Mainline Tech IPO Rush: L4 Trucks & CATL Battery Boom

In a pivotal moment for China's autonomous driving and EV battery sectors, Mainline Technology (主线科技), a leader in L4-level autonomous trucks, submitted its IPO application to the Hong Kong Stock Exchange on December 11, 2025. Founded by ex-Baidu expert Zhang Tianlei, the company boasts a post-money valuation exceeding 38.6 billion RMB and has delivered over 830 smart trucks. This news coincides with CATL dominating China's November 2025 battery market with massive sales growth, underscoring the explosive momentum in Chinese EV technologies amid robust export surges.

Mainline Tech Charges Toward IPO with L4 Autonomy Leadership

Mainline Tech, established in Beijing's Economic-Technological Development Area, specializes in L4 autonomous driving for commercial trucks, pioneering commercial deployments in ports since 2020. Key highlights include:

• Financial Growth: Revenue climbed from 1.12 billion RMB in 2022 to 2.54 billion RMB in 2024 (50.4% CAGR), with H1 2025 at 0.99 billion RMB. Gross margins soared from 3.7% to 22.7% (2024), reaching 30.3% in H1 2025.
• Deliveries and Milestones: 830 smart trucks and 349 intelligent terminals delivered, with nearly 100 million km of intelligent transport mileage (95%+ autonomous).
• Products: AiTruck (L4 trucks with Trunk Master system), AiBox (edge computing terminals), AiCloud (cloud services for car-road-cloud synergy).
• Backers: Investors include NIO Capital, Bosch, iFlytek, and Prologis, fueling a latest 38.6 billion RMB valuation.

Despite net losses narrowing from 2.78 billion RMB (2022) to 1.87 billion RMB (2024), IPO proceeds will boost R&D, supply chains, and market expansion. Mainline holds the top market share in China's closed-road L4 truck scenarios like ports.

CATL Powers Ahead: November Battery Sales Hit 179.4 GWh

China's battery market surged in November 2025, with total sales (power + others) reaching 179.4 GWh, up 8.1% MoM and 52.2% YoY, per the China Automotive Power Battery Innovation Alliance. Power batteries dominated at 134.0 GWh (52.7% YoY growth).

• Leaders: CATL topped combined and power battery sales, followed by BYD, CALB (combined) and Gotion High-Tech (power).
• Installations: Domestic power battery installs hit 93.5 GWh (39.2% YoY), with LFP at 75.3 GWh vs. ternary at 18.2 GWh.
• Exports Boom: 32.2 GWh exported (46.5% YoY), power batteries at 21.2 GWh (70.2% YoY).
• YTD: Cumulative sales 1,412.5 GWh (54.7% YoY), installs 671.5 GWh.

This data reflects China's EV supply chain strength, enabling autonomous tech like Mainline's trucks.

Why This Matters: Fueling Global EV and Autonomy Race

Mainline's IPO signals maturation of L4 autonomous trucking in China, where ports and highways are proving grounds for scalable logistics. Backed by heavyweights like NIO Capital and Bosch, it challenges global players amid Tesla and Waymo's pursuits. CATL's dominance (with BYD close behind) ensures battery supply for these systems, with exports up 44.2% YTD highlighting China's edge over Western shortages.

In context, EU delays to 2035+ on ICE bans open doors for Chinese PHEVs and range-extenders, boosting demand for CATL/BYD tech.

Looking Ahead: Scaling Autonomy and Batteries Worldwide

Mainline's listing could value it at billions, accelerating L4 truck adoption in logistics (e.g., partnerships with Sinotruk, FAW). Paired with CATL's 50%+ growth, expect Chinese firms to capture more global market share in 2026. Watch for Mainline's supply chain builds and CATL's export ramps as EVs hit mainstream.