- Automotive steering control specialist seeks 1.05 billion yuan for expansion and R&D
- Company supplies BYD, Geely and Xpeng, with steer-by-wire among future focus areas
Chinese automotive steering electronics supplier Xiangbin Electronic Technology (杭州湘滨电子科技) has filed for an initial public offering on Shenzhen’s ChiNext board, seeking to raise 1.05 billion yuan ($155 million) as it expands production and develops next-generation chassis control technologies.
The application was accepted by the Shenzhen Stock Exchange on June 23, with CTIC Securities serving as sponsor, according to exchange filings.
Founded in 2014 and headquartered in Tonglu, Hangzhou, Xiangbin Electronics specializes in electronic control units (ECUs) for electric power steering (EPS) systems, a key component in modern vehicle steering.
The company also produces fan controllers and is developing steer-by-wire (SBW) technology as a future growth area.
Meant for BEVs and PHEVs
Its products are used in both battery-electric and hybrid passenger vehicles, serving steering and thermal management systems.
Xiangbin has emerged as one of China’s major suppliers of EPS control units, benefiting from the rapid growth of domestic automakers and the broader shift toward vehicle electrification and intelligent driving systems.
The company said its EPS control units held nearly 10% of the domestic market. In 2025, Xiangbin shipped about 2.6 million EPS control units, giving it more than 8% share of China’s passenger vehicle market and more than 12% of the new-energy passenger vehicle segment.
Two-pronged sales strategy
The company supplies steering control solutions both directly to automakers and through Tier 1 suppliers.
Its customers include major Chinese carmakers such as BYD, Chery, Leapmotor, Xpeng, Geely and Changan. Xiangbin’s products are used in models including BYD’s Qin, Song and Seagull series, as well as Denza and Fangchengbao marques, alongside Chery’s Tiggo and iCAR lineups.
Internationally, the company works with Tier 1 suppliers including NSK, Mando and JTEKT, and has secured mass-production supply programs for certain models in Volkswagen’s ID EV series.
Growing financials
Financially, Xiangbin reported revenue of 598 million yuan in 2023, rising to 1.14 billion yuan in 2024 and 1.33 billion yuan in 2025.
Net profit increased from 55.2 million yuan in 2023 to 122 million yuan in 2024, before easing slightly to 117 million yuan in 2025.
The proceeds from the IPO will be used to build facilities capable of producing 3 million controllers and 200,000 steer-by-wire assemblies annually, expand motor production capacity by 4.5 million units per year, establish an intelligent chassis control technology research center and supplement working capital.
