Introduction Nanjing Estun Automation Co., Ltd. (“the Company”), listed on the Shenzhen Stock Exchange under stock code 002747.SZ, is conducting a Global Offering of H Shares in Hong Kong. The planned issuance consists of 96.78 million H Shares (subject to the Over-allotment Option), of which 9.68 million H Shares (subject to reallocation) comprise the Hong Kong Public Offering, and 87.10 million H Shares (subject to reallocation) are allocated to the International Offering. An Over-allotment Option allows for up to 14.52 million additional H Shares to be issued if exercised in full.
The indicative offer price range is set between HK$15.36 and HK$17.00 per H Share. Assuming an offer price of HK$16.18 (the midpoint), the Company expects net proceeds of approximately HK$1.49 billion. Upon completion of the Global Offering (without exercise of the Over-allotment Option), total issued share capital would increase from 871.02 million A Shares to 967.80 million shares (including H Shares). The controlling shareholders group’s voting stake is expected to move from around 42.15% pre-offering to about 35.83% post-offering.
Company Overview The Company is a leading industrial robotics provider in the PRC, with core operations focused on the development, manufacturing, and sale of industrial robots, intelligent manufacturing systems, automation components, and motion control technologies. It has gained notable domestic market share and ranks among the top global industrial robotics solution providers by revenue and shipment volume. The Company’s product lineup includes general-purpose and application-specific industrial robots, software solutions, and integrated manufacturing systems serving industries such as automotive, lithium battery, heavy machinery, and photovoltaics.
Industry Overview Driven by rising labor costs, advances in AI and automation, and growing manufacturing requirements, the industrial robotics sector has experienced steady expansion. Global industrial robot shipments and revenue have grown in recent years, with China representing a significant share of this trajectory due to robust demand in electronics, automotive, and other high-volume industries. Industry participants face cyclical fluctuations based on end-market demand, technological innovations, and competition from international and domestic players.
Financial Overview According to disclosed historical data, the Company’s industrial robots and intelligent manufacturing systems contributed RMB2,838.60 million in revenue in 2022, RMB3,594.80 million in 2023, and RMB3,029.10 million in 2024. The first nine months of 2025 recorded revenue of RMB3,138.30 million for these segments. A downturn in 2024 led to a net loss of RMB817.70 million, mainly due to reduced demand in certain end markets and impairment of intangible assets. Partial recovery was observed in 2025, with revenue for the first nine months reaching RMB3,803.60 million and a gross profit of RMB1,070.70 million. Research and development expenses increased over recent years, underscoring the Company’s continuous investments in advanced robotics and motion control solutions.
Key Risk Factors and Uncertainties • Changing market demand and potential cyclical fluctuations in construction, automotive, and renewables sectors • Intense global competition and rapid technological evolution • Potential operational and financial challenges from international expansion • Compliance with multi-jurisdictional regulations in areas such as export controls, labor, intellectual property rights, and environmental standards • Dependency on successful integration of acquisitions and strategic partnerships
Cornerstone Investors Cornerstone investors signing agreements for a total subscription of US$66.91 million include Harvest Oriental, Hengtong Optic-electric International, Dream’ee HK Fund, Deep Source, Haitian Huayuan, New Fortune, and Qianhai Hezhong Investment. Based on the final offer price, these cornerstone investors will receive Offer Shares subject to a six-month lock-up period following the listing. Each cornerstone investment is funded by the investor’s own or internally managed capital.
Use of Proceeds Based on an assumed offer price of HK$16.18 per H Share, the Company expects to raise about HK$1.49 billion. The intended allocation of these net proceeds is: • 25.00% for expanding global production capabilities, including further manufacturing capacity in Nanjing and overseas facilities in Poland. • 25.00% for pursuing strategic alliances, investments, and acquisitions in the robotics sector. • 20.00% for advancing R&D in next-generation industrial robotics technologies, focusing on motion control, AI-driven solutions, and digital-twin platforms. • 10.00% for strengthening global service capabilities and building an integrated, digitized management system. • 10.00% for partial repayment of existing loans. • 10.00% for working capital and general corporate purposes.
No definitive listing date was disclosed in the Company’s announcement; shares are expected to commence dealing on the Hong Kong Stock Exchange once all relevant conditions are met and the Global Offering becomes unconditional.