Key Takeaways:
IPO candidate Broad-Ocean Motor is ranked second globally by market share for HVAC motors, and holds the top position in China and North America
The car technology company's Shenzhen-listed shares are up 130% in the last year, giving it a market cap of about 28.5 billion yuan
Imagine your garage door remote control, EV powertrain, and air conditioning compressor are all made by the same manufacturer: Zhong Shan Broad-Ocean Motor Co. Ltd.（002249.SZ). The Chinese auto propulsion technology specialist may hardly be a household name, but it's the important motor powering the essential needs for many car owners.
Now, after more than 15 years of trading on the Shenzhen Stock Exchange, the company has applied for a second listing in Hong Kong, joining a growing queue of Shenzhen- and Shanghai-listed Chinese companies to make such second listings to raise their global profiles.
Founded in 2000 as a conventional motor technology maker, Broad-Ocean now spans a wide range of car propulsion essentials, including heating, ventilation and air conditioning (HVAC), automotive propulsion and hydrogen fuel cell systems. Third-party data in its listing document, filed last week, shows it was the world's second largest supplier of HVAC electric drive solutions in terms of revenue last year, and is the leader across China and North America.
Competing on two fronts
Broad-Ocean's business is built on two pillars: Its building and home appliance motor unit generated 7.08 billion yuan ($995 million) in 2024, making it the company's biggest revenue source with 58.4% of sales. That unit was led by HVAC motors, which accounted for over 55% of segment revenue and feature compressors, garage-door openers and ventilation units.
The company's ...
