Third attempt at IPO, XYZ Robotics aims to tell the story of "embodied intelligence."
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“HA” Army gains another member.
On April 27, the collaborative robot company Dobot Technology (2432.HK) had its GEM IPO application accepted.
Dobot Technology’s capital journey is quite dramatic. As early as January 2023, Dobot Technology filed for IPO guidance with Shenzhen Securities Regulatory Bureau under CICC’s coaching, but there was no progress for a long time. It wasn’t until the first half of 2024 that the company decisively turned to the Hong Kong Stock Exchange and successfully listed in Hong Kong.
This return to the GEM is undoubtedly an important strategic move for Dobot Technology to pursue dual listings in two regions and further broaden its financing channels.
However, Dobot Technology is indeed a company whose capitalization journey has been relatively smooth within the industry.
In China’s collaborative robot sector, Dobot Technology is often grouped with JAKA Robotics and AUBO Intelligent as the “Three Heroes of Collaborative Robotics.”
But the road to listing for its peers has not been smooth. JAKA Robotics previously aimed for the STAR Market but ended up failing, while AUBO Intelligent has yet to make any substantial progress.
During the reporting period, Dobot Technology’s revenue was of considerable scale, but it still hasn’t escaped the mire of losses.
From 2023 to 2025, Dobot Technology’s revenues were 287 million yuan, 375 million yuan, and 493 million yuan, while net losses for the same periods reached 103 million yuan, 95 million yuan, and 84 million yuan respectively.
The scaling of revenue is where Dobot Technology finds confidence in its drive toward the GEM listing.
In this GEM filing, Dobot Technology chose to apply under the third set of listing standards, which requires an expected market value not less than 5 billion yuan and annual revenue not less than 300 million yuan in the most recent year.
From the product side, from 2023 to 2025, collaborative robots contributed revenues of 234 million yuan, 305 million yuan, and 395 million yuan to Dobot Technology, accounting for basically over 80% of total revenues.
However, Dobot Technology’s IPO this time does not intend to continue the past single narrative of collaborative robotics in capital markets, also putting strong emphasis on embodied intelligence strategy.
The prospectus shows that Dobot Technology is implementing a dual-driving strategy of “Collaborative Robot Intelligence Upgrades + Embodied Intelligent Robot Innovation.”
On one hand, Dobot Technology continues to deepen the layout of collaborative robot intelligence, consolidating its global leading position; on the other hand, the strategy pushes forward R&D and commercialization of embodied intelligent robots, focusing on a “Generalized Brain + Diverse Bodies” product strategy, upgrading the "Brain-Cerebellum-Body" synergy, and promoting the scaled rollout of embodied intelligence.
In this IPO, Dobot Technology plans to raise 1.2 billion yuan, to be invested in projects such as multi-legged robots, humanoid robots, and marketing capability enhancement, as well as to supplement working capital.
Prior to this, from 2024 to 2025, Dobot Technology completed IPO and two rounds of private placements in Hong Kong stocks, raising a total amount of more than 2.5 billion HKD.
Whether Dobot Technology’s “Collaborative Robot + Embodied Intelligence” capital narrative can gain recognition is being closely watched by the market.
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