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News  ›  Benzinga

Cheng-Tech Motors Files For Hong Kong IPO To Tap Self-Driving Tech Boom

Benzinga Logo Benzinga By Bamboo Works
Cheng-Tech Motors Files For Hong Kong IPO To Tap Self-Driving Tech Boom

Cheng-Tech, China's third-largest millimeter-wave radar maker, has filed for a Hong Kong IPO to capitalize on the autonomous driving boom. The company reported 464% revenue surge in H1 2025, but faces significant risks from 97.4% customer concentration with BYD. While the millimeter-wave radar market is growing at 13.1% annually, Cheng-Tech's valuation could be challenged by its heavy customer reliance and smaller scale compared to competitors.

Insights
WBD   positive

Attracting multiple high-profile bidders like Paramount, Comcast, and Netflix, indicating strong market interest


BYDDY   positive

BYD's dominant position as Cheng-Tech's primary customer (97.4% of revenue) reflects strong demand for millimeter-wave radar in its EV production, indicating robust autonomous driving adoption in BYD's vehicle lineup.