FAW-Backed Zhuoyu Launches Pre-IPO Fundraising Ahead of Hong Kong Listing

Backed by FAW and multiple automakers, Zhuoyu is accelerating its transition to higher-performance ADAS solutions.

Zhuoyu Technology, a smart driving supplier formerly known as DJI Automotive, is advancing a pre-IPO fundraising round of about RMB 2 billion ($290 million), with a pre-money valuation of around RMB 12.5 billion ($1.81 billion), and plans to list in Hong Kong within the year, according to a Chinese media report.

The move comes just months after its last major financing. In November last year, Zhuoyu announced a strategic investment of more than RMB 3.6 billion ($522 million) from FAW Group, valuing the company at over RMB 10 billion ($1.45 billion) post-money.

Following the deal, FAW holds a 35.8% stake, becoming the largest single shareholder.

Prior to this, Zhuoyu had secured investments from automakers and institutions including BYD, SAIC, BAIC, GAC and SDIC, with cumulative financing exceeding RMB 2.5 billion ($362 million).

However, in terms of market share, Zhuoyu remains in a catch-up phase. Data shows that in the first 10 months of 2025, Huawei and Momenta dominated the third-party urban NOA supplier market, while Zhuoyu accounted for less than 5%.

Looking back at its development path, Zhuoyu initially gained traction through SAIC-GM-Wuling.

The 2023 model year KiWi EV, launched in September 2022, brought advanced intelligent driving features to the RMB 100,000 ($14,500) price segment, breaking the long-standing concentration of such features in mid- to high-end vehicles.

Its “7V + 32 TOPS” solution was subsequently scaled up and mass-produced across brands such as Baojun and Jetour, focusing on cost-effective offerings.

In 2024, Zhuoyu introduced a high-computing solution based on the Qualcomm 8650 chip, increasing computing power to 100 TOPS. This solution was deployed in early 2025 models including Hongqi Tiangong 08 and 05, marking its transition from a low-cost solution provider to a high-performance smart driving supplier.

At the higher end of the technology stack, Zhuoyu is also investing in large models and next-generation computing platforms.

At the 2025 Shanghai Auto Show, it showcased a VLA large model based on NVIDIA Thor.

An L2+ solution based on a single Thor U chip, as well as L3/L4 solutions based on dual Thor U plus J6M, are planned for release within the year.

Meanwhile, an integrated cockpit-driving system based on the Qualcomm 8775 chip has already entered mass production, first deployed in the Arcfox Alpha T5 launched in October last year.

In terms of scale, Zhuoyu now covers 32 partner brands, with more than 50 mass-produced models and over 100 designated models in development.