Yushi Technology is heading towards a Hong Kong IPO, with its newest top client having a registered capital of only 1 million yuan.

Voyant Technology is seeking an IPO on the Hong Kong Stock Exchange. During the reporting period, the company’s revenue increased significantly, but it has not yet turned a profit. Customer H became the company’s largest client in the first year of cooperation. Its registered capital is small, and its credit period is notably longer than that of other major clients. Additionally, some information disclosed in the prospectus is contradictory.

Source: Visual China Group

Revenue surged but the company remains unprofitable; the new largest client has a registered capital of only 1 million yuan

Voyant Technology (Beijing) Co., Ltd. (hereinafter referred to as Voyant Technology) is a provider of autonomous driving solutions. Its main products and services include autonomous vehicle solutions, kit solutions, software solutions, and vehicle leasing services, accounting for 55.2%, 18.4%, 25.4%, and 1% of revenue in 2024, respectively.

In May 2025, Voyant Technology filed its first application with the Hong Kong Stock Exchange. However, it failed to complete the listing within six months of the initial filing, causing the first application to lapse. In November 2025, the company filed again.

L4-level autonomous driving is core to the company’s business. The prospectus states that all autonomous vehicle solutions provided during the reporting period are classified as L4 technology. It is also noted that, based on 2024 revenue, Voyant Technology is the largest provider of L4 autonomous driving solutions for airport and factory scenarios in Greater China.

The prospectus shows that from 2022 to the first half of 2025, Voyant Technology’s revenue was approximately 65.54 million yuan, 161.36 million yuan, 265.50 million yuan, and 98.65 million yuan, respectively, with year-over-year growth rates of 48.3%, 146.4%, 64.5%, and 50.3%.

However, the company remains in continuous loss. The net loss attributable to the parent company’s owners was 249.717 million yuan, 212.402 million yuan, 207.511 million yuan, and 107.04 million yuan for 2022-2024 and the first half of 2025, respectively. Despite significant revenue growth, the company’s loss situation has not improved.

Voyant Technology states that, based on current sales momentum, order backlog, and profit margin improvement strategies, it expects to achieve net breakeven within 2 to 3 years.

At the end of each reporting period, the total number of employees was 478, 492, 437, and 442. The company has a relatively high employee turnover rate; for example, the turnover rates for male employees were 32%, 27%, 41%, and 7% across the periods.

Additionally, retention of key clients has dropped sharply. During each period, the retention rates of key clients (those contributing over 10 million yuan in revenue during the performance record period) were 100%, 75%, 75%, and 40%. The company attributes the lower retention rate in the first half of 2025 to seasonal factors.

In each period, revenue from the top five clients was approximately 37.65 million yuan, 106.526 million yuan, 122.679 million yuan, and 81.603 million yuan, accounting for 57.6%, 66.0%, 46.2%, and 82.8% of total revenue, respectively.

It is noteworthy that in the first half of 2025, the largest client was Client H, with sales of 21.39 million yuan, accounting for 21.7% of the company’s revenue.

According to the prospectus, Client H is a private software development company with a registered capital of 1 million yuan, a relatively small scale. The partnership began in 2025, and Client H became the largest client that same year. Additionally, Voyant Technology extended a credit period of 2 to 13 months to Client H, while for other major clients, the maximum credit period was 6 months (180 days), and the minimum was just 15 days after project completion.

Contradictions in disclosed information

There are many contradictions in the information disclosed in Voyant Technology’s prospectus.

For example, the “Board and Senior Management” section states that in 2024, the total compensation for directors (including salary, performance bonuses, allowances, physical benefits, pension contributions, and equity-settled share-based payments) was 1.1 million yuan.

However, the “Director and Supervisor Compensation” section shows that only three executive directors—Wu Gansha, Zhou Xin, and Jiang Zongzhe—had a total salary of 1.623 million yuan in 2024, which is significantly higher than the approximately 1.1 million yuan mentioned earlier.

Similarly, the “Remuneration of Directors and Senior Management” section states that from 2022 to 2024, the total compensation for the five highest-paid employees was 93 million yuan, 102 million yuan, and 90 million yuan, respectively.

Yet, the “Top Five Highest Paid Employees” section shows these amounts as 10.001 million yuan, 11.72 million yuan, and 11.91 million yuan, all exceeding the previous figures.

Regarding suppliers, the prospectus states that Supplier B was the company’s fourth-largest supplier in 2022, based in Shanghai, engaged in R&D and sales of sensors and lidar products, and listed on NASDAQ. As of December 31, 2024, its total assets were 6 million yuan. In 2022, Voyant Technology’s procurement from Supplier B was 6.63 million yuan.

Hesai (HSAI.O, 02525.HK) listed on NASDAQ in February 2023. According to its Hong Kong IPO prospectus, Hesai is headquartered in Shanghai and mainly engaged in the design, development, manufacturing, and sales of lidar.

However, the Hong Kong IPO prospectus states that Hesai’s total assets at the end of 2024 were 5.99 billion yuan, nearly 1,000 times the asset value of Supplier B disclosed by Voyant Technology.

In addition to the confusing disclosures, the company’s patents are also noteworthy.

According to the National Patent Office website, in July 2021, Voyant Technology applied for both an invention patent titled “Self-locking Mechanism and Logistics Vehicle” (Application No.: 2021108730638) and a utility model patent (Application No.: 2021217657961). The utility model patent description indicates that the same invention was also filed as an invention patent on the same day.

Under Article 9 of the Patent Law, the same invention or creation can only be granted one patent right. If an applicant files both a utility model and an invention patent for the same invention on the same day, and the earlier utility model patent has not been terminated, the applicant can choose to abandon the utility model patent to be granted the invention patent.

This means that for the same invention, the applicant must first give up the utility model patent to obtain the invention patent. However, the National Patent Office website shows that both patents have been granted.