NIO Capital Updates

 

▌NIO Capital’s Ian Zhu Highlights “Dollar per Intelligence” as Key Investment Metric at AVCJ Forum 2025

 

Ian Zhu, Managing Partner of NIO Capital, underscored “Dollar per Intelligence” as a critical new metric for evaluating AI investments during his featured appearance at the AVCJ Private Equity Forum 2025 in Hong Kong. Speaking on the “AI Revolution” panel, Zhu elaborated that this comprehensive metric spans AI models, compute, and energy, noting that companies developing solutions to effectively drive down this intelligence cost are positioned to unlock substantial investment potential.

 

 

▌NIO Capital-backed Dexmal Secures Series A and A+ Funding to Advance Embodied A

 

Dexmal, a company focused on embodied intelligence, announced the completion of its Series A and A+ funding rounds recently. The Series A round was led by NIO Capital. The proceeds will accelerate the company's R&D and deployment of integrated hardware and software for intelligent robots.

 

▌NIO Capital Featured as ESG Case Study in China Private Equity White Paper

 

NIO Capital has been featured as a case study in a white paper on China PE ESG investment practices co-published by the CID and Turbo Net Zero. This recognition highlights the firm’s role as one of China’s pioneering investment institutions in integrating sustainable development principles into its core investment strategy.

 

Portfolio Updates

 

IPO News

 

▌Pony.ai Debuts on HKEX, Completing Dual-Primary Listing in US and Hong Kong

 

Autonomous driving company?Pony.ai?began trading on the Main Board of the Hong Kong Stock Exchange on November 6, under the stock code "2026".

 

This listing completes the company's dual-primary listing structure, following its initial public offering on Nasdaq in November 2024 under the ticker "PONY", which established it as the first publicly listed company in the global robotaxi sector.

 

 

Milestones

 

▌Hiway Celebrates Production and Delivery Milestone, Launches Smart Warehouse 2.0

 

Hiway, a smart cockpit solution provider, celebrated a major manufacturing milestone with the roll-off of its 5 millionth component—a 21.4-inch Mini LED ceiling screen—from its smart factory in Wuhan. This screen, featured across the NIO ES8 series, is renowned for delivering an immersive visual experience and exquisite picture quality. Concurrently, Hiway launched its Smart Warehouse 2.0 project, which implements fully unmanned operations to significantly boost logistics efficiency.

 

 

▌Dexmal Launches New AI Model and Co-Initiates Embodied AI Benchmark

 

Embodied AI company Dexmal announced two key advancements. First, it launched its MemoryVLA model, designed to overcome temporal dependency challenges (often called the “goldfish memory” problem) in long-horizon robotic tasks, demonstrating leading performance in tests. Second, Dexmal co-founded the RoboChallenge committee with multiple institutions, aiming to drive the standardization and foster open collaboration in real-world embodied AI system evaluation.

 

▌Momenta Achieves Multiple Global Milestones for Its Autonomous Driving Solution

 

Autonomous driving company Momenta reported significant progress on multiple fronts. Its mass-production-ready R6 reinforcement learning large model, installed in the Chery Fulwin A9L, has completed complex road testing in Yunan Province and Chongqing Municipality. 

 

The company also confirmed that its jointly developed advanced driver-assistance system with BMW will enter mass production in specific models in 2026. Furthermore, IM Motors’ strategic model IM6, equipped with Momenta’s Flywheel model-based IM AD system, launched in New Zealand, with deliveries set to begin in December. 

 

▌Standard Robots Unveils Customized Robotic Solutions for Automotive Industry

 

Industrial robotics company Standard Robots has developed a comprehensive and reliable robotic solution specifically for the automotive industry. The offering is tailored to meet the sector’s stringent safety requirements, providing clients with a customized, one-stop solution that spans initial design and deployment to ongoing optimization.

 

▌AUTO AI Unveils Next-Generation AI-Powered Integrated Cockpit & Parking Solution

 

AUTO AI has unveiled its new AI-powered integrated Cockpit & Parking solution. This next-generation cabin-driving fusion system incorporates an AI Agent and 3D Human-Machine Interface (HMI) technologies, aiming to significantly elevate the interactive experience within the vehicle cockpit.

 

▌SINPRO’s New Xiamen Smart Manufacturing Base Begins Operations

 

SINPRO, a provider of automotive-grade environmental perception solutions, has officially commenced operations at its new smart manufacturing production base in Xiamen, Fujian Province. This facility, working in tandem with its existing base, will substantially enhance the company’s overall delivery capacity, enabling it to meet the diverse and large-scale production demands of multiple automakers and L4 autonomous driving clients.

 

 

▌Pony.ai Deploys Latest Robotaxi, Advances Truck Mass Production Program, and Launches Public Robotaxi Pilot

 

Pony.ai announced the deployment of its seventh-generation Robotaxi, which it claims is the world’s first L4 vehicle to achieve full-scenario autonomous driving using a vehicle-grade System-on-Chip (SoC). The company also revealed plans for mass production of its fourth-generation autonomous truck next year through partnerships with Sany Truck and Dongfeng Liuzhou Motor. Additionally, Pony.ai launched a pilot program for its Robotaxi service in Shenzhen, allowing citizens in core districts to book rides via a dedicated app.

 

▌EVTECH Commissions Smart Warehouse System, Boosting Efficiency by 41%

 

EVTECH, a supplier of core components for new energy vehicles, has put into operation a smart warehouse system at its second plant in Anji county, Huzhou city, Zhejiang Province. Utilizing Automated Guided Vehicles (AGVs) and digital twin technology, the system achieves full-process automation, resulting in a 41% increase in warehouse efficiency and reducing the parts preparation cycle to under six hours.

 

▌PCG Power Advances Distributed Solar Projects Across Asia-Pacific Region

 

Comprehensive energy management service provider PCG Power is concurrently advancing new distributed photovoltaic projects both in China and overseas. Construction has begun on sites in Sulawesi, Indonesia, and several Chinese provinces, totaling approximately 80MW in capacity. These projects are designed to serve high energy-consuming industries such as automotive and electronics. 

 

▌Ronbay Technology Upgrades Battery Materials and Secures Major CATL Supply Deal

 

New energy materials producer Ronbay Technology reported progress in its product line and a major supply agreement. The company is upgrading its mid- and high-nickel products, achieving breakthroughs in energy density, cycle life, and power performance, with volume scaling expected from 2026. In a significant development, Ronbay has become the primary supplier of sodium-ion cathode powder for CATL, securing a long-term contract for 60% of the battery giant‘s annual procurement volume in this category.

 

▌HydoTech Launches Wind-to-Hydrogen Solution for World‘s Largest Green Methanol Project

 

HydoTech, a green hydrogen solutions provider, has launched a large-scale wind-to-hydrogen solution for the world’s first commercial green methanol project. The company introduced its HydoLyser® X electrolysis system and the HydoPlant workshop-level solution to tackle the challenge of producing hydrogen from intermittent wind power. The green methanol from this project will be supplied directly to global shipping leaders like Maersk and Hapag-Lloyd, supporting the maritime industry’s decarbonization. With a target annual capacity of 1.45 million tons by the end of 2027, the project is poised to be a landmark in the chemical industry’s green transition.

 

 

Cooperation and Win-win

 

▌AlphaESS Establishes Strategic Joint Venture in Switzerland

 

Solar energy storage provider AlphaESS has established a strategic foothold in Europe by forming a joint venture in Switzerland. The company, alongside partners Stucky International and Voltify Systems, formally signed an agreement and set up Alpha Energy Swiss SA in Lausanne.

 

▌Pony.ai and Sunshine Mobility Deepen Strategic Partnership for Autonomous Mobility

 

Pony.ai has entered a strategic partnership with ride-hailing platform Sunlight Mobility (Yangguang Chuxing), deepening their collaboration that began in June 2024. The upgraded partnership will involve comprehensive technical and operational cooperation across autonomous service operations, dispatch system development, and fleet management, aiming to pioneer efficient and scalable business models for the autonomous mobility industry. 

 

▌NewLink Partners with Chongqing Yuzhong District to Build Integrated Energy Digital Platform

 

Energy digitalization firm NewLink has signed a cooperation agreement with Yuzhong District in Chongqing. As part of the agreement, NewLink plans to invest RMB 200 million to build an integrated oil-and-electricity digital platform. This initiative is designed to provide intelligent upgrade support and comprehensive supply chain solutions for local energy refueling and charging stations.

 

Going Global

 

▌LimX Dynamics Showcases Advanced Humanoid Robots at Abu Dhabi Expo

 

Robotics firm LimX Dynamics garnered international attention at the DRIFTx expo in Abu Dhabi, UAE. The company showcased its full-size humanoid robot, Oli, and its bipedal robot, TRON 1, in multi-scenario demonstrations that highlighted advanced capabilities in gait control, stair climbing, and human-robot interaction.

 

 

▌AlphaESS Expands African Presence with New Subsidiary in Kenya

 

AlphaESS has expanded its presence in Africa with the official opening of its subsidiary in Kenya. This move marks the beginning of a new chapter for the company in empowering the continent’s energy transition through its solar and storage solutions.

 

 

▌CALB and AlphaESS Showcase Innovations at Australian Energy Expo

 

Lithium battery technology leader CALB and energy storage provider AlphaESS showcased their latest products and solutions at the All Energy Australia 2025 exhibition, engaging with the Australian and Asia-Pacific renewable energy market.

 

▌TrunkTech Shares Autonomous Logistics Achievements at Belt and Road Forum

 

TrunkTech, a provider of L4 autonomous trucking technology, participated in the “2025 Belt and Road Trade and Investment Forum organized by the China Council for the Promotion of International Trade (CCPIT). The company shared its achievements in deploying autonomous driving solutions in countries along the Belt and Road initiative, with a focus on smart logistics applications at ports and land crossings.

 

▌HydoTech Obtains CE Certification at China International Import Expo

 

At the China International Import Expo (CIIE), HydoTech achieved a key milestone for its European market expansion. During a roundtable hosted by SGS, the company was awarded the CE certificate for its water electrolysis hydrogen production system, confirming its compliance with EU standards and its readiness for system-level delivery in the European market.

 

▌INGIN Holds Technology Festival, Debuts Smart Vehicle Access Innovations

 

Automotive component provider INGIN held its fourth technology festival, where it unveiled two innovations: the INGIN SST side door system, which boasts a 20% improvement in response speed, and its first-generation AI agent, “Xiao Jing.” These launches position the company in the smart vehicle access sector.

 

Sustainable Business

 

▌INFY Supports National Games and Biopharma Park with Energy Storage Solutions

 

INFY played a supporting role in the 15th National Games of China while advancing green energy in the biopharma sector. For the Games, it deployed solar-integrated supercharging and Vehicle-to-Grid (V2G) stations in Shenzhen. Separately, it commissioned a 964kWh liquid-cooled energy storage system in a Guangzhou biopharmaceutical park to provide peak shaving and grid stability services.

 

▌PCG Power Commits to Net-Zero at UN Climate Conference Side Event

 

PCG Power participated in an official side event at the United Nations Climate Change Conference (COP). During the event, the company signed the 100% green electricity 2025 action consensus, committing to achieve net-zero carbon emissions across its operations and value chain no later than 2050.

 

 

▌HydoTech Presents Hydrogen Vision at Saudi Future Investment Summit

 

HydoTech contributed to the dialogue on future energy at the Saudi Future Investment Initiative (FII) Summit. The company presented its expertise in electrolysis technology and outlined pathways for integrating renewable energy with hydrogen production through Power-to-X (P2X) solutions.

 

▌INGIN Earns Shanghai Green Factory Certification

 

INGIN has successfully obtained a Shanghai municipal green factory certification. The achievement was made possible through optimized vertical production line layouts and the adoption of distributed photovoltaic power generation, leading to a 15% reduction in the company’s annual comprehensive energy consumption.

 

Honors

 

▌XREAL Recognized on Forbes List for Globalizing Brands

 

AR glasses company XREAL has been recognized on a Forbes list highlighting globalizing Chinese brands. This accolade comes as the company’s cumulative global shipments of its AR products have surpassed 700,000 units.

 

 

▌AlphaESS Named Tier 1 Energy Storage Manufacturer by BloombergNEF

 

AlphaESS has been named a Tier 1 energy storage manufacturer in BloombergNEF’s global ranking for the fourth quarter of 2025. 

 

 

▌PCG Power and Chairman Receive Dual Honors from Forbes

 

PCG Power secured a double honor from Forbes. The company’s Chairman, Li Wenxuan, was named among the top 100 most influential Chinese elites recognized by Forbes China. Simultaneously, the global initiative launched by the company, PCG Global, was featured on the “ Forbes China Go-Globalization Series Selection” list.

 

▌United Winners Garners Multiple National Accolades and Standardization Role

 

United Winners, a laser technology company, announced a series of national recognitions. Its Jiangsu subsidiary was designated as a National-Level “Little Giant” specialized and innovative SME and was also listed as a National Manufacturing Single Champion Enterprise. Furthermore, another subsidiary, Chuangying Guangneng, took the lead in drafting and obtained approval for a group standard concerning ultra-fast laser scribing equipment for perovskite photovoltaic modules.

 

▌Hiway Ranked Among Top Wuhan Firms and Achieves Automotive Cybersecurity Certification

 

Hiway has been honored with dual recognitions in Wuhan, Hubei Province, being ranked among the city’s Top 100 Private Enterprises and Top 50 Private Manufacturing Enterprises. In a significant step for product security, the company also obtained the ISO/SAE 21434 certification for automotive cybersecurity management systems.

 

▌INGIN’s Active Rear Wing System Wins Gold Gear Award

 

INGIN’s “Adaptive Intelligent Active Rear Wing System” has been awarded the “Best Technology Practice Application Award” by Gasgoo, a prestigious honor in the Chinese automotive industry.

 

▌RT Hightech Appears on Two Regional Manufacturing Rankings

 

Lithium battery materials producer RT Hightech has been featured on two important regional manufacturing rankings. Its Hubei unit was listed among the “Top 100 Hubei Manufacturing Enterprises,” while its subsidiary in Mianyang, Sichuan Province, was included in the “Top 50 Mianyang Manufacturing Enterprises.”

 

▌BIBO Wins Two Major Automotive Industry Awards

 

Intelligent chassis solution provider BIBO recently won two major industry awards. Its Intelligent Suspension Air Supply System (BAS) received the “Best Technology Practice Application Award” by Gasgoo. Concurrently, its Integrated Brake-by-Wire System (BIBC) was honored with the “Brake System Technology Excellence Breakthrough Award” at the AEE 2025 Rock Awards.

 

 

▌INFY Recognized as National Manufacturing Single Champion

 

INFY has been recognized as a National Manufacturing Single Champion Enterprise (Ninth Batch) by Chinese authorities. This prestigious title was awarded based on the company’s leading position and market share in the electric vehicle charging module sector.

 

▌Rhino Wins Prizes in Prestigious Startup Competitions

 

AI chip company Rhino achieved notable success in two regional startup competitions. It won second prize in the enterprise category of the “Maker Beijing” contest and secured second place in the team category of the “Venture Jiangsu” competition.

 

▌EVTECH Honored with Triple Awards in Huzhou for 2025

 

EVTECH was honored with three significant awards from Huzhou city for the year 2025, being recognized among the Top 50 Private Enterprises for Employment, the Top 50 for R&D Investment, and the Top 50 Rising Star Enterprises.

 

▌AICT’s Innovation Wins Gold Medals at National and International Invention Exhibitions

 

Smart transportation solutions provider AICT’s innovation, the “On-device AI Computing Equipment and Applications,” has garnered a string of prestigious awards. It won the Gold Award at the National Invention Exhibition in China, followed by the Gold Medal and Special Award at the 39th International Festival of Innovation, Knowledge and Creativity TESLA FEST 2025 held in Serbia, golden medal at the ARCA 25, the 23rd edition of the International Exhibition of Inventions and IFIA Best Invention Award.

 

▌Ronbay Technology Makes Debut on Hubei Top 100 Enterprises List

 

Ronbay Technology has, for the first time, been ranked among the “Hubei Top 100 Enterprises,” a list that recognizes the most influential companies in the province based on comprehensive strength.

 

▌Yuan Planet Wins Third Prize in HICOOL 2025 Global Entrepreneurship Competition

 

Used car component supplier Yuan Planet achieved third prize in the highly competitive “HICOOL 2025 Global Entrepreneurship Competition,” an event designed to attract and support top global talent and startups.

 

▌BoCloud Honored for Open-Source Contribution and AI Project Excellence

 

Cloud computing service provider BoCloud received two distinct honors. It was named an “Outstanding Contributor” by the openEuler open-source community. Additionally, its AI Container Cloud project was awarded the First Prize in the Guangdong Electric Power Science and Technology Awards.

 

▌CALB’s Innovations Recognized in National Patent and Green Technology Rankings

 

Leading battery manufacturer CALB received dual acknowledgments for its innovation. Its L221 lithium battery patent case was selected as one of the national Top 20 exemplary cases in the “Hundred Chains, Thousand Enterprises” initiative. Furthermore, its energy storage battery system was recognized as a Green Technology Innovation Case.