- The self-driving tech company is seeking to raise 3.7 billion yuan to expand autonomous driving, embodied AI and overseas operations
- Acceptance of its ChiNext IPO application marks the company’s first entry into substantive regulatory review
Westwell (西井科技) has formally filed for an initial public offering on Shenzhen’s ChiNext board, marking the latest step in the Shanghai-based autonomous logistics company’s years-long pursuit of a public listing.
According to documents published on the Shenzhen Stock Exchange website, Westwell’s IPO application was formally accepted on June 29, with Shenwan Hongyuan, a stock brokerage firm, serving as the sponsor.
The company plans to issue up to 37.12 million shares and raise 3.7 billion yuan ($545 million), potentially becoming China’s first publicly listed company focused on autonomous driving solutions for ports.
The proceeds will be used to upgrade world models for autonomous driving algorithms, develop next-generation autonomous vehicles and embodied AI products, expand overseas operations and replenish working capital, with 1.2 billion yuan earmarked for the latter.
Ports going driverless
Founded in 2015 and headquartered in Shanghai’s Changning District, Westwell develops AI-powered autonomous driving systems for ports, logistics hubs, airports, smart factories and multimodal freight operations.
Its flagship Q-Truck, a cabless, battery-electric autonomous heavy-duty truck, entered mass production in 2019, making it one of the world’s first commercially deployed fully driverless electric trucks for logistics operations.
A major project conducted for EV maker Seres’ Chongqing “super factory” became the company’s biggest revenue driver last year.
Westwell deployed 18 Q-Trucks and an intelligent dispatching system to automate logistics throughout the plant, helping Seres become its largest customer in 2025.
Revenue from Seres reached 164 million yuan, accounting for 33.23% of total sales and helping lift Westwell’s annual revenue by 152.34% to 493 million yuan.
Racking up 1.3 billion yuan in losses
According to market research firm China Insights Consultancy, Westwell ranked first globally in both revenue and fleet deployment among providers of autonomous commercial vehicle solutions for large logistics hubs in 2025.
The company’s business spans 30 countries and regions, and it has partnered with 70% of the world’s top 20 container ports by cargo throughput.
Revenue increased from 181 million yuan in 2023 to 493 million yuan in 2025, representing a three-year compound annual growth rate of 64.92%.
The company, however, remains loss-making, having accumulated more than 1.3 billion yuan in losses over the past three years while gross margin hovered around 10%.
Repeated setbacks
The IPO application marks Westwell’s latest attempt to reach the public markets after several false starts.
The company was reported to be exploring a Hong Kong listing in 2024 before opting to remain in the A-share market. It also launched multiple rounds of IPO tutoring with different securities firms before ultimately filing under Shenwan Hongyuan.
From its founding in 2015 through 14 funding rounds, Westwell has spent more than a decade building its autonomous logistics business.
The acceptance of its IPO bid signals that the company has finally moved into the formal regulatory review process for the first time.
