JiaChen Intelligent, a company that provides "brains" for industrial forklifts, is preparing for an IPO review at the Beijing Stock Exchange on February 12, 2026. The company specializes in integrating motion control and Internet of Vehicles technologies to enable intelligent operation and remote monitoring of forklifts. Its products are also expanding into excavators and mobile robots.
JiaChen's client portfolio includes industry giants such as Hangcha Group, Anhui Heli, BYD, and Nuoli. From 2022 to 2024, the top five customers contributed over 80% of the company’s revenue, indicating high customer concentration. Among them, Hangcha Group holds a 22.22% stake in JiaChen, making it the second-largest shareholder. Sales to Hangcha accounted for more than half of JiaChen’s revenue during this period, ranging between 1.6 billion and 1.8 billion yuan annually.
This close relationship has helped drive revenue growth. Between 2022 and the first half of 2025, JiaChen’s revenue reached 336 million yuan, 376 million yuan, 382 million yuan, and 191 million yuan, respectively. Net profits during the same period were 56.623 million yuan, 49.2749 million yuan, 57.3747 million yuan, and 30.8272 million yuan.
However, regulators have raised concerns about the fairness of related-party transactions. JiaChen’s gross margin on sales to Hangcha was higher than the average for other customers in 2022 and 2023. The company explained that this was due to lower margins from highly competitive sales to Anhui Heli and Nuoli. Excluding these two clients, margins with Hangcha were actually below average.
Supplier concentration is another issue. From 2022 to 2024, JiaChen’s top five suppliers accounted for over 65% of total procurement. Its largest supplier, Sapai Group, alone represented between 45.94% and 69.96% of purchases. Notably, JiaChen has a "bet-style" procurement agreement with Sapai: if purchase volumes fall short, JiaChen must pay 10% of the shortfall as compensation.
This is not JiaChen’s first attempt at an IPO. In June 2022, the company applied to list on the STAR Market, seeking to raise 536 million yuan. The effort failed, and JiaChen later shifted to the Beijing Stock Exchange, reducing its fundraising target to 260 million yuan—a 51.5% cut.
Adding to the challenges, the company’s controlling shareholder, Yao Xin, was involved in a commercial bribery case. Between 2015 and 2018, Yao gave 80,000 yuan in cash to Jiang Ming, then-general manager of a Zoomlion subsidiary, to facilitate payment collection. Although Yao was not charged, as the payments were deemed not for improper gains, the incident likely impacted the earlier IPO attempt.
Accounts receivable have since surged, nearly doubling in 2024 to 97.5638 million yuan and accounting for over a quarter of current assets. JiaChen acknowledges that any downturn in client operations could lead to bad debts.
Facing intense scrutiny over customer and supplier dependence, rising receivables, and past controversies, JiaChen Intelligent’s latest IPO bid remains under the spotlight.
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