Prospectus Link:
https://www1.hkexnews.hk/app/sehk/2026/108460/documents/sehk26042303112_c.pdf
Main Business
Qianli Technology, founded in 1992, is a well-known automobile manufacturer in China, with extensive expertise in automobile development, design, and manufacturing. Leveraging advanced charging and battery swapping technologies, it primarily serves B-end clients. In addition to automobiles, the company offers motorcycles, including medium- and large-displacement models.
According to data from CIC Consulting:
In 2024, based on sales volume, Qianli Technology ranked eighth in the B-end new energy vehicle market.
In 2024, based on motorcycle export volumes, Qianli Technology ranked ninth among Chinese motorcycle manufacturers. Eighty percent of its motorcycles are sold in overseas markets, including Europe, the Middle East, Africa, and East Asia.
The company considers intelligent driving, smart cockpits, and Robotaxi as the core areas of 'AI+Mobility.' These solutions precisely address key scenarios where AI can deliver maximum functional value, commercial value, and strategic value in modern transportation. Therefore, Qianli Technology has taken the first step in its future growth strategy by developing and commercializing intelligent driving solutions. It plans to gradually expand its solution offerings to include smart cockpits and Robotaxi domains.
Geely Group is an affiliate of Qianli Technology and serves as a key strategic business partner. During the performance record period for each year, Geely and its affiliates collectively constituted Qianli Technology's largest supplier and largest customer. The company primarily procures complete vehicles, vehicle kits, automotive parts, and services from certain affiliates of Geely, while selling vehicles, vehicle kits, automotive parts, and services to other affiliates of Geely. Additionally, the company expects to provide intelligent driving and/or assisted driving system solutions to Geely Group.
Qianli Technology’s revenue mainly comes from the sale of automobiles, motorcycles, and other products such as general machinery. Currently, the company has launched technical solutions, primarily including intelligent driving and assisted driving systems, smart cockpits, and Robotaxi solutions. Additionally, other product services include general machinery, such as generators, water pumps, and high-pressure washers, catering to a wide range of market demands.
Automobile – 'Ruibo' Brand
Qianli Technology, leveraging its expertise in vehicle development, design, and manufacturing, jointly launched the Ruiblue brand with Geely. Under the "Ruiblue" brand, both fuel-powered vehicles and new energy vehicles (NEVs) are offered. In terms of NEVs, we provide a wide range of models, including the Ruiblue 7 (RL7) and Ruiblue 8 (RL8), which target the mass consumer market, as well as models specifically designed for the ride-hailing market, such as the CaoCao 60. Additionally, the company also offers fuel-powered vehicles, such as the Ruiblue X3 Pro.
Motorcycle
Qianli Technology provides both traditional fuel-powered motorcycles and new energy motorcycles, launching medium-to-large displacement models such as the Starship 6, Starship 4, and V400. In the field of fuel-powered technology, the company continues to advance its expertise in lightweight design, short-wheelbase continuously variable transmission (CVT) powertrains, mild hybrid architecture, and proprietary electronic fuel injection (EFI) technology while further refining its industry-leading EFI calibration platform. Based on the "Human-Vehicle-Cloud" framework, the company has integrated numerous advanced features, including Bluetooth digital keys, remote vehicle control, intelligent anti-theft systems, advanced interactive cockpits, driving assistance functions (BSD, LCA, RCW), and high-definition wide-angle dashcams that support parking monitoring.
Shareholder Structure
According to the prospectus, prior to its listing in Hong Kong, Qianli Technology's shareholder structure included the following:
The Manjianghong Fund, jointly established by the Liangjiang Fund Management under the Chongqing Liangjiang New Area Management Committee and Geely Group, holds approximately 29.85%, making it the controlling shareholder.
Chongqing Jianghehui holds 17.91%;
Lifan Holding holds 10.68%;
Mercedes-Benz Digital Technology holds 3%;
Other A-share shareholders hold 38.56%.
Directors and senior management
The board of directors of Qianli Technology consists of 14 directors, including:
Two executive directors
Mr. Yin Qi (Chairman and Co-founder of Megvii Technology);
Mr. Xu Huanchun (General Manager of General Machinery Business and Employee Representative Director);
7 non-executive directors
Mr. Zhao Ming (Co-Chairman and former CEO of Honor);
Mr. Bao Yi (Vice Chairman and Chairman of Cedarlake Capital);
Mr. Xu Honghuo (formerly known as Mr. Xu Fu) (Vice Chairman and Deputy General Manager of Chongqing Liangjiang New Area Industrial Development Group);
Mr. Li Chuanhai (Vice Chairman and Vice President of Jilin Automotive Holdings (Hangzhou) Co., Ltd.);
Ms. Chen Ting (Director of Investment and M&A Department, Mercedes-Benz (China));
Mr. Liu Jinliang (Senior Executive of Geely Holding’s subsidiary and Non-Executive Director of Caocao Mobility (02643.HK));
Ms. Long Zhenzhu (Manager and Deputy General Manager of the Legal Department, Liangjiang Fund Management);
Five independent non-executive directors
Dr. Liu Yunhao (Academician of the Chinese Academy of Sciences, Professor at the Department of Automation, Tsinghua University, and Dean of the Global Innovation Institute at Tsinghua University);
Ms. Huang Qun (former Managing Director of Morgan Stanley and former Managing Director of Lazard China);
Dr. Xiao Xiang (Professor in the Accounting Department of the School of Economics and Management, Beijing Jiaotong University);
Dr. Dou Junsheng (Professor in the Department of Innovation, Entrepreneurship, and Strategy at the School of Management, Zhejiang University);
Mr. Ren Xiaochang (former Chairman of Chongqing Automobile Research Institute, now known as China Automotive Engineering Research Center Co., Ltd. (601965.SH)).
In addition to the executive directors, senior executives include:
Mr. Zhou Zongcheng (President);
Mr. Wang Jun (Co-President);
Mr. Yang Bo (Vice President);
Mr. Huang Qiang (Vice President and Head of Finance-related Matters);
Ms. Hao Guangli (Vice President);
Ms. Xia Yuyang (Vice President, Board Secretary, and Joint Company Secretary).
Company performance
The prospectus shows that in the past years of 2023, 2024, and 2025, Qianli Technology's revenue amounted to RMB 6.698 billion, RMB 6.964 billion, and RMB 9.876 billion, respectively, with corresponding net losses of RMB 262 million, RMB 329 million, and RMB 321 million.
Intermediary team