Alibaba-Backed Zelos Targets Hong Kong IPO to Raise About $600 Million Amid AI and Autonomous Vehicle Expansion
Robovan operator Zelos Technology is reportedly preparing a Hong Kong listing that could raise roughly $600 million as investor appetite for AI-driven logistics firms accelerates.
Zelos Technology, a Chinese autonomous delivery vehicle operator backed by Alibaba Group’s logistics affiliate Cainiao, is preparing an initial public offering in Hong Kong that could raise around $600 million, according to people familiar with the matter.
The company, formally known as Jiushi Suzhou Intelligent Technology Co., is said to be in discussions with investment banks over a potential listing.
While deliberations remain ongoing, both the size and timing of the offering are still subject to change.
Founded in 2021, Zelos has rapidly expanded its position in the autonomous logistics sector, operating a fleet of more than 25,000 Level 4 self-driving delivery vehicles across mainland China.
The company has also extended its footprint internationally, including operations in Southeast Asia and the Middle East, with deployments in markets such as Singapore and the United Arab Emirates.
Zelos develops highly autonomous delivery trucks designed to operate with minimal human intervention, a segment increasingly viewed as central to the next phase of logistics automation.
Its growth has been supported by strategic investment from Cainiao, which earlier this year took a stake in the company through an undisclosed cash injection.
The planned listing reflects a broader surge of capital-raising activity among Chinese artificial intelligence and automation firms in Hong Kong, where investor demand for next-generation technology companies has remained strong despite global market uncertainty.
Recent months have seen a wave of AI-related IPO preparations from multiple startups seeking to fund expansion and large-scale research and development programmes.
If completed, the Zelos listing would mark one of the larger Hong Kong technology offerings of the period and further underline the city’s role as a key fundraising hub for mainland Chinese tech firms transitioning from venture-backed growth to public markets.
No official comment has been provided by the company regarding the proposed listing.
The company, formally known as Jiushi Suzhou Intelligent Technology Co., is said to be in discussions with investment banks over a potential listing.
While deliberations remain ongoing, both the size and timing of the offering are still subject to change.
Founded in 2021, Zelos has rapidly expanded its position in the autonomous logistics sector, operating a fleet of more than 25,000 Level 4 self-driving delivery vehicles across mainland China.
The company has also extended its footprint internationally, including operations in Southeast Asia and the Middle East, with deployments in markets such as Singapore and the United Arab Emirates.
Zelos develops highly autonomous delivery trucks designed to operate with minimal human intervention, a segment increasingly viewed as central to the next phase of logistics automation.
Its growth has been supported by strategic investment from Cainiao, which earlier this year took a stake in the company through an undisclosed cash injection.
The planned listing reflects a broader surge of capital-raising activity among Chinese artificial intelligence and automation firms in Hong Kong, where investor demand for next-generation technology companies has remained strong despite global market uncertainty.
Recent months have seen a wave of AI-related IPO preparations from multiple startups seeking to fund expansion and large-scale research and development programmes.
If completed, the Zelos listing would mark one of the larger Hong Kong technology offerings of the period and further underline the city’s role as a key fundraising hub for mainland Chinese tech firms transitioning from venture-backed growth to public markets.
No official comment has been provided by the company regarding the proposed listing.
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