Hong Kong's stock market witnessed a robotics IPO frenzy in the first half of 2025, with 12 industrial chain players filing applications. Emerging players like Le Dong Robotics, Wo An Robotics, Standard Robots, and SEER Technology joined established A-share veterans including Estun Automation (002747.SZ) and Zhaowei Machinery & Electronics (003021.SZ) in the queue. This capital surge coincides with unprecedented investor enthusiasm in embodied intelligence, where robotics funding hit ¥23.2 billion ($3.2B) in just five months—surpassing 2024's full-year total of ¥20.9 billion.
Behind this capital influx lies strategic calculus: startups leverage Hong Kong's relaxed listing thresholds for survival, while mature players utilize dual listings to fuel global ambitions. Hong Kong's regulatory framework proves pivotal. The exchange's Chapter 18C rules—effective since 2023—permit unprofitable tech listings and lower commercialization requirements. Market capitalization thresholds dropped to HK$4 billion ($512M) with just HK$250 million ($32M) revenue.
Exemplifying this trend, listed robotics firms Ubtech (9880.HK) and Dorabot (2432.HK) remain unprofitable yet command soaring valuations. Ubtech recorded 2024 losses of ¥1.16 billion ($159M) after its 2023 debut, while Dorabot posted ¥95.4 million ($13.1M) losses. Their shares defied fundamentals—Ubtech gained 44.40% year-to-date, Dorabot skyrocketed 153.16%.
Among IPO applicants, losses prevail. Le Dong Robotics generated rising revenues (¥234M/¥277M/¥467M from 2022-2024) but accumulated ¥200 million ($27.5M) losses over three years. Wo An Robotics similarly reported ¥106 million ($14.6M) cumulative losses despite revenue growth. Industry-wide profitability remains elusive, particularly for humanoid robots still seeking commercial applications and mass production.
Yet analysts project explosive growth. China Securities forecasts global humanoid robot demand reaching 2 million units by 2030 (¥570B/$78B market), while Goldman Sachs anticipates a $154B market by 2035. This potential drives strategic pivots:
• Zhaowei Machinery—profitable for three consecutive years—shifted from automotive components (44% of 2024 revenue) into embodied robotics, launching dexterous hands in late 2024. Its Hong Kong listing aims to fund global expansion. • Estun Automation, despite a disastrous 2024 (¥810M/$111M net loss), established an embodied intelligence R&D center and debuted its Codroid 02 humanoid robot. The company seeks Hong Kong capital to revitalize operations through AI integration.
Hong Kong's financing ecosystem demonstrates remarkable flexibility. Horizon Robotics (9660.HK) raised HK$4.67B ($598M) via four placements within 14 months—exceeding its IPO proceeds. Overall equity financing surged 350.56% year-over-year to HK$287.98B ($36.9B) in 2025.
This IPO wave represents the industry's pole vault across the capital-technology chasm. For cash-burning innovators, Hong Kong offers vital oxygen; for profitable incumbents, "A+H" listings provide global springboards. As China's humanoid robotics mass production begins in 2025, capital will rapidly consolidate around technological leaders—triggering industry reshuffling. The race against time has just commenced.