DeepWay Technology Co, a Chinese mainland company that makes technology for heavy-duty trucking, has raised about 1.2 billion yuan ($173 million) in a funding round ahead of a planned initial public offering in the Hong Kong Special Administrative Region.

Temasek Holdings Pte-backed ABC Impact, Lenovo Capital and Puhua Capital invested in the pre-IPO funding round, as well as battery maker Sunwoda Electronic Co, according to a statement seen by Bloomberg News.

Founded in 2020, DeepWay develops assisted-driving tech and freight solutions for heavy-duty electric trucks. The Anhui-based firm, which also counts Baidu Inc as an early backer, filed for an IPO in Hong Kong in November.  

While DeepWay’s revenue was 1.5 billion yuan in the first six months of 2025, the company hasn’t yet made a profit, its prospectus shows.