Robotphoenix Sets Hong Kong's All-Time Retail Oversubscription Record at 14,891 Times Ahead of May 18 Trading Debut

Overview

Robotphoenix Intelligent Technology, a Chinese maker of industrial robots for light-industrial applications, begins trading on the Main Board of the Hong Kong Stock Exchange today under stock code 6871 after its retail tranche became the most oversubscribed in Hong Kong IPO history at 14,891 times, according to The Standard. The record displaces the 11,464-times tally posted by Golden Leaf International on the GEM board last year, The Standard reported.

The Offering

The company sold 24.6 million H Shares at HK$30.50 each, raising approximately HK$750 million in gross proceeds, according to The Standard. Net proceeds are expected to be approximately HK$673 million after expenses, per uSMART, with ABCI acting as sponsor for the listing, the same brokerage filing summary noted.

The deal was structured as a global offering with the Hong Kong public tranche allocated 1,230,000 shares, or about 5 percent, and the international placement taking the remaining 23,370,000 shares, or about 95 percent, as outlined by Minichart. The board-lot entry fee was set at HK$3,080.75 for 100 shares, Minichart reported.

Applications opened on May 8 and closed on May 13, with dealings in H Shares starting at 9:00 a.m. on May 18, according to Minichart.

A Record Retail Frenzy

The Standard reported that the company drew approximately 330,000 retail subscribers and HK$564.3 billion in subscription orders, setting the new oversubscription record when the application window closed on Wednesday. The 14,891-times multiple eclipses the previous Hong Kong high set by Golden Leaf International (8549), which had been oversubscribed 11,464 times on the city’s GEM board, the same outlet reported.

Company Background

Robotphoenix designs, manufactures, and integrates industrial robots and automation solutions for light-industrial application scenarios. The company was founded in 2012 and is headquartered in Jinan, in Shandong province, according to The Standard. Dr. Zhang Sai serves as Executive Director, Chairman, and President of the listed entity, per Minichart.

Robotphoenix ranked fourth among Chinese domestic providers of industrial robots and related robotic solutions for light-industrial application scenarios by 2025 revenue, according to uSMART citing Frost & Sullivan. uSMART reported revenue of approximately RMB 201.2 million, RMB 268.0 million, and RMB 387.4 million in 2023, 2024, and 2025, respectively, along with net losses of approximately RMB 110.6 million, RMB 71.5 million, and RMB 152.9 million over the same three years. The Standard described the 2025 figures as a 44.5 percent jump in revenue and a 113.9 percent widening of the net loss, in its filing summary.

Pre-IPO investors include Primavera Capital, Broad Capital, Tsingke Ginkgo, and Ivy Capital, TMTPost reported, which also placed the company’s most recent private-round valuation at approximately RMB 3.6 billion.

Use of Proceeds

uSMART summarised the company’s planned allocation of net proceeds: approximately 40 percent for robotics technology development, 28 percent for production-line and capacity expansion, 12 percent for overseas business expansion, 10 percent for upstream and downstream supply-chain investments, and 10 percent for working capital, per the prospectus.

What We Don’t Know

The Standard did not disclose the names of cornerstone investors backing the international tranche, and search results visible at the time of writing showed no publicly disclosed cornerstone list for the offering. Today’s open will provide the first market-determined valuation against the loss-making track record summarised by uSMART, whose filing notes the 2025 net loss roughly doubled year on year even as revenue grew 44.5 percent, as The Standard noted.