Alibaba-Backed Robovan Firm Zelos Targets $600 Million Hong Kong IPO

Apr 23, 2026 01:10 UTC

BABA, 9988.HK

Medium term

Zelos Technology is in discussions with banks for a public listing in Hong Kong. The autonomous vehicle operator seeks to raise approximately $600 million to expand its operations.

Planning IPO on the Hong Kong Stock Exchange
Targeting a capital raise of $600 million
Strategic backing from Alibaba
Focus on autonomous robovan technology
Currently engaging with banks for listing structure

Zelos Technology, a specialized operator of autonomous robovans backed by e-commerce giant Alibaba, is preparing for an initial public offering on the Hong Kong Stock Exchange. The company is currently in active discussions with investment banks to structure the listing. Formally known as Jiushi Suzhou Intelligent Technology Co., the firm is targeting a capital raise of approximately $600 million. The move comes as the autonomous driving sector in China continues to seek sustainable funding models and public valuation benchmarks. While the listing has not been formally announced, the potential IPO highlights continued strategic interest in AI-driven logistics and the commercialization of autonomous transport solutions within the region. Market analysts view the move as a signal of confidence in the robovan segment, though the ultimate success of the offering will depend on broader market conditions in Hong Kong and investor appetite for high-growth autonomous technology.