Zhejiang Robotics Firm Jiazhike Technology Targets IPO on Hong Kong Stock Exchange with Backing from Lenovo and Deep Tech Investment

Hangzhou, Zhejiang, is witnessing a surge in the robotics industry, with a notable IPO from a local company. As competition intensifies in this sector, companies are focusing on critical components, mobile robots, machine vision, and system integration. Among the players, Geekplus successfully listed on the Hong Kong Stock Exchange last July. Other companies like Hikvision Robotics, Stand Robotics, UAI, and XianGong Intelligent have submitted their IPO applications, while Meikaman has reportedly filed confidentially. Companies such as Leju Robotics and Kuaicang Intelligent are also at various stages of pursuing IPOs.

Recently, another industrial robotics firm, JiaZhi Technology Co., Ltd., has made strides towards going public. On January 23, the company submitted its application to the Hong Kong Stock Exchange under Chapter 18C, with CICC acting as its sponsor.

Founded in July 2016, JiaZhi Technology transitioned to a joint-stock company in November 2025 and is headquartered in Hangzhou, Zhejiang. As of January 16, 2026, Dr. Xiong Rong, the Chairperson and Executive Director, holds approximately 29.61% of the voting power through direct and indirect means. In January 2026, the company completed a C++ round of financing amounting to 180 million yuan, achieving a post-financing valuation of 2.13 billion yuan. Key institutional investors include Quzhou State-owned Assets Supervision and Administration Commission, Lenovo Group, Zhong控科技 (688777.SH), ShenChuang Investment, and Quantum Leap.

The board of directors consists of seven members, including two executive directors, Xiong Rong and Chen ShouXian, two non-executive directors, and three independent directors. Dr. Xiong, 53, is the founder of the group and currently serves as the board chair. He holds a Bachelor’s degree in Applied Computer Science and a Ph.D. in Control Science and Engineering from Zhejiang University. From December 2009 to December 2012, he was a faculty member at the university and became a professor in May 2013. Chen ShouXian, 42, serves as the CEO and has degrees in Electronic Information Engineering from Zhejiang University. He has held positions at several companies, including Huilisen Technology, Renesas Electronics Asia Pacific, and Zhejiang Nuoerkang Neuroelectronics Technology.

JiaZhi Technology offers one-stop solutions to clients through its self-developed core technology platform, intelligent mobile robots, and integrated software systems. The company has deployed general intelligent mobile robot solutions in clusters of over 2,500 robots, serving clients across various sectors including electronics, automotive, semiconductors, new energy, commerce, and pharmaceuticals in over 20 countries and regions such as China, Japan, South Korea, Southeast Asia, North America, and Europe.

The AMR product line primarily targets high-end manufacturing sectors such as lithium batteries, photovoltaics, 3C electronics, and display panels. The autonomous fork-lifting robots extend automation to pallet handling and high-rise storage, enabling fully automated warehouse and factory logistics. Outdoor mobile robots are designed for large outdoor environments, with the LUNA series capable of supporting payloads of up to 60 tons and integrating autonomous movement for logistics across industrial parks, logistics hubs, and port environments.

In recent years, thanks to expanding business scenarios and rapid global development, JiaZhi Technology has experienced revenue growth. For the reporting periods of 2023, 2024, and the first nine months of 2025, the company reported revenues of 74.95 million yuan, 115 million yuan, and 201 million yuan, respectively. The number of robots shipped increased from 1,015 units in 2023 to 1,294 units in 2024. However, the company is still operating at a loss. The net profits for the reporting periods were -114 million yuan, -118 million yuan, and -72.08 million yuan, resulting in a cumulative loss of 304 million yuan.

During the first nine months of 2025, approximately 82.6% of the company’s revenue came from sales of robotic solutions, an increase from 70.5% in 2023. The improvement in gross margin is attributed to the maturity of solutions, further optimization of product and project combinations, and enhanced value delivery capabilities through large-scale deployment in more complex applications, leading to improved pricing resilience and customer acceptance.

It is crucial for JiaZhi Technology to continue developing new technologies, designing new products and solutions, and enhancing existing offerings. During the reporting periods, the company’s R&D expenditures were 36.2 million yuan, 44.5 million yuan, and 36.2 million yuan, accounting for 48.3%, 38.8%, and 18% of revenues, respectively. Additionally, high sales expenses have been a significant factor contributing to net profit losses. The sales and distribution expenses as a percentage of revenue were 61.7%, 43.1%, and 22.9%, showing a decline but still remaining significant.

It is worth noting that JiaZhi Technology has a substantial inventory. As of the end of each reporting period, the company’s inventory was valued at 179 million yuan, 257 million yuan, and 208 million yuan, with inventory turnover days of 989, 964, and 468 days, respectively, which are relatively lengthy. Due to these factors, the company recorded net cash outflows from operating activities of -76.97 million yuan, -94.48 million yuan, and -63.32 million yuan during the reporting periods. As of the end of September 2025, the company had approximately 221 million yuan in cash and cash equivalents.

Smart robots are increasingly becoming the core technological driver in various applications to enhance productivity, optimize resources, and improve service quality. As the demand for industrial automation and operational efficiency grows globally, and with the rapid advancement of AI technologies, the smart robotics industry is undergoing a transformative shift. Robots are evolving from executing fixed programs based on rules to systems capable of multimodal perception, real-time decision-making, and adaptive execution, pushing the boundaries of robot applications and reshaping their roles in modern industrial landscapes.

The evolution of the global smart robotics industry can be categorized into four main phases. Based on form and functional characteristics, intelligent mobile robots can be broadly classified into the following types:

• Autonomous Mobile Robots (AMRs): Indoor smart mobile platforms that transport materials point-to-point using a mobile chassis capable of carrying different payloads and specific task modules.
• Fork-lifting Robots: Autonomous mobile robots that replicate the functionality of forklifts, capable of lifting and moving palletized goods independently.
• Outdoor Mobile Robots: High-load intelligent mobile robots suitable for outdoor environments.

According to data from Zhizhi Consulting, the global market for intelligent mobile robots is projected to grow from 9.8 billion yuan in 2020 to 35.2 billion yuan by 2024, with a compound annual growth rate (CAGR) of 37.6%. It is expected to reach 253.6 billion yuan by 2030. In China, the market size for intelligent mobile robots is anticipated to expand from 2.2 billion yuan in 2020 to 10.8 billion yuan in 2024, with a CAGR of 49.8%, and is expected to reach 88.1 billion yuan by 2030, with a CAGR of 36.1% from 2025 to 2030.

By sales revenue, the global market for industrial intelligent mobile robots is expected to grow from 5.5 billion yuan in 2020 to 14.4 billion yuan by 2024, with a CAGR of 27.6%. It is projected to further increase to 93.2 billion yuan by 2030, with a CAGR of 33.7% from 2025 to 2030.

This fragmented landscape is mainly due to the highly dispersed downstream application scenarios for intelligent robots, which span various industries and have specific needs. In 2024, JiaZhi Technology ranked seventh globally by order value and fifth among Chinese manufacturers. Major players in the industry include Hikvision Robotics, Stand Robotics, XianGong Robotics, UAI, Pudu Technology, Qinglong Intelligent, and Muyiqi Robotics.

Overall, the industrial intelligent mobile robot market is expected to benefit from growing downstream demand and has significant potential. However, the competition in the industry is fierce, and JiaZhi Technology’s market share remains relatively low. Despite revenue growth in recent years, the company has yet to exceed a gross margin of 30%, and its high sales expense ratio keeps it in a loss-making position. Moving forward, JiaZhi Technology’s ability to expand into overseas markets, increase market share and gross margins, and achieve profitability will be closely monitored.