China’s EACON Group becomes the world’s first listed autonomous mining vehicle company after its debut on the HKEX on 8 July, raising HKD3 billion (USD383 million). Davis Polk, Zhong Lun Law Firm, Morgan Lewis and Tian Yuan Law Firm provided legal support.
The company issued 26.13 million shares at HKD87.92 each. The IPO attracted 11 cornerstone investors, including Zijin Mining subsidiary ZIJINNING, Fidelity International, JPMorgan, Barings and GF Fund Management. Haitong International acted as the sole sponsor.
Davis Polk acted as the issuer’s Hong Kong and US legal counsel. The team was led by partners He Li, Jason Xu and Li Ran, with support from counsel Sabrina Ma and Raymond Lai.
Zhong Lun advised the issuer on PRC law, with partner Jiang Haoxiong serving as overall co-ordinator. Partners Jia Haibo and Yu Juanjuan participated in the transaction, and partner Liu Xinyu advised on data compliance matters. Morgan Lewis counselled on US outbound investment law.
Tian Yuan acted as PRC and Hong Kong legal counsel to the underwriters. The PRC team was led by managing partner Wu Guanxiong, with support from partners Cui Chengli and Zhao Wei. The Hong Kong team was led by managing partner Nan Li, with partner Isabelle Wu and international partner Jora Guo participating.
Headquartered in Fujian province, EACON was founded in 2018 and focuses on autonomous driving technology and transport operation services for the mining industry. It provides solutions for large open-pit mines operating in complex environments with limited labour supply and stringent safety requirements.
Market researcher Frost & Sullivan said EACON ranked first in China’s commercial autonomous driving market by revenue in 2025.
The prospectus stated the IPO proceeds would be used for hardware and software R&D, information technology development, overseas expansion, talent acquisition, strategic partnerships and acquisitions, as well as working capital and general corporate purposes.
