Yifei Technology Launches Hong Kong IPO as a “Small Giant” in Light Industrial Robotics with Expected Oversubscription of 10,000 Times

Wingfei Technology has officially launched its IPO on the Hong Kong Stock Exchange, positioning itself as a “small giant” specializing in industrial robots for the light manufacturing sector. The company is expected to be oversubscribed by over 10,000 times.

As global manufacturing transitions from “single-point automation” to “embodied intelligence,” the industrial robot industry is undergoing an unprecedented paradigm shift. Wingfei Technology, founded in 2012 in Taizhou, Zhejiang, focuses on the design, research and development, manufacturing, and commercialization of industrial robots, providing comprehensive robotic solutions tailored for the light industry.

Initially gaining fame with its parallel robots—machines that swiftly grab items on assembly lines like octopuses—Wingfei Technology broke the monopoly of foreign brands. Today, the company has evolved into a versatile player, offering a product line that includes parallel robots, SCARA robots, six-axis robots, wafer handling robots, mobile robots, embodied intelligence, and humanoid robots. According to industry reports, by 2025, Wingfei Technology is expected to rank fourth among Chinese industrial robot suppliers focused on light industrial applications, with a market share of 1.4%.

Financial data indicates that Wingfei Technology’s revenue reached 201 million yuan in 2023, projected to grow to 268 million yuan in 2024, and surge to 387 million yuan in 2025. This translates into a compound annual growth rate of 39% over three years, which is significant for a capital-intensive, long-cycle industry like industrial robotics. Notably, 2025 is expected to see a substantial increase in performance due to a boom in semiconductor and new energy orders.

Despite revenue growth, the company has yet to achieve profitability. In 2023, it recorded a loss of 111 million yuan, which narrowed to 71 million yuan in 2024; however, increased investments in embodied intelligence and humanoid robots led to a loss of 153 million yuan in 2025. Research and development expenditures have escalated from 33 million yuan to over 70 million yuan by 2025, indicating a strategic commitment to securing a leading position in AI and humanoid robotics.

The company’s revenue primarily stems from two segments: robotic solutions and the sale of robotic bodies. The solutions segment accounts for 68.1% of total revenue, offering clients one-stop automation line design, integration, and implementation services. This segment has stable gross margins but experiences slow growth. Conversely, sales from robotic bodies have increased from 12.8% of revenue in 2023 to 31.9% by 2025, achieving a compound annual growth rate exceeding 118%. This trend illustrates the company’s rapid enhancement of its in-house research and manufacturing capabilities, moving beyond merely being a “system integrator.”

Wingfei Technology’s products have been integrated into the production lines of leading industry players such as BYD, CATL, SMIC, Lens Technology, and Foxconn. Its business spans various sectors, including consumer electronics, automotive new energy, healthcare, fast-moving consumer goods, and semiconductors, with products exported to 25 countries and regions across Southeast Asia, Europe, and North America.

Overall, the industrial robotics industry is currently experiencing a stark divide, with traditional heavy industrial robots dominated by major players like Fanuc, Yaskawa, KUKA, and ABB, leading to intense price wars. In contrast, the light industrial sector remains a blue ocean, with high demands for flexibility, hygiene standards, and precision in areas such as consumer electronics, healthcare, and food packaging. Wingfei Technology strategically avoids direct competition with heavy industrial robots, focusing instead on the light industrial market.

As the industry accelerates towards “domestic substitution,” Wingfei, representing domestic brands, offers competitive pricing and superior service, gradually capturing market share from imported products. However, challenges remain, including the overall difficulty of achieving profitability in the industry, as the company itself continues to incur losses.

Wingfei Technology’s IPO aims to raise 7.471 billion HKD. Based on projected revenue of 387 million yuan for 2025, the price-to-sales ratio (PS) is approximately 17 times. In comparison to its peers listed in Hong Kong, companies like Huayan Robotics and Youbixuan have higher valuations, suggesting that Wingfei’s pricing is relatively restrained and reasonable.

Currently, Wingfei Technology’s subscription rate stands at 138 times, with expectations of oversubscription exceeding 10,000 times. The company’s issuance mechanism includes an 18C rebound mechanism, with public offerings accounting for 5% of shares. If the stock price increases by 35% and maintains that level for over a month, it may be included in the Hong Kong Stock Connect, enhancing its visibility and liquidity.

In terms of investment recommendations, Wingfei Technology has received a strong rating, encouraging full investment. However, due to the lack of green shoe options and cornerstone investors, and depending on market conditions, ratings may be adjusted based on subscription performance.