"The first stock of all-category robots in the light industry is born."

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On May 18, industrial robot company Yifetech (06871.HK) officially listed on the Main Board of the Hong Kong Stock Exchange, becoming the first "all-category light industrial robot stock" in the Hong Kong market.

On its debut, Yifetech opened at HK$54.65, more than 79% higher than its offering price of HK$30.5. During the session, it reached a peak of HK$59.65, and closed at HK$55.25 at midday, up 81.1%, with a half-day turnover of HK$622 million.

In this IPO, Yifetech issued a total of 24.6 million H shares, accounting for 10.04% of the total shares after the offering, raising about HK$750 million with net proceeds (after deducting issuing expenses) of about HK$673 million.

What truly caught the market's attention was the enthusiasm for subscription during the IPO phase. Public information shows that the public offering portion was oversubscribed about 14,855 times, freezing about HK$564.3 billion in funds. This greatly surpassed the previous record of 11,464 times set by Jinye International Group in 2025, making it the highest oversubscription in Hong Kong stock market history.

Regarding the use of the raised funds, about 40% will be invested in robot technology R&D, including plans to recruit 60 to 100 high-end R&D talents and purchase AI servers; about 28% will be used for building or optimizing production bases and lines; the remaining funds will be allocated to overseas business expansion, supply chain investment, and replenishing operating capital.

Tracing Yifetech’s capital path, the company's predecessor was founded in 2012 by Tsinghua PhD Zhang Sai in Jinan, Shandong. In 2025, its headquarters moved to Yuhuan City, Taizhou, Zhejiang. Before the IPO, the company had completed 12 rounds of financing with a total of about RMB 634 million, attracting institutions such as Frees Fund, Primavera Capital, Broadband Capital, Tsingke Yinxing, and Ivy Capital.

At the angel round, the company's post-investment valuation was only RMB 20 million. After the last round of financing before IPO, its valuation reached RMB 3.604 billion, representing approximately a 180-fold increase over more than ten years.

Of particular note is the deep involvement of Taizhou Zhejiang state-owned capital. Yuhuan City Finance Bureau invested RMB 140 million in Yifetech in the E round and another RMB 110 million to acquire shares, controlling 16.04% of the company’s equity before listing, making it the largest external shareholder. Calculated at the opening market cap, the bureau's book gains are substantial.

Post-listing equity structure shows that founder Zhang Sai directly holds 10.05% and can exercise 22.55% voting rights through three holding platforms, acting as the actual controller of the company.

However, financial data paints a picture of "rising revenue but no profit." From 2023 to 2025, Yifetech's operating income was RMB 201 million, RMB 268 million, and RMB 387 million respectively, with a three-year compound growth rate exceeding 30%.

Based on 2025 income, the company ranks fourth among industrial robot suppliers in China focused on light industry scenarios, with a market share of about 1.4%.

The profitability situation is also not optimistic. Over the same period, net losses were RMB 111 million, RMB 71 million, and RMB 153 million, with the 2025 loss expanding by 113.8% year-on-year. Gross margin fluctuated, rising from 18.3% in 2023 to 26.5% in 2024, before dropping to 24.8% in 2025.

One key driver for the expanded losses is the rapid increase in R&D spending.

In 2025, the company's R&D expenses reached RMB 70.8 million, accounting for 18.3% of revenue, mainly because the company began laying out embodied intelligence and humanoid robots that year.

Meanwhile, operating cash flow was negative for three consecutive years, with a net cash outflow from operating activities of RMB 183 million in 2025. By the end of 2025, the company’s cash and cash equivalents were only about RMB 51.12 million.

Yifetech’s listing coincided with a period of clear divergence in the robot sector in Hong Kong stocks.

Since 2026, Qales Technology’s cumulative gains after listing have exceeded double, Huayan Robot has moved steadily stronger, while industrial robot leader Estun broke issue price on the first day and remained weak. Thus, among the many targets, valuations are affected by cash flow visibility, client repurchase rates, and rigidity of downstream demand, among other factors.

The light industrial robot track Yifetech operates in is experiencing impressive growth. According to industry data, the scale of China’s light industrial robot market grew from RMB 12.3 billion in 2020 to RMB 23.9 billion in 2025, and is expected to reach RMB 27.6 billion in 2026.

This IPO’s oversubscription of over ten thousand times reflects retail investors' enthusiasm, but in the absence of institutional anchor funds, whether the company can sustain its current market value of over HK$13 billion with consistently improving performance remains to be tested by time.

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