New Stock News | Afari submits application to Hong Kong Stock Exchange for large-scale deployment of end-to-end RLM model in intelligent driving scenarios

According to the Hong Kong Stock Exchange's disclosure on October 16, Chongqing Qianli Technology Co., Ltd. (abbreviated as: Qianli Technology (601777.SH)) has submitted a listing application to the main board of the Hong Kong Stock Exchange, with China International Capital Corporation as the sole sponsor. The prospectus shows that Qianli Technology is a leader in disruptive innovative technology, providing "AI + Mobility" closed-loop solutions for global strategic clients, mainly including intelligent driving, smart cockpit, and Robotaxi solutions. With the company's AI-native capabilities and expertise in vehicle engineering, it has established a comprehensive portfolio of intelligent driving solutions. The company's product portfolio includes vertical AI models, software, hardware, and closed-loop data systems to achieve Level 2 to Level 4 autonomous driving in complex traffic scenarios. Qianli Technology's smart cockpit solutions are supported by proprietary multimodal interaction models and AI-native AgentOS. Therefore, the company provides a natural user interaction (NUI) experience—an intuitive interaction system that allows users to communicate with vehicles through natural modalities such as voice and vision. By integrating Level 4 autonomous driving, smart cockpit solutions, and a comprehensive operational support platform, the company offers end-to-end Robotaxi solutions for Robotaxi operators. During the track record period, the company has not generated revenue from these solutions, but it is expected that these solutions will be a significant driver of the company's future growth. Qianli Technology has leading vertical AI model capabilities, forming the foundation of the company's solutions. For example, the company has developed a unique RLM (Reinforcement Learning-Multimodal) model for intelligent driving. According to ZhiShi Consulting, Qianli Technology is the first company to achieve large-scale deployment of end-to-end RLM models in intelligent driving scenarios. In addition, the company has developed advanced multimodal interaction models that achieve rich multimodal interaction through a general understanding of the real world, AI-based personalized recommendations, and in-vehicle emotion recognition. The company has developed the industry's first AGIL3 intelligent agent-level smart cockpit system. With decades of experience, Qianli Technology has accumulated proven engineering and manufacturing capabilities. Over the years, the company has designed and operated automotive and motorcycle production facilities, maintaining strict quality, safety, and efficiency standards. The company has further enhanced its manufacturing capabilities for new energy vehicles and has developed strong independent automotive design and engineering capabilities covering key areas such as vehicle design and platforms, battery swap solutions, electric drive systems, and intelligent connectivity. In addition, the company's automotive and motorcycle products have consistently grown and are expected to continue to be an important driver of the company's future growth. During the track record period, the company sold 196,900 vehicles and 1.3 million motorcycles. During the track record period, the company's revenue mainly came from the manufacturing and sales of automobiles and motorcycles, accounting for over 85% of the total revenue for each year/period during the track record period In terms of performance, Qianli Technology achieved revenues of approximately RMB 8.627 billion, RMB 6.698 billion, RMB 6.964 billion, RMB 2.955 billion, and RMB 4.149 billion for the fiscal years 2022, 2023, 2024, and the six months ending June 30, 2024 and 2025, respectively; during the same period, the profits/losses were approximately RMB 170 million, -RMB 262 million, -RMB 329 million, -RMB 108 million, and -RMB 116 million.