GLB Files For Hong Kong IPO; Can It Diversify Beyond Geely?

GLB Intelligent Power Technologies, an automotive electronics and power systems provider, has filed for a Hong Kong IPO. The company has experienced explosive growth driven primarily by its relationship with Geely, with Geely-related revenue accounting for 87.2% of total turnover in 2025. While the power-domain solutions market is projected to grow significantly, GLB faces risks from overreliance on Geely and competition from established suppliers with more diversified customer bases.