Yifei Technology Soars 113% in Pre-Listing Trading Ahead of Its Debut as the First Comprehensive Light Industrial Robot Stock in Hong Kong

Yifei Technology, dubbed the “King of Oversubscription in History,” saw a remarkable increase of 113% in pre-market trading. The company is set to officially list on the Hong Kong Stock Exchange next Monday, making it the first public company focused on all categories of light industrial robots.

On May 15, Yifei Technology (06871.HK) commenced its pre-market trading on the Hong Kong stock market. According to Futu data, the stock opened at HKD 65.00 per share, representing a significant increase of 113.11%, with a market capitalization of HKD 15.922 billion. The company is offering 24.6 million H-shares globally at a price of HKD 30.5 per share, with a minimum investment cost of HKD 3,080.75 per unit. Agricultural Bank of China International serves as the exclusive sponsor, and the stock is expected to officially debut on the Hong Kong Stock Exchange on May 18.

The public offering attracted nearly 14,900 times oversubscription, with total funds reaching HKD 564.3 billion, significantly surpassing the 11,464 times record set by Jinye International Group (08549.HK) in 2025, establishing Yifei Technology as the top oversubscribed stock in Hong Kong history.

Yifei Technology, a pioneer in the all-category light industrial robot market, has a product line that includes high-speed parallel robots, SCARA robots, six-axis robots, and wafer handling robots, extending to its first leg-wheeled humanoid robot, Hogene. According to its prospectus, the company ranks fourth among domestic industrial robot suppliers focusing on light industry scenarios, with a market share of approximately 1.4% based on projected revenues for 2025.

The company has consistently maintained high levels of research and development investment. The prospectus disclosed that Yifei Technology’s R&D expenditures were 34.2 million yuan in 2022, 33.1 million yuan in 2023, and 38.7 million yuan in 2024, accounting for 21.1%, 16.5%, and 14.4% of annual revenues, respectively.

Founded in 2013 by Zhang Sai in Zhejiang, Yifei Technology launched its first high-speed parallel robot, Delta, in 2014. The company expanded its product range to cover all categories, introducing its first SCARA robot in 2016, its first six-axis robot in 2018, and its first wafer handling robot in 2022. Between 2019 and 2022, supported by capital and government initiatives, the company accelerated its production line development and capacity building, transitioning from an automation component supplier to a full-category robot manufacturer. By 2025, the company plans to launch its first leg-wheeled humanoid robot, Hogene, entering the humanoid robot sector.

Yifei Technology’s business model primarily consists of two segments: sales of robot bodies and customized robotic solutions. The proportion of revenue from robot body sales is expected to rise from approximately 5% in 2022 to over 40% by 2025, while the share of revenue from solutions will correspondingly decline. This shift indicates the company’s transition from an integrator to a standard product supplier.

Its clientele spans various light industrial sectors, including electronics manufacturing, food and beverage, and healthcare. The most recent data from the prospectus indicates that the company’s revenue is projected to grow from 201 million yuan in 2023 to 387 million yuan in 2025, representing a compound annual growth rate of approximately 38.8%. The revenue for 2025 is expected to rise by about 44.5% compared to 268 million yuan in 2024, with the rapid growth in robot body sales being a key driver of this overall revenue increase.

Regarding profitability, the projected net losses from 2023 to 2025 are 110.6 million, 71.5 million, and 152.9 million yuan, respectively. The losses in 2025 are expected to widen compared to 2024, primarily due to increased administrative expenses and inventory impairment provisions. The company has stated that these losses include professional consulting fees related to its Series E financing and IPO, as well as increased R&D spending for the humanoid robot product line. In its effort to expand market share, the company’s sales and marketing expenditures have also risen, increasing from approximately 14.79 million yuan in 2022 to about 53.15 million yuan in the first three quarters of 2025, with the sales expense ratio rising from around 9.1% to approximately 19.8%.

With rising labor costs and increasing demand for manufacturing automation, the penetration of light industrial robots is becoming a definite trend. According to Frost & Sullivan data, the market size for industrial robots in China is expected to continue growing steadily. As labor costs rise and the demand for flexibility and precision in manufacturing increases, the need for robotic automation solutions in light industrial settings is on the rise.

Yifei Technology’s technological advancements in areas such as high-speed parallel robots allow its products to serve various high-demand industries, including food and beverage packaging, electronics assembly, and sorting and handling. Currently, the domestic industrial robot industry is still dominated by foreign brands, particularly in high-precision robots like six-axis models, where giants such as Fanuc and ABB hold significant market shares. Yifei Technology operates in a segment with substantial domestic replacement potential.

Through the development of proprietary controllers and drive systems, the company has achieved certain advantages in cost control, signaling its potential to gradually expand market share during the domestic replacement process. According to publicly available information, Yifei Technology completed twelve rounds of financing before its IPO, raising approximately 634 million yuan. Its shareholder base includes notable investment institutions such as Jasic Technology, Ivy Capital, Spring Capital, Guoke Yingfeng, Qisheng Capital, Fengrui Capital, and Qidi Star, reflecting sustained confidence from financial capital and providing resource support for industrial collaboration.

In the final round of financing before the IPO, the company brought in investors with a state-owned enterprise background from Taizhou, further optimizing its equity structure. The involvement of state-owned capital supports the company in expanding its domestic market presence and aligning with policy initiatives. The net proceeds from this IPO are estimated at approximately 673 million HKD, to be utilized primarily in three key areas: 40% for robot technology development (including AI robotic algorithm upgrades, iterative R&D for the humanoid robot Hogene, and development of customized solutions for more specific scenarios); 28% for production line development and capacity building (to accelerate ramp-up for high-end products like wafer handling and six-axis robots to meet downstream order demands); and 12% for expanding its overseas business network into Southeast Asia and Europe, promoting light industrial automation solutions to international manufacturing clients. Additionally, about 10% will be allocated for investments in the supply chain, while another 10% will serve as operational capital.

The clear fundraising objectives align with the company’s three major development focuses: technological advancement, capacity expansion, and globalization. As the first company in the all-category light industrial robot segment to seek a listing on the Hong Kong Stock Exchange, Yifei Technology’s IPO process has drawn significant market attention. The company has maintained continuous revenue growth over the past three years, sustained investment in R&D, and further optimized its equity structure with the support of state-owned capital. Yifei Technology is poised to become a rare entity in the Hong Kong stock market’s industrial robot sector, offering both value and comprehensive category coverage.