Estun Holdings is set to officially list its shares on the Hong Kong Stock Exchange on March 9, 2026, making it the first domestic industrial robot company to achieve a dual listing on both the A-share and H-share markets. The share price has been set at HKD 15.36 per share, with a total of 96.78 million H-shares offered, aiming to raise approximately HKD 1.486 billion. This milestone not only marks a new phase in Estun’s development but also signifies a historic leap for the Chinese robotics industry from a position of following to leading.
Notably, Estun is the only company among three A-share to H-share conversion projects that has implemented a green shoe option. This mechanism provides price protection for investors amid ongoing geopolitical tensions and a generally cautious market sentiment, reflecting the company’s strong confidence in its own value.
According to data from Frost & Sullivan, Estun has maintained its position as the top domestic industrial robot supplier for several consecutive years. In the first half of 2025, it achieved a historic breakthrough by surpassing global leaders like Fanuc, Yaskawa, KUKA, and ABB in domestic shipments, becoming the first domestic company to lead the Chinese industrial robot solutions market. This achievement is attributed to the company’s continuous efforts in high-end manufacturing sectors such as automotive, construction machinery, and lithium batteries.
Financially, Estun’s revenue from 2022 to 2024 is projected to be 3.881 billion, 4.652 billion, and 4.009 billion respectively, with 3.804 billion in revenue achieved in the first three quarters of 2025. Despite a projected loss in 2024 due to industry cycles, the company is expected to turn a profit of 35 million to 50 million in 2025, showcasing its strong ability to recover financially. During the offering period, the subscription for its shares was oversubscribed by approximately 11.6 times, indicating positive market interest; ultimately, the public offering in Hong Kong was oversubscribed by about 19.67 times.
Estun has attracted seven cornerstone investors, including Harvest Oriental, Hengtong Optic-Electric, and Haitian International, who collectively subscribed for about HKD 523 million, demonstrating recognition of the company’s long-term value by both industrial and institutional investors.
The timing of Estun’s Hong Kong listing coincides with favorable policy trends. The draft of the 14th Five-Year Plan highlights robotics as a strategic emerging industry, proposing the development of characteristic and complementary industrial clusters. Data from the National Tax Administration indicates that by 2025, the national manufacturing sector’s spending on automated equipment is expected to grow by 11.3% year-on-year, with sales in the smart equipment manufacturing sector projected to rise by 28.1%, and industrial robotics manufacturing up by 17.4%, reflecting a notable acceleration in the smart transformation of manufacturing.
According to a report by Everbright Securities, the global industrial robot solutions market has expanded from USD 14.7 billion in 2020 to an expected USD 25.4 billion by 2024, with a compound annual growth rate of 14.6%. It is anticipated that by 2029, the market will reach USD 51.8 billion, with a projected compound annual growth rate of 15.4% from 2024 to 2029, driven by rising labor costs and accelerated smart manufacturing transitions.
Estun’s fundraising strategy clearly reflects its development objectives: approximately 25% will be used to expand global production capacity, another 25% for strategic investments and acquisitions within the industrial chain, 20% for research and development, 10% to enhance global service capabilities and digital management, 10% for debt repayment, and the remaining 10% for working capital. This allocation indicates Estun’s shift from domestic replacement to global competition.
The company has established a brand matrix that includes Estun, Cloos, Trio, and M.A.i, covering various markets, with international revenue consistently accounting for around 30%. By listing in Hong Kong, Estun will gain easier access to international financing, supporting its overseas capacity expansion and cross-border acquisitions.
From a valuation perspective, Estun’s H-share issue price is discounted by approximately 34% to 40% relative to its A-share price, which aligns with the discount levels seen in recent A-share companies listed in Hong Kong (such as Lanqi Technology and Zhaoyi Innovation), reflecting a typical range for A+H offerings in the current market environment. Guotou Securities previously assigned a specific rating of 5.2 to the IPO, recommending cash subscriptions, citing the company’s leadership in the domestic industrial robot sector and the expansive growth potential of the industry, despite the current high valuation levels.
However, it is crucial to recognize that while Estun has reached the top of the domestic market, it still faces challenges such as intensified industry competition and a relatively high debt-to-asset ratio. Nevertheless, challenges often co-exist with opportunities. Estun’s comprehensive layout from controllers and servo systems to robots and smart manufacturing systems ensures synergy across the entire value chain, enhancing product reliability and accelerating the innovation cycle. With ongoing advancements in humanoid robot technologies, the company is expected to extend its technical expertise in industrial sectors to a broader range of applications.
Estun’s listing on the Hong Kong Stock Exchange represents a significant milestone in the maturation of China’s robotics industry. From the birth of China’s first industrial robot in 1982 to the domestic robots’ ascension to the top of the market in 2025, followed by the industry leader’s entry into the international capital market in 2026, this journey of over forty years highlights the remarkable transformation of China’s manufacturing sector. At this new starting point at the beginning of the 14th Five-Year Plan, domestic robot companies like Estun are using technological innovation and a global strategy to write a new chapter in Chinese manufacturing.
Original article by NenPower, If reposted, please credit the source: https://nenpower.com/blog/estun-to-launch-on-hong-kong-stock-exchange-marking-a-new-era-for-chinas-industrial-robotics-leader/
