New Thinking Motor Co., Ltd. has submitted a listing application to the main board of the Hong Kong Stock Exchange, according to a disclosure made on July 5. China International Capital Corporation and Huatai International are serving as the joint sponsors for the offering. This marks the company's second attempt, having previously filed an application in early January 2026.

A Pioneer in Imaging Actuators

Established in 2014, New Thinking Motor is a leading Chinese manufacturer of micro-precision motors and an early mover in the imaging actuator field. The company has built deep expertise and proprietary technology across the entire industry chain, covering areas such as material performance enhancement, manufacturing processes, and stringent product quality control. Its strategic layout features dual production bases in Jiaxing and Hefei, and dual R&D centers in China and Japan. This structure is designed to support the continuous expansion of its business with advanced products and maintain a long-term competitive edge.

According to data from Frost & Sullivan, based on 2025 revenue, the company ranked sixth globally and second in China in the imaging actuator market, capturing market shares of 3.3% and 9.8%, respectively. Within the Optical Image Stabilization (OIS) imaging actuator segment, it ranked fourth globally and first in China in 2025, holding market shares of 5.6% and 14.0%.

Core Product Portfolio

The company focuses on two main product categories: imaging products and non-imaging products. Its imaging products, based on technical principles, include Voice Coil Motors (VCMs), Piezoelectric Motors, and Shape Memory Alloy (SMA) Motors. These are primarily used in camera modules for smartphones, handheld imaging devices, security surveillance, and machine vision systems to enable functions like Auto-Focus (AF), Optical Image Stabilization (OIS), aperture adjustment, and zoom.

Non-imaging products mainly consist of Stepper Motors, which move in fixed increments for precise position control without external sensors, and Brushless DC (BLDC) Motors, which use electronic control for stable rotational drive or power output. These are deployed in applications such as robotic vacuum cleaners, security surveillance, and automotive electronics. The company is also expanding into emerging fields like embodied robotics and the low-altitude economy.

Financial Performance Overview

For the years ended 2023, 2024, 2025, and the four months ended April 30, 2026, the company reported revenues of approximately RMB 855 million, RMB 1.565 billion, RMB 1.957 billion, and RMB 694 million, respectively.

Annual profits/(losses) for the same periods were approximately a loss of RMB 30 million, a profit of RMB 105 million, a profit of RMB 120 million, and a profit of RMB 36 million, respectively.

Gross profit figures were approximately RMB 71 million, RMB 249 million, RMB 326 million, and RMB 111 million for the respective periods.

Industry Landscape and Growth Drivers

The global micro motor market, a specialized and technologically advanced segment, has experienced robust growth. Key drivers include explosive demand from downstream sectors like new energy vehicles, consumer electronics, and industrial automation, alongside value-enhancing technological upgrades such as OIS and brushless motors. Global "carbon neutrality" policies and energy efficiency standards are promoting the adoption of high-efficiency products. Emerging applications like humanoid robots and the Internet of Things (IoT) are also creating additional growth avenues.

According to Frost & Sullivan, the global micro motor market grew from USD 23.0 billion in 2020 to USD 35.2 billion in 2025, representing a historical compound annual growth rate (CAGR) of 8.9%. The market is projected to maintain this growth, expanding to an estimated USD 53.6 billion by 2030, with a forecast CAGR of 8.3% from 2026 to 2030. This trajectory underscores the increasing importance of micro motors as critical, high-value components in a wide array of products.

Segmented by imaging and non-imaging applications, the imaging segment has grown faster than the overall market with a CAGR of 10.3%, compared to 8.5% for non-imaging applications. The imaging segment is expected to continue its strong performance with a forecast CAGR of 8.0% to 2030, while the non-imaging segment is projected to grow at 8.3%. This sustained differential growth highlights the rising significance of micro motors in both non-imaging scenarios and advanced imaging systems.

More specifically, regarding downstream applications, smartphones and automotive dominate the market, while sectors like handheld imaging and robotics are experiencing rapid growth. China has established itself as a major global market for both the manufacturing and consumption of micro motors and is expected to further strengthen its position. The Chinese micro motor market grew significantly from USD 9.2 billion in 2020 to USD 15.0 billion in 2025, with a historical CAGR of 10.2%. It is projected to reach USD 23.6 billion by 2030, with a forecast CAGR of 9.2% from 2026 to 2030. Consequently, China's share of the global micro motor market increased from approximately 40.1% in 2020 to 42.5% in 2025 and is forecast to further consolidate to around 44.4% by 2030.

In addition to global drivers, China's market growth is underpinned by a complete domestic supply chain, advantages in new energy vehicles and smart manufacturing, booming domestic demand, and export growth. Policy support is accelerating domestic substitution, while the global expansion of domestic enterprises makes China a core engine for global market growth.

Board and Shareholding Structure

The board of directors will consist of seven members: three executive directors, one non-executive director, and three independent non-executive directors.

As of the latest practicable date (June 28, 2026), Dr. Cai Rongjun and Mr. Cai Zhenpeng, through direct and indirect holdings, collectively own approximately 56.97% of the company's total issued share capital, making them the controlling shareholders. Dr. Cai Rongjun, the non-executive director and chairman, directly holds 7.50% and indirectly holds 27.04% through his wholly-owned Shenzhen Hezheng Industrial Investment Co., Ltd. Mr. Cai Zhenpeng directly holds 9.88% and indirectly controls stakes through his role as general partner of Shenzhen Changxin (8.33%), Jiashan Changxin (3.38%), and Hefei Jiatou (0.83%).

Other major shareholders include institutional investors such as Jiashan Jingkai Tongchuang (8.33%), CICC Entity (6.92%), Beijing Yitang (5.53%), and Dunhong Entities (collectively 5.28%).

Advisor Team

Joint Sponsors: Huatai Financial Holdings (Hong Kong) Limited; China International Capital Corporation Hong Kong Securities Limited.

The company's legal advisors are: for Hong Kong SAR and U.S. law: Jia Yuan Law Firm; for PRC law: Grandall Law Firm (Shanghai); for international sanctions law: King & Wood Mallesons.

Legal advisors to the joint sponsors are: for Hong Kong SAR law: Han Kun Law Offices LLP; for PRC law: King & Wood Mallesons.

Reporting Accountant: Ernst & Young.

Industry Consultant: Frost & Sullivan (Beijing) Inc., Shanghai Branch.

Internal Control Consultant: Ernst & Young (China) Advisory Limited.