DeepWay, a Baidu-backed developer of intelligent electric heavy-duty trucks, has closed the second tranche of its pre-IPO financing, bringing the total raised to $310 million ahead of a planned Hong Kong listing. The round was led by Stone Venture and notably includes NGS Super, an Australian superannuation fund, signaling international institutional interest in clean freight. DeepWay has delivered approximately 6,400 trucks commercially, with H1 2025 revenue of around $200 million, though the company remains unprofitable. It plans to list under Hong Kong's Chapter 18C regime, which accommodates specialist tech companies that don't meet standard financial eligibility. The company's technology includes driver assistance and intelligent platooning systems, with a long-term goal of fully autonomous freight trucks. Proceeds will fund R&D, operations, and global expansion across Southeast Asia, the Middle East, and Oceania.
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