Afari Technology Eyes Hong Kong IPO Backed by Geely; Yin Qi Seeks “Bell-Ringing” Milestone
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Afari Technology has submitted a prospectus in preparation for an IPO on the Hong Kong Stock Exchange, marking a key step toward becoming an A+H dual-listed company.
On October 16, 2025, Chongqing Qianli Technology Co., Ltd. (now known as Afari Technology) has submitted a prospectus in preparation for an IPO on the Hong Kong Stock Exchange, marking a key step toward becoming an A+H dual-listed company and fulfilling founder Yin Qi’s ambition to ring the opening bell.
From Lifan to Afari: Rebirth under Geely’s Wing
Afari Technology traces its roots to Lifan Technology, founded by former Chongqing tycoon Yin Mingshan. After years of losses amid downturns in the auto sector, Lifan underwent bankruptcy restructuring in 2020 under the leadership of the Chongqing municipal government and input from Geely Group and state-owned investment arms. The restructured company was renamed Qianli Technology (ticker 601777), retaining its original stock code.
During this transformation, Yin Qi — notable for founding AI firm Megvii — was brought in to lead Afari. His prior attempt to list Megvii via Hong Kong in 2019 failed, and the company eventually turned to the STAR Market (China’s science-innovation board). The push now is to realize his long-held vision of taking a company public on the Hong Kong bourse.
Financials & Growth: Revenue Soars, Losses Persist
In the first half of 2025, Afari reported revenue of ¥4.149 billion ($576 million) — a 40% increase from ¥2.955 billion ($410 million) in the same period last year. However, it still posted a net loss of ¥116 million ($16 million). The gross profit margin slipped to 5.5%, from 6.4% year-on-year.
Over 2022 to 2024, the company’s revenue was ¥8.627 billion ($1.20 billion), ¥6.698 billion ($931 million), and ¥6.964 billion ($967 million) respectively, while net profits turned negative in 2023 and 2024. In terms of business mix, Afari’s automotive segment contributed ¥2.6 billion ($361 million) (62.6% of revenues) in H1 2025, while its motorcycle business accounted for ¥1.277 billion ($177 million) (30.8%). Over the period 2022–H1 2025, dealings with Geely and its affiliates made up a substantial share of both Afari’s purchasing and revenues, positioning Geely as both a key supplier and customer. Afari held ¥1.9 billion ($264 million) in cash and equivalents as of June 30, 2025.
Strategic Moves & Shareholding Shifts
In a notable transaction, Mercedes-Benz Digital Technologies (Shanghai) acquired approximately 3% of Afari’s shares (135.6 million shares) from Lifan Holdings for ¥9.87 ($1.37) per share, in a deal worth roughly ¥1.338 billion ($186 million). Following the transfer, Lifan’s stake fell from 13.68% to 10.68%, while Mercedes’ holding rose to 3%. The buyer committed not to reduce its holdings within 12 months. Afari’s founder Yin Qi expressed enthusiasm about potential strategic collaboration with Mercedes in both intelligent driving and cockpit technologies.
Meanwhile, Afari’s board structure features Yin Qi and Xu Huanchun as executive directors; nonexecutive and independent directors from AI, auto, and government backgrounds also sit on the board. In July 2024, Yin Qi spent ¥2.43 billion ($338 million) to acquire a 19.91% stake in Lifan via share transfer and was appointed chairman in October of that year.
Geely’s founder Li Shufu has publicly backed Yin Qi’s vision, praising his potential and calling for alignment, conviction, and unity in building Afari’s future.
Technology Strategy & Market Positioning
Afari is positioning itself as an AI-native mobility tech firm offering three core solutions: intelligent driving, intelligent cockpit systems, and full-chain Robotaxi services. Its intelligent driving products are based on its proprietary Reinforcement Learning–Multimodal (RLM) model, covering levels from L2 to L4 autonomous driving. In the cockpit domain, Afari is developing “AgentOS,” a multimodal interaction platform blending natural user interfaces.
Earlier in 2025, the company launched “Qianli Zhijia 1.0,” an L2+ driver assistance system, and shared development roadmaps toward L3 and L4 systems. On September 28, it unveiled its English brand name “AFARI” and a renewed brand identity in intelligent cockpits. Afari aims to complete its entire Robotaxi industry layout within the next 18 months, working alongside automakers (including joint efforts with Geely) and mobility service providers.
Outlook & Challenges
If Afari succeeds in its Hong Kong IPO, it will join the ranks of A+H dual-listed Chinese firms, and Yin Qi will realize a personal milestone of ringing the bell in Hong Kong. The company must navigate pressures from recurring losses, dependency on Geely, and execution risks in highly competitive AI automotive segments. That said, the inbound support from Mercedes, strategic alignment with Geely, and the founding leadership of Yin Qi may give Afari a differentiated pathway in China’s fast-evolving intelligent mobility sector.
