The application for an initial public offering on the Shenzhen Stock Exchange's Growth Enterprise Market by Hangzhou Xiangbin Electronic Technology Co., Ltd. has now been accepted.

The company, referred to as Xiangbin Electronics, is seeking to raise approximately 10.5126 billion yuan with CITIC Securities acting as its sponsor.

Since its establishment in 2014, the company has consistently focused on the research and development, production, and sale of automotive electronic controllers.

It has established a multi-tiered product portfolio primarily centered on electric power steering control units, supplemented by products like fan controllers, and with steer-by-wire technology as a future technical reserve.

The company's products are mainly used in various passenger vehicles, including pure electric and hybrid models, and are involved in systems such as steering and thermal management.

As a key participant in China's automotive steering control sector, Xiangbin Electronics has been deeply involved in and witnessed the intelligent and electrified transformation of the nation's auto industry.

Capitalizing on the historic opportunity presented by the rise of domestic automotive brands, the company initially entered the steering market with its C-EPS product and has continued to iterate and upgrade its steering offerings.

It has now grown into a core supplier with a market share approaching 10% for EPS control units in the domestic market.

In 2025, the company's shipment volume of EPS control units reached approximately 2.6 million sets.

According to statistics from the China Association of Automobile Manufacturers, China's passenger vehicle production in 2025 was 30.27 million units.

Calculated based on one EPS control unit per vehicle, the company's product held a market share exceeding 8% in the overall passenger vehicle market.

Within the new energy passenger vehicle segment, which includes pure electric and hybrid models, the company's market share surpassed 12%, establishing it as one of the major suppliers of EPS control units in China.

Through the delivery of millions of products, the company has accumulated substantial real-world vehicle validation data and application experience covering multiple vehicle platforms and driving scenarios.

This accumulated experience provides an empirical foundation for the continuous optimization of control algorithms, improvement of product performance, and enhancement of batch consistency.

It also forms a data support system for subsequent platform-based product iterations and the development of new products.

The company currently supplies professional steering system electronic control solutions to major domestic vehicle manufacturers through both direct supply and supply to Tier 1 manufacturers.

Its primary clientele includes BYD Company Limited, Chery Automobile, Leapmotor, BAIC Group, XPeng Inc., GEELY AUTO, DONGFENG GROUP, and Chongqing Changan Automobile Company Limited.

The vehicle models it supports encompass series such as the BYD Qin, Song, Xia, Seagull, Seal, Dolphin, Denza, and Fang Cheng Bao; the Chery Omoda, Tiggo, iCAR, and Arrizo series; the Leapmotor A, B, and C series; the XPeng P and G series; the BAIC Arcfox and BJ30; the Geely Galaxy; and the Dongfeng eπ and Voyah Tashan.

Regarding international business expansion, the company has initiated cooperation with several international Tier 1 manufacturers like NSK, Mando, JTEKT, and Mobis on various steering product projects.

Among these, batch supply has been achieved for certain models within the Volkswagen ID series.

The company is also advancing collaboration discussions with firms such as ZF and Astemo, which holds the potential to gradually integrate its products into the supply chains of international automakers like Hyundai, General Motors, Toyota, and Honda.

After deducting issuance expenses, the net proceeds from the offering will be entirely allocated to the projects outlined in the prospectus.

Financially, the company reported operating revenues of approximately 598 million yuan, 1.138 billion yuan, and 1.326 billion yuan for the years 2023, 2024, and 2025, respectively.

During the same periods, it recorded net profits of about 55.2491 million yuan, 122 million yuan, and 117 million yuan.