World’s First Autonomous Mining IPO Draws Top-Tier Cornerstone Lineup Including Fidelity, JPMorgan, and Barings

HONG KONG, June 29, 2026 /PRNewswire/ — EACON Group Co., Ltd. (“EACON”, Stock Code: 07687.HK) launched the global offering of its H-shares today, marking the official start of its Hong Kong listing process. According to an announcement on the HKEX website, EACON plans to offer 26,132,000 shares globally, targeting gross proceeds of approximately HK$2.12 billion to HK$2.30 billion.

As the world’s largest provider of autonomous driving solutions for mining areas, EACON has secured a premium cornerstone investor base for its Hong Kong listing. Eleven institutional investors — Zijin Mining, XCMG, Fidelity International, J.P. Morgan Asset Management (Asia Pacific) Limited, Barings, Indus Funds, Jain Global, REGAL, GF Funds, CDH, and Seven Grand — have committed capital as cornerstone investors, taking total cornerstone subscriptions to the regulatory cap of approximately 50% of the offering. The roster spans global industry leaders, blue-chip international long-term capital, multi-strategy funds and leading Chinese institutional money, a vote of confidence that arrives amid broader market volatility and positions EACON to debut as the world’s first listed autonomous-mining-truck company.

Industry Leaders and Global Asset Managers Anchor the Cornerstone Tranche

EACON is a technology company focused on autonomous driving for mining operations, having built a full-stack L4 autonomous driving system and integrated hardware-and-software solutions purpose-built for heavy-duty mining trucks. Amid intensifying competition to commercialise L4 autonomous driving, EACON has established a clear first-mover and technology advantage that has drawn sustained investor interest from inside and outside the industry.

According to the prospectus, EACON has completed 11 financing rounds since its founding, raising a cumulative RMB 2.059 billion from investors including Zijin Mining and CATL, alongside institutions such as NIO Capital, Eight Roads, Hony Capital and Gaocheng Capital.

Zijin Mining — the world’s third-largest mining company by market capitalisation — first recognised the value of EACON’s technology in 2021, leading the company’s Series B1 round, and added more than RMB 300 million alongside other institutions in 2024. Ahead of EACON’s listing application, CATL invested over RMB 400 million to co-lead its Series D round. In this offering, Zijin returns as a cornerstone investor, with its global resource footprint expected to support EACON’s international expansion. XCMG, a construction-machinery manufacturer consistently ranked among the world’s top three and number one in China, has also come in as a cornerstone investor — underscoring how EACON has become a pivotal connector between mine operators and equipment manufacturers across the value chain.

Beyond industrial-sector backing, EACON has drawn a broad base of global long-term capital, including top-ten international asset managers Fidelity International, J.P. Morgan and Barings; multi-strategy funds Indus Funds, Jain Global and Regal; emerging US manager Seven Grand; and leading Chinese long-term investors GF Funds and CDH. Notably, Regal (ASX: RPL), an Australian asset manager founded in 2004 with a strategy heavily weighted toward resources and mining, is participating as a cornerstone investor in a Hong Kong IPO for the first time in more than two decades — signalling confidence in EACON’s prospects for expansion into the Australian market.

From 30 Mines to a US$7.3 Billion Global Market by 2030

The depth of this cornerstone lineup reflects EACON’s commanding industry position. The company is the first — and currently only — operator to deploy a fleet of more than 2,500 active autonomous mining trucks, giving it a 55.5% share of China’s autonomous mining solutions market by vehicle count in 2025, across coal, metal and non-metal mining sites.

EACON’s solutions are deployed across 30 mines operated by groups including CHN Energy, SPIC and TBEA, covering 19 of the 41 domestic open-pit coal mines with approved annual capacity above 10 million tonnes and 7 of the country’s top 12 large open-pit coal mines by approved capacity. EACON has ranked first by scale in China’s autonomous mining services market for two consecutive years.

As of 31 December 2025, EACON operated 2,580 active autonomous mining trucks, the largest fleet globally. Annual haulage mileage rose from 4.6 million to 61.8 million kilometres, and annual material volume grew from 30.6 million to 308 million cubic metres, while the company maintained a safe operating record for six consecutive years. According to Frost & Sullivan, the global autonomous mining solutions market is projected to grow from approximately US$1 billion in 2025 to US$7.3 billion by 2030, a compound annual growth rate of approximately 47.4%.

As artificial intelligence converges with the physical world, autonomous driving is emerging as a critical link in the physical-AI value chain. Through its scaled deployment of autonomous trucks and digital mining platforms, EACON has built a closed-loop system spanning mining-focused embodied intelligence, physical AI and spatial intelligence — a barrier built on physical data collection, mechanism-based reasoning and global coordination, positioning the company for accelerating near-term automation in open-pit mining and significant medium-to-long-term upside.

As autonomous mining trucks take on work in hazardous environments, the technology is becoming a core driver of the broader shift toward intelligent, large-scale mining operations — enhancing safety while opening the door to commercialisation across the sector. Backed by a deep bench of capital, EACON is positioning itself at the forefront of that transition.

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