Estun to Make Historic Debut on Hong Kong Stock Exchange, Paving the Way for Global Expansion of China’s Robotics Industry

Estun’s Hong Kong Stock Listing Marks a New Chapter in Globalization for China’s Industrial Robot Leader

On March 9, 2026, Nanjing Estun Automation Co., Ltd. (stock code: 02715.HK) will officially list on the main board of the Hong Kong Stock Exchange, becoming the first domestic industrial robot company to achieve a dual listing on both the A-share and H-share markets. The offering price has been set at HKD 15.36 per share, with a global offering of 96.78 million H-shares, raising approximately HKD 1.486 billion. This milestone event not only signifies a new phase in Estun’s development but also reflects a historic leap for China’s robotics industry from “catching up” to “leading.”

Notably, Estun is the only company among three A-share to H-share projects during this period to implement a green shoe option. In the context of ongoing geopolitical tensions and a generally cautious market sentiment, this mechanism offers price protection for investors and underscores the company’s strong confidence in its own value.

Dominating the Domestic Market and Witnessing a Key Transition in Domestic Substitution

According to Frost & Sullivan data, 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 international giants like Fanuc, Yaskawa, KUKA, and ABB in domestic shipments, becoming the first domestic company to lead the Chinese industrial robot solutions market. This achievement stems from the company’s continued focus on high-end manufacturing sectors such as automotive, construction machinery, and lithium batteries.

Financially, Estun’s revenues from 2022 to 2024 are projected to be RMB 3.881 billion, RMB 4.652 billion, and RMB 4.009 billion, respectively. By the third quarter of 2025, it has already achieved RMB 3.804 billion in revenue. Although the company faced losses in 2024 due to industry cycles, it is expected to turn a profit of RMB 35 million to RMB 50 million in 2025 through product structure optimization and operational efficiency improvements, demonstrating strong performance recovery capabilities.

During the subscription period, the offering was oversubscribed by approximately 11.6 times, indicating strong market interest in this IPO. According to the company’s announcement, the public offering in Hong Kong was subscribed approximately 19.67 times. The company has secured seven cornerstone investors, including Harvest Oriental under Jiasheng Fund, Hengtong Optic-Electric, and Haitan International, who collectively subscribed around HKD 523 million, reflecting recognition of the company’s long-term value by industrial capital and institutional investors.

Favorable Policies Highlight the Strategic Importance of Smart Manufacturing

Estun’s Hong Kong listing comes at an opportune time. The draft outline of the 14th Five-Year Plan positions robots as a strategic emerging industry, advocating for the development of unique, complementary strategic emerging industry clusters tailored to local conditions. Data from the State Administration of Taxation indicates that by 2025, the total amount spent by manufacturing firms on automated equipment is expected to grow by 11.3% year-on-year, with sales revenue in the smart equipment manufacturing sector increasing by 28.1%. Industrial robot manufacturing is projected to grow by 17.4% year-on-year, accelerating the pace of the manufacturing industry’s intelligent transformation.

According to a report by Everbright Securities, the global industrial robot solutions market size has increased from USD 14.7 billion in 2020 to USD 25.4 billion in 2024, with a compound annual growth rate (CAGR) of 14.6%. The market is expected to reach USD 51.8 billion by 2029, with a projected CAGR of 15.4% from 2024 to 2029. Amid rising labor costs and the accelerating transformation of the manufacturing industry, the demand for industrial robots is expected to continue to grow.

Accelerating Global Expansion and Deepening Industry Chain Integration

The allocation of the funds raised in this IPO clearly reflects Estun’s development strategy: approximately 25% will be used to expand global production capacity, 25% for strategic investments and acquisitions in the upstream and downstream of the industry chain, 20% for research and development, 10% to enhance global service capabilities and digital management, 10% to repay loans, and the remaining 10% for working capital. This funding plan indicates that Estun is transitioning from “domestic substitution” to “global competition.”

The company currently has established a brand matrix including “Estun,” “Cloos,” “Trio,” and “M.A.i” to cover different markets, with overseas revenue consistently maintaining around 30%. By listing on the Hong Kong Stock Exchange, Estun will gain more accessible international financing channels, providing capital support for overseas capacity expansion and cross-border acquisitions.

From a valuation perspective, Estun’s H-share offering price is at a discount of approximately 34% to 40% compared to its A-share price. This level of discount is similar to that of recently listed A-share companies in Hong Kong (such as Lankai Technology and Zhaoyi Innovation) and falls within the common range for A+H issuances in the current market environment. Guotou Securities previously assigned a specialized rating of “5.2” for the IPO, recommending cash subscriptions. They believe that despite the current high valuation levels, the company’s leading position in the domestic industrial robot sector and the broad growth potential of the industry still present significant long-term investment value.

Balancing Challenges and Opportunities for High-Quality Development

It is important to acknowledge that while Estun has reached the top of the domestic market, it still faces multiple challenges, including intensified industry competition and a relatively high debt-to-asset ratio. However, challenges often coexist with opportunities. Estun’s comprehensive layout from controllers and servo systems to robotic bodies and intelligent manufacturing systems ensures collaboration across the value chain, improving product reliability and accelerating innovation cycles. As humanoid robot technology continues to expand, the company is expected to extend its technological capabilities from the industrial sector to broader application scenarios.

Estun’s listing on the Hong Kong Stock Exchange marks 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 leading the market in 2025 and the industry leader entering the international capital market in 2026, over four decades of effort have witnessed a remarkable transformation in China’s manufacturing sector. Standing at a new starting point at the beginning of the 14th Five-Year Plan, domestic robotic companies represented by Estun are writing a new chapter in Chinese intelligent manufacturing, driven by technological innovation and global expansion.