- H-share IPO aims to fund global expansion, R&D in chassis, interiors, and embodied intelligence.
- Tuopu Group leads China in soft interior components and ranks first globally in lightweight chassis systems.
Tuopu Group, a Ningbo-based automotive parts supplier, filed for a Hong Kong initial public offering on March 31, aiming to expand its global footprint and strengthen ties with international clients including Tesla, Geely, and Nio.
Jointly underwritten by CITIC Securities and UBS, the listing would complement the company’s existing A-share presence, creating a dual-market platform.
The proposed H-share issuance, approved by the company’s board of directors on March 6, represents up to 12% of the post-offer share capital, with an over-allotment option of 15%, according to cls.cn, a Chinese financial news portal.
Proceeds are earmarked for overseas and domestic production capacity, R&D in embodied intelligence and auto components, strategic equity investments, and general corporate purposes.
The move underscores Tuopu Group’s push to accelerate its international strategy and diversify funding channels.
In 2024, Top Group ranked first globally among lightweight chassis system suppliers and first in China for soft interior components, China Insights Consultancy pointed out in a survey.
Its pioneering Tier 0.5 business model allows deeper collaboration with clients throughout the product development cycle, exceeding the traditional Tier 1 framework.
Tuopu’s partnership with Tesla has been particularly transformative. Since becoming a Tesla supplier in 2016, the company’s stock soared more than 240% from around 20 yuan ($2.9) to a peak of 68.06 yuan in 2021.
As of 2025, Tesla accounted for roughly 35% of the company’s revenue, contributing nearly 100 billion yuan annually, cementing the automaker as the company’s largest client.
Tuopu shares dipped 1.05% to 56.80 yuan on Shanghai Stock Exchange today, giving the company a market capitalization of 98.71 billion yuan.
