Yushi Technology(Beijing) Co., Ltd. (Stock Code: 1511.HK) successfully listed on the Hong Kong capital market main board on May 20, 2026. The company is a leading provider of autonomous driving solutions focusing on unmanned L4-level technology in Greater China, specializing in the commercial vehicle sector within enclosed environments such as airports and factory areas. Its business covers logistics, operations, and various motor vehicles, supporting full levels of autonomous driving from L2 to L4. Frost & Sullivan (hereinafter referred to as 'Frost & Sullivan') provides exclusive industry advisory services for the listing of Yisheng Technology (Beijing) Co., Ltd., and hereby warmly congratulates it on its successful listing.
Yus Technology (Beijing) Co., Ltd. (hereinafter referred to as 'Yus Technology') successfully listed on May 20, 2026. The company plans to issue 14.461 million H shares, of which 95% will be international offerings and 5% will be public offerings. The maximum offering price per share is HK$60.30, raising a net amount of approximately HK$795 million.
During the process of listing in Hong Kong this time, Frost & Sullivan mainly undertook the following tasks: helping the issuer accurately and objectively understand its positioning in the target market, using objective market data to discover, support, and highlight the issuer's competitive advantages, assisting the issuer, investment banks, and other intermediaries in completing the relevant parts of the prospectus (such as overview, competitive advantages and strategy, industry overview, business, and other important chapters), helping the issuer complete communication with the Hong Kong Stock Exchange and investors, assisting investors in quickly understanding the market ecosystem and competitive landscape, and assisting the issuer in completing feedback on various industry-related issues from the Hong Kong Stock Exchange.
Frost & Sullivan has always been a leader in helping companies go public in Hong Kong. According to LiveReport's big data (statistical data as of March 31, 2026), during the past 36 months, 12 months, and January to March 2026, Frost & Sullivan provided listing industry advisory services to 195 (market share of 71%), 101 (market share of 73%), and 30 (market share of 77%) Hong Kong-listed IPOs respectively, ranking first in terms of number. It has rich industry experience and communication skills with regulatory authorities, exchanges, investment and financing institutions, and various related agencies.
Part.01
Investment highlights
&bull>The company is the only one in the industry capable of providing large-scale commercial operations for airports globallyLevel 4 autonomous drivingThe solution provider has a product system that complies with the highest international safety standards;
• The company's business covers two major categories: passenger vehicles and commercial vehicles, enabling high-cost-performance scale-out in various application scenarios. Relying on its self-developed technology foundation, massive industry data, professional deep cultivation experience, and a complete range of standardized autonomous vehicles and supporting software and hardware kits, it fully adapts to various implementation scenarios laid out by the company;
• The company serves a high-quality group of blue-chip clients, with cooperative clients including 35 Fortune Global 500 companies in China and around the world.
According to the Frost & Sullivan report, ranked by 2025 revenue:
• The company is the largest provider of L4 autonomous driving solutions for commercial vehicles in airport scenarios in Greater China;
• The company is the largest provider of L4 autonomous driving solutions for commercial vehicles in the Greater China region's factory premises.
Part.02
Overview of Commercial Vehicle L4 Autonomous Driving Solutions
Level 4 autonomous driving is defined as highly automated driving, referring to vehicles that can achieve full autonomous driving under limited conditions. Currently, commercial autonomous driving solutions for commercial vehicles at Level 4 have been commercially implemented in enclosed scenarios such as airports, factories, mining areas, and ports. The road conditions and traffic conditions in such scenarios are usually relatively fixed, making it easier to test and deploy autonomous driving systems. Due to the non-standardization, diversification, and decentralization characteristics of these enclosed scenarios, most suppliers of Level 4 autonomous driving solutions focus on providing integrated vehicle comprehensive solutions.
Meanwhile, autonomous driving technologies for open scenarios such as public buses and logistics transportation are still in the research and development phase. Several companies have already launched pilot projects in related areas. Despite ongoing challenges such as regulatory barriers and insufficient public acceptance, continuous technological progress and various pilot efforts are laying the foundation for their widespread application and promotion.
With the continuous development and maturation of related technologies, commercial vehicle L4 autonomous driving is expected to expand to more open scenarios and complex road conditions, thereby helping logistics, public transportation, and other industries accelerate transformation and upgrading.
Source: Frost & Sullivan report
Part.03
Market Overview of L4 Autonomous Driving Solutions for Commercial Vehicles in a Closed-loop Scenario
Commercial vehicle L4 autonomous driving solutions are gradually being widely applied in enclosed scenarios. Due to the relatively controllable environment in these scenarios, they are an ideal choice for testing and implementing commercial vehicle L4 autonomous driving solutions. In mining areas, ports, airports, and other enclosed scenarios with harsh working environments and high labor costs, commercial vehicle L4 autonomous driving solutions can not only improve operational efficiency and safety but also reduce operating costs.
Leading the market for L4 autonomous driving solutions for commercial vehicles in Greater China. According to Frost & Sullivan data, the market for L4 autonomous driving in closed-loop scenarios for commercial vehicles in Greater China has grown rapidly, with the market size increasing from 900 million RMB in 2021 to 5800 million RMB by 2025, a compound annual growth rate of 59.3%. Benefiting from favorable policies, growing downstream demand, and companies' cost reduction demands, the market growth momentum is expected to continue. By 2030, the market size is expected to reach 535 billion RMB, with a compound annual growth rate of 52.1% from 2026 to 2030.
In terms of the global market, Frost & Sullivan data shows that the market size for L4 autonomous driving solutions for closed-loop commercial vehicles globally has grown from RMB 2 billion in 2021 to RMB 10.3 billion by 2025, with a compound annual growth rate of 50.6%. It is expected to reach RMB 110.1 billion by 2030, with a compound annual growth rate of 53.8% from 2026 to 2030.
Source: Frost & Sullivan report
Part.04
Market Overview of L4 Autonomous Driving Solutions for Commercial Vehicles in Airport Scenes
Airport operations are regulated by high safety standards and strict access procedures. The unique driving environment poses challenges to the driving and operational management of service vehicles. Employees often have to work under various extreme weather conditions, facing high-intensity workloads that lead to labor shortages and rising labor costs. In addition, logistics operations that rely on manpower face significant safety risks under some extreme weather conditions. The scheduling and management of personnel and vehicles are also particularly complex. Airport operators can greatly mitigate the above challenges by applying Level 4 autonomous driving solutions for commercial vehicles, as they can improve work efficiency and reduce risks and costs associated with manual operations.
According to Frost & Sullivan's data, the Greater China market has seen strong growth in recent years, with the market size soaring from RMB 2.12 billion in 2021 to RMB 9.89 billion in 2025, a compound annual growth rate of 47.0%. In the future, it is expected that the market size will reach RMB 174.83 billion by 2030, with a compound annual growth rate of 78.6% from 2026 to 2030. At the same time, the market size for commercial vehicle L4-level autonomous driving solutions in global airport scenarios has increased from RMB 2.71 billion in 2021 to RMB 158.0 billion in 2025, with a compound annual growth rate of 55.4% from 2021 to 2025. Due to rising labor costs and more difficult recruitment, the future development potential of commercial vehicle L4-level autonomous driving solutions in the global market will be even greater, with an expected value of RMB 350.67 billion by 2030, and a compound annual growth rate of 91.7% from 2026 to 2030.
Source: Civil Aviation Administration of China, Frost & Sullivan report
Part.05
Market competition landscape of L4 autonomous driving solutions for commercial vehicles in airport scenarios
According to Frost & Sullivan's data, the market size of L4-level autonomous driving solutions for commercial vehicles in airport scenarios in Greater China reached RMB 9.89 billion in 2025. In 2025, airport scenarios accounted for 0.7% of the global market for L4-level autonomous driving solutions for commercial vehicles; in Greater China, they accounted for 0.8%. The company is the first in Greater China to achieve large-scale commercial deployment of L4-level autonomous driving commercial vehicles in airport scenarios. In 2025, it ranked first among all suppliers of L4-level autonomous driving solutions for commercial vehicles in airport scenarios in Greater China, with a market share of 90.5%.
Source: Official websites of the aforementioned companies, Frost & Sullivan reports
Part.06
Commercial Vehicles in Plant ScenesMarket Overview of Level-4 Autonomous Driving Solutions
The application of Level 4 autonomous driving solutions in factory environments mainly includes driverless tractors, driverless delivery vehicles, and driverless trucks, primarily used for material transportation within factories and production line coordination. The Level 4 autonomous driving solution for commercial vehicles in factory environments can shorten manual operation time and achieve unified scheduling and collaborative operation of various equipment through an intelligent dispatching platform.
According to Frost & Sullivan's data, with the popularization of smart factory areas and intelligent manufacturing concepts, commercial vehicles for factory area scenarios in Greater ChinaThe L4 autonomous driving market is developing rapidly, with the market size increasing from RMB 6.13 billion in 2021 to RMB 14.35 billion in 2025. It is estimated that the market size will reach RMB 17.153 billion by 2030, with a compound annual growth rate of 67.4% from 2026 to 2030. At the same time, the global factory area scenario commercial vehicle L4 autonomous driving market size will reach RMB 2.555 billion in 2025 and is expected to increase to RMB 42.105 billion by 2030, with a compound annual growth rate from 2026 to 2030.73.4%.
Data source: National Bureau of Statistics of China, Frost & Sullivan report
Part.07
Commercial Vehicles in Plant ScenesMarket competition landscape of Level 4 autonomous driving solutions
According to Frost & Sullivan's data,In 2025, the market scale of L4 autonomous driving solutions for commercial vehicles in factory environments in Greater China reached RMB 1.435 billion. In 2025, factory environments accounted for 1.1% of the global market for L4 autonomous driving solutions for commercial vehicles; in Greater China, they accounted for 1.2%. In terms of revenue in 2025, the company ranked first in the market for L4 autonomous driving solutions for commercial vehicles in factory environments in Greater China, with a market share of 31.7%.
Data source: official websites of the above companies, Frost & Sullivan reports
