Logistics EV manager DST files Hong Kong IPO

Co-developed vehicles account for over 75.3% of its managed EV fleet.

DST Sustainable Technology (Shenzhen) Co., Ltd. has filed its application for an initial public offering with the Hong Kong Stock Exchange.

The company operates in China’s logistics electric vehicle (EV) management sector, which is undergoing electrification and digitalisation alongside the expansion of battery charging and swapping networks, scheduling platforms, and service facilities.

DST provides logistics EV management services, EV leasing, and EV sales, supported by a nationwide service network and digital infrastructure covering the EV lifecycle.

The company reports cooperation with 19 original equipment manufacturers (OEMs), covering 89 vehicle models across 26 brands.

Co-developed vehicles account for more than 75.3% of its managed EV fleet.

Its service system includes interoperability with more than 2.8 million charging and battery swapping facilities.

As of the end of 2025, the network covered all prefecture-level administrative divisions in Mainland China, including 419 fulfilment centres and 2,827 maintenance and repair centres.

DST also operates a battery lifecycle system described as a “usage–monitoring–second-life utilisation–recycling” process for power batteries.

It has deployed 474 L4 autonomous vehicles in pilot programmes across logistics scenarios and introduced the DST TC50 autonomous logistics vehicle.

Net dollar retention was 132.8% in 2024 and 134.2% in 2025. Customers with more than three years of cooperation accounted for approximately 92% of managed vehicles.

On the financial front, DST’s revenue increased to RMB4.14b in 2025 from RMB2.35 b in 2023, representing a compound annual growth rate (CAGR) of 32.7%.

Gross margin rose to 21% over the same period. The net loss ratio narrowed from 35.8% to 15.8%.

Adjusted EBITDA grew at a CAGR of 67.6%.