Since the beginning of 2025, the robotics industry chain has entered a wave of capital enthusiasm. According to incomplete statistics from GaoGong Robotics, as of October 16, 2025, nearly 50 companies in the robotics chain have disclosed new progress in their IPOs, spanning the three core areas of robotics hardware, key components and accessories, and system integration. Specifically, there are 26 companies focused on robotics hardware (including those involved in component and accessory businesses), 15 companies in core components and accessories, and 7 system integrators.
From the latest developments of these companies, 9 have successfully gone public so far, 6 have terminated their IPO reviews, 8 are awaiting approval, 24 have submitted applications to the Hong Kong Stock Exchange, 1 has been registered by the Hong Kong Stock Exchange, and another is preparing to go public in Hong Kong.
The 9 companies that have "landed" in the Hong Kong market have established it as their core base. Since 2025, a total of 9 companies in the robotics chain have successfully entered the capital market, with a distribution pattern that shows a "Hong Kong stock market dominance, A-share supplementary, and US stock market embellishment." Specifically, two companies, Sanxie Electromechanical and Sican Technology, are listed on the A-shares, while six companies, including Boriden, Jizhi Technology, Zhida Technology, Sanhua Intelligent Control, Lansi Technology, and Yunjih Technology, are listed on the Hong Kong Stock Exchange, and Suoweier is listed on the US stock market.
The preference for the Hong Kong stock market can be attributed primarily to its institutional compatibility and globalization attributes, which align well with the development needs of robotics companies. Compared to the A-share market, the Hong Kong stock market has more flexible requirements regarding revenue scale and profitability records, especially with the "18C Special Technology" provision that allows unprofitable hard technology companies to list, providing a more lenient pathway for heavily R&D-driven robotics companies with long profitability cycles. Taking Yunjih Technology, which went public on October 16 (today), as an example, it is the first company in Hong Kong to list under the "18C" rule. Between 2022 and 2024, its net profits amounted to losses of 363.5 million yuan, 265 million yuan, and 185 million yuan, yet it successfully went public thanks to its robotic service intelligent technology.
The Hong Kong Stock Exchange, as an international capital market, is capable of attracting long-term capital from sovereign wealth funds and hedge funds from abroad. For instance, when Sanhua Intelligent Control went public in Hong Kong, it secured subscriptions from 17 cornerstone investors including Schroders and the Singapore Sovereign Wealth Fund (GIC) for 4.4 billion Hong Kong dollars, with net fundraising amounting to 9.18 billion Hong Kong dollars, funding its bionic robot electromechanical actuator R&D and overseas capacity expansion.
The convenience of "A+H" dual listings allows companies already listed on A-shares, such as Sanhua Intelligent Control and Lansi Technology, to achieve "dual listing and global financing," thereby reducing currency risk and enhancing international brand awareness, paving the way for future overseas business expansion. Of course, the successful entry of these 9 companies into the stock market essentially demonstrates their irreplaceability in terms of technology, scenarios, or market share. For example, Sican Technology, recognized as the "first A-share 3D scanning stock," has products that cover high-precision industrial and cost-effective professional scanning, applicable in high-end fields like aerospace and automotive manufacturing. This IPO raised 569 million yuan, of which 197 million yuan will be allocated for the capacity expansion of 3D vision digital products and automation inspection systems, and 285 million yuan for the construction of a research and development center.
In stark contrast, 6 companies in the robotics industry chain have terminated their IPOs, all of which are concentrated in the A-shares. The strict requirements of the A-share market regarding profitability stability and financial compliance have been a significant hurdle for some companies. In particular, the A-share review process places high emphasis on sustained performance. A number of companies have been forced to withdraw their applications due to declining revenues and precipitous drops in net profits. For instance, Gonghui Holdings saw a 16.34% year-on-year decline in revenue in 2024, and its net profit plummeted from 373.6 million yuan in 2023 to 2.58 million yuan in 2024, a staggering drop of 93%. Some firms have faced scrutiny over abnormal financial data and insufficient independence, leading to their ultimate decision to terminate their applications. An example is Zhngji Tianda, where accounts receivable made up 40%-50% of revenue from 2020-2022, with accounts receivable reaching 3.306 billion yuan in 2022; the risk of capital recovery drew regulatory concern, compounded by questions regarding the independence of its business model, leading to the termination of its listing on the ChiNext.
Another case is Changguang Chenxin, a leader in domestic high-performance CMOS image sensors, which recorded a net loss of 36.04 million yuan in 2021 despite a net profit of 169 million yuan excluding non-recurring gains; the inconsistencies in financial data raised reasonable doubts, prompting it to voluntarily withdraw from its Sci-Tech Board application. However, Changguang Chenxin submitted a prospectus to the Hong Kong Stock Exchange in June this year, planning to go public on the main board. Additionally, a few companies have terminated their IPOs due to changes in their development strategies, such as Chuda Intelligent and Huixing Intelligent Manufacturing, citing "strategic adjustment" or "adaptation to capital market planning" as reasons for their withdrawal, reflecting a mature judgment regarding the timing of their listing.
There are 8 companies currently awaiting approval, with 2 pending registration, 3 in suspension, 1 under inquiry, and 2 in guidance filing. Excluding those that have listed and those that have terminated their applications, another 8 companies are in an "intermediate state" of their IPOs, including 2 companies that have submitted registration (Sizherui and Dapeng Industrial), 3 that have been suspended (Haikang Robots, Jiekarobot, and Yisiwei), 1 under inquiry (Huan Dong Technology), and 2 under guidance filing (Chang Budao and Tianlian Robots).
Sizherui, a representative in the field of surgical robots, accumulated losses of over 360 million yuan from 2020-2022 but exceeded 10 million yuan in revenue in 2023, and its Sci-Tech Board registration application has resumed review since January 2025; if it successfully lists, it will become the "first domestic surgical robot stock." Dapeng Industrial focuses on the industrial precision cleaning sector, maintaining net profits above 35 million yuan from 2022-2024, having submitted for registration after passing the Beijing Stock Exchange's review, it plans to raise 154 million yuan for the construction of its intelligent cleaning equipment production R&D base.
Being suspended differs from being terminated, often due to expired financial data requiring additional verification, and such reviews can be resumed once problems are resolved. Haikang Robots suspended its ChiNext review because its financial data expired in March 2025; Jiekarobot's approval was canceled due to "related matters needing further verification" on the day before its review; and Yisiwei was suspended in July due to a site inspection triggered by risks related to an agreement to gamble.
Huan Dong Technology, currently pushing for an IPO on the Sci-Tech Board, is mainly engaged in the research, design, production, and sales of high-precision reducers for robotic joints. The Shanghai Stock Exchange's website shows that Huan Dong Technology successfully uploaded the second round of review inquiry response documents on May 6, 2025. Chang Budao and Tianlian Robots are also in preparation stages. As a domestic industrial lens company, after failing to push for an IPO on the Sci-Tech Board, Chang Budao adjusted its strategy and initiated guidance at the Beijing Stock Exchange in February 2024, with no recent updates available; Tianlian Robots focuses on humanoid and collaborative robots and began IPO guidance in July 2025, representing an early capital exploration in the humanoid robot sector.
A total of 26 companies are actively pursuing IPOs in the Hong Kong stock market, driven by the "A+H" model and "Special Technology" keywords. GaoGong Robotics reports that 26 companies are distinctly rushing for IPOs in Hong Kong. Of these, 24 have made submissions, 1 has received registration, and 1 is in preparation. Additionally, of the companies seeking to go public in Hong Kong, 7 are targeting "A+H" dual listings, including Estun Automation, Xian Dao Intelligent, Wolong Electric Drive, Zhaowei Electromechanical, Junsheng Electronics, Guanghe Tong (expected to be listed on the Hong Kong Stock Exchange on October 22), and Shitou Technology.
It is evident that the companies choosing to list in Hong Kong leverage their fundraising purposes for A-share-listed companies, focusing core logic around supplementing financing channels and enhancing global brand strength. Compared to the A-share market, which has longer refinancing cycles and limited amounts, the Hong Kong market allows for rapid fundraising. For example, Estun Automation posted a net loss of 810 million yuan in 2024 and aims to raise capital through its Hong Kong listing to repay debts and expand global capacity, alleviating financial pressure.
In terms of enhancing international brand strength, many downstream clients in the robotics industry are multinational companies, such as those in automotive and renewable energy sectors; a listing in Hong Kong can enhance trust from overseas stakeholders. For instance, part of Junsheng Electronics' funds from its upcoming listing will be allocated to increasing its market share in the overseas business sector and partnering with OEM clients for international expansion.
Nineteen companies that have not yet entered the capital market are targeting Hong Kong primarily due to institutional compatibility. Apart from the already listed Yunjih Technology, the companies Stan Divine Robotics, Xian Gong Intelligent, and Yifei Technology are also pursuing listings in Hong Kong, all enabled by the "18C" rule, which eases listing requirements. For example, according to its prospectus, Yifei Technology reported revenues of 162 million yuan, 201 million yuan, and 268 million yuan for 2022-2024, with net losses of approximately 57.55 million yuan, 110.61 million yuan, and 71.49 million yuan, respectively, yet successfully submitted its application leveraging its strengths in lightweight industry robotic solutions.
Moreover, compared to A-shares, the Hong Kong market emphasizes "information disclosure" more than "substantial review," with shorter audit cycles, making it suitable for companies needing quick financing. Public records indicate that the special pipe network robot company Bomwiv Technology submitted its application in August this year and is expected to complete the listing by the end of the year.
The surge in robotics IPOs in 2025 is not only a barometer of the rapid development of the industry but also provides clear pathways for companies towards capitalization. Companies that have stable profitability and mature technology, such as Sanxie Electromechanical and Sican Technology, are well-suited for the A-share market; meanwhile, those that are unprofitable but technologically advanced, such as Yunjih Technology and Suoweier, are more compatible with the “18C” rule in Hong Kong or the US stock market. The core competitiveness remains the key to listing success; whether it’s for already listed companies like Jizhi Technology and Sanhua Intelligent Control or those awaiting registration like Sizherui, demonstrating rarity in technology (for example, 3D vision or bionic actuators) or scenarios (such as zero-carbon mining or surgical practice) is crucial; conversely, companies with significant performance volatility or inadequate technical barriers, like Gonghui Holdings and Jinkang Precision, find themselves easily failing in reviews.
The influx of applications to the Hong Kong market and the popularity of the "A+H" model reflect the need for robotics companies to connect with global technology, capital, and markets through international capital markets. In the context of elevated reliance on imported core components, globalized capital operations will become an essential tool for companies aiming to enhance their competitiveness. In the future, as the variety of robots expands to include embodied artificial intelligence and humanoid robots, the capitalization process along the industry chain will likely accelerate further, but differentiation will also intensify. Only enterprises that possess core technologies, delve into high-value scenarios, and maintain ongoing profitability will be able to stand out in the IPO wave, becoming trailblazers in industry development.
On December 15-16, 2025, the 12th GaoGong Robotics Annual Conference and GaoGong Golden Ball Awards Ceremony, themed "Embodied Awakening: Intelligent Transformation and Upgrade," will be grandly held at the Hyatt Hotel near Shenzhen Airport. During the closing session, robotics industry leaders will engage in in-depth discussions surrounding topics such as "The Listing Journey and Value Restructuring of Industrial Robot Companies," "How to Choose the Best Window for Listing?," "Why has the Hong Kong Stock Market Become a Hotbed for Tech and Robotics Companies in 2024-2025?," "Unique Advantages and Challenges of A-shares, Sci-Tech Board, US Stocks, and Hong Kong Markets," and "Which Types of Robotics Companies Are More Favored by Long-Term Capital?"