image credit: Bamboo Works
Key Takeaways:
GLB is looking to list in Hong Kong, joining a growing number of firms in the EV supply chain to seek independent financing
But nearly 90% of GLB revenue last year came from Geely-related groups
China's supply chain for electric vehicles is powering a fleet of stock market listings, as companies that once operated behind the scenes step into the equity spotlight.
Locked in a price war, automakers have sought to lower costs by getting more involved in the array of technologies incorporated into new energy vehicles, from batteries to chips and cockpit systems.
Several businesses incubated by leading car makers have begun to raise capital independently or pursue public listings, including auto tech firm Ecarx (NASDAQ:ECX), and CaoCao (2643.HK), a ride-hailing platform, in the Geely (0175.HK) ecosystem. Some independent providers achieved rapid growth by burrowing more deeply into automotive supply chains. One of those, GLB Intelligent Power Technologies Co. Ltd., has now filed for a Hong Kong IPO.
The maker of control and power systems for smart cars traces its roots to 2010, with early investment from the likes of GAC Capital, Orient Securities and Sequoia Capital. It entered Geely's supply chain in 2019 and expanded gradually from there, boasting 40 design wins from 10 automakers, with its products deployed in 16 vehicle models across 12 brands.
Its growth rate has been striking, accelerating ...
