据《华夏时报》记者不完全统计，今年上半年共有13家机器人公司向港交所递交上市申请。7月9日，仓储物流机 器人极智嘉(02590.HK)在港交所挂牌上市，首日收盘17.7港元/股，涨5.36%。 机器人纷纷赴港上市与整个港股市场氛围浓烈有关。香港特区政府财政司司长陈茂波近日表示，上半年香港市场 共完成了42宗IPO项目，募资总额超过1070亿港元，较2024年全年规模增长约22%，暂列全球第一。此外，申请赴 港IPO的企业数量也在快速增加，至今已收到约200起申请，较年初数据倍增。 "机器人们"争先恐后涌向港股市场。 此外，港交所"特专科技上市新规"(18C章)允许未盈利科技企业上市，收入门槛降至2.5亿港元。当前递表港交所的 机器人企业普遍深陷亏损，在这13家递表的机器人企业中，仅石头科技、兆威机电（003021）、三花智控 （002050）、广和通（300638）四家盈利。 多数企业仍未实现盈利 最新上市的机器人企业极智嘉在IPO中发售共1.614亿股H股，募资总额为27.12亿港元，是迄今为止规模最大的机 器人企业H股IPO。招股书显示，极智嘉2022年至2024年的营收分别为14.52亿元、21.43亿 ...

Group 1 - The Hong Kong Stock Exchange (HKEX) experienced a significant day with five companies, including Lens Technology and Geek+ Technology, listing simultaneously, marking a vibrant IPO atmosphere [1][3] - The total net proceeds from the global offerings of these five companies reached HKD 98.21 billion, with Lens Technology raising the most at HKD 46.94 billion and Dazhong Oral raising the least at HKD 1.78 billion [3] - As of July 9, 2025, stock price performances showed increases for most companies, with Lens Technology up 9.13%, Geek+ Technology up 16.02%, and Dazhong Oral up 3.50% [3] Group 2 - The IPO market in Hong Kong is witnessing a resurgence, with 44 new listings in the first half of 2025, a 47% increase from the same period last year, and total fundraising amounting to HKD 107.1 billion, a 699% increase year-on-year [5][6] - Notable IPOs include CATL, which raised HKD 35.3 billion, making it the largest IPO globally this year [5] - The trend is expected to continue, with 211 companies currently in the application process, primarily in software services, healthcare, and industrial manufacturing sectors [6] Group 3 - Deloitte China forecasts around 80 new IPOs in Hong Kong for the entire year of 2025, with expected fundraising between HKD 130 billion to HKD 150 billion, focusing on large A-share companies and leading enterprises from various regions [6][8] - The recent IPO boom is attributed to supportive policies initiated since April 2024, aimed at enhancing cross-border capital market connectivity and facilitating overseas financing for companies [8][9] - Regulatory changes have simplified the listing process, allowing companies to expedite their applications and approvals, thus attracting more firms to consider Hong Kong as a viable listing destination [9][10]

Core Viewpoint - The company, Geek+, successfully listed on the Hong Kong Stock Exchange, raising over HKD 2.7 billion, marking the largest IPO for a robotics company in Hong Kong to date and the largest non-"A+H" tech IPO since 2025 [1] Group 1: IPO Details - Geek+ opened at HKD 16.9 per share and closed at HKD 17.7, with a total market capitalization of HKD 17.46 billion [1] - The IPO involved the issuance of 161.4 million H-shares, with a subscription rate of 133.62 times for the public offering and 30.17 times for the international offering, making it one of the top three international placements in Hong Kong this year [1] Group 2: Company Growth and Valuation - Founded in 2015, Geek+ has grown its valuation from HKD 210 million in 2016 to HKD 15 billion by the end of 2022, representing a 70-fold increase over six years [2] - By 2024, Geek+ is projected to become the largest provider of AMR solutions globally, with a market share of 9% in the warehouse fulfillment AMR solutions market [2] Group 3: Financial Performance - Geek+ reported revenues of RMB 1.452 billion, RMB 2.143 billion, and RMB 2.409 billion for the years 2022 to 2024, with a significant slowdown in revenue growth from 48% in 2023 to 12% in 2024 [4] - The company incurred cumulative losses of RMB 3.526 billion over three years, with losses of RMB 1.567 billion, RMB 1.127 billion, and RMB 832 million for the respective years [4] Group 4: Future Plans and Challenges - The net proceeds from the IPO will primarily be used for R&D, product iteration, sales network expansion, supply chain development, and general corporate purposes [3] - Geek+ acknowledges that its historical losses are largely due to the unique nature of the AMR market, requiring substantial R&D investment and upfront costs for sales and global expansion [4]

Core Viewpoint - The recent announcement by President Trump regarding potential high tariffs on copper and pharmaceuticals has led to a decline in Hong Kong's stock market, with the Hang Seng Index falling below 24,000 points, reflecting increased macroeconomic risks and impacting market sentiment [1][4]. Market Performance - The Hang Seng Index closed down 1.06% at 23,892.32 points, with a total trading volume of 233.88 billion HKD. The Hang Seng China Enterprises Index fell 1.28%, while the Hang Seng Tech Index dropped 1.76% [1]. - Major blue-chip stocks experienced significant movements, with Henderson Land Development leading the decline, down 8.64% at 25.9 HKD, while China Biologic Products rose 10.06% to 5.91 HKD [2]. Sector Analysis - The technology sector saw a collective decline, with Alibaba down nearly 4% and Tencent over 1%. The copper sector was negatively impacted by Trump's tariff threats, leading to a drop in copper-related stocks [3][6]. - The innovative drug sector performed well, with Hengrui Medicine surging 15.61% to 69.6 HKD, indicating resilience amid broader market declines [3][4]. Specific Stock Movements - Macau's gaming sector showed strong performance, with Wynn Macau up 6.33% and Melco Resorts up 2.12%, driven by robust gaming revenue growth [4][5]. - Copper stocks faced significant declines, with Luoyang Molybdenum down 4.74% and Jiangxi Copper down 3.46%, reflecting market reactions to tariff announcements [5][6]. Commodity Prices - International gold prices fell below 3,300 USD per ounce, influenced by reduced safe-haven demand amid tariff uncertainties. Analysts expect gold prices to remain volatile within a range of 3,000 to 3,500 USD per ounce [7].

当"02590"的崭新代码跃上港交所交易大厅的蓝色主屏幕，伴随着舞台中央的铜锣鸣响，今年港股市场迎来了最大规模的机器人企业IPO。 7月9日，全球仓储机器人龙头极智嘉(02590)在香港交易所主板成功挂牌上市成为"全球AMR仓储机器人第一股"，标志着国际资本对中国智能机器人领域投 下了信心一票。 本次IPO是迄今为止规模最大的机器人企业H股IPO，也是今年以来香港市场规模最大的非"A+H"科技企业IPO。此次发行获市场热烈追捧，香港公开发售超 额认购133.62倍，国际配售获30.17倍认购，是今年港股最高倍数的国际配售Top3，更创下港股科技板块最高国际配售倍数纪录。主权财富基金、大量国际 长线基金、科技专项基金以及对冲基金踊跃认购。 基石投资者阵容汇聚国际资本巨头、顶级风投、国资力量与产业龙头，彰显资本市场对于机器人赛道的战略共识，以及对极智嘉商业化能力和技术价值的认 可。极智嘉今日开盘一度报于每股17.00港元，市值超220亿港元。 作为"全球AMR仓储机器人第一股"，极智嘉已连续6年蝉联全球最大的仓储履约AMR机器人方案提供商。这不仅使其成为To B机器人领域首个登顶全球第一 的中国企业，更树立了中国 ...

蓝思科技为全球领先的智能终端精密制造解决方案提供商，尤其在消费电子、智能汽车及新兴科技领域拥有较强的技术实力和市场地位。在此次招股中，蓝 思科技获得资金簇拥，香港公开发售获得462.76倍的认购，全球发售净筹约46.94亿港元。 港交所的锣不够敲了！7月9日，港股IPO市场迎来狂欢日，5家新贵集体敲钟。 当日在港交所挂牌上市的企业多达5家，现场热闹非凡。这5家企业分别为：蓝思科技(06613.HK)、极智嘉-W(02590.HK)、大众口腔(02651.HK)、 FORTIOR(01304.HK)以及讯众通信(02597.HK)。 | 代码 | 名称 | 米幅。 | 现价 | 上市日期� | | --- | --- | --- | --- | --- | | 1 06613 | 蓝思科技 | +3.41% | 18.800 | 20250709 | | 2 02651 | 大众口腔 | +15.75% | 23.150 | 20250709 | | 3 02597 | 讯众通信 | -0.37% | 13.500 | 20250709 | | 4 02590 | 极智嘉-W | -0.71% | 16.680 ...

Core Insights - The article highlights the successful IPO of Geek+ (极智嘉), marking it as the first global AMR (Autonomous Mobile Robot) warehousing robot company to be listed on the Hong Kong Stock Exchange, raising a net amount of HKD 2.206 billion with a market capitalization exceeding HKD 21.8 billion [1][9] - The company has achieved significant milestones in its growth trajectory, including a strong customer base and impressive financial performance, positioning itself as a leader in the AMR solutions market [9][10] Company Overview - Geek+ was founded by Zheng Yong, who was inspired by the advancements in robotics during a visit to an Amazon warehouse in 2014. He later recruited a CTO with extensive experience in robotics to help establish the company [2][3] - The founding team has maintained a stable ownership structure, with Zheng Yong holding 38.14% of the shares, indicating a willingness to share profits among the founders [3][5] Growth and Funding History - The company received its first investment of RMB 10 million from Xinyi Technology, followed by additional funding from Volcano Stone and Gao Rong Venture Capital, totaling RMB 42.5 million at a post-investment valuation of RMB 210 million [5] - Geek+ expanded internationally, entering markets in Japan, Germany, and the United States, and completed multiple funding rounds, with a valuation reaching USD 1.16 billion by 2020 [6][7] Financial Performance - As of 2024, Geek+ has become the largest provider of warehousing fulfillment AMR solutions globally, with a market share of 9% and a customer base of 800, including 63 Fortune 500 companies [9][10] - The company reported revenues of RMB 14.52 billion in 2022, RMB 21.43 billion in 2023, and projected RMB 24.09 billion in 2024, with a compound annual growth rate of 45% from 2021 to 2024 [11][12] Market Position and Competitive Landscape - Geek+ has established a strong foothold in the AMR market, with a focus on warehousing solutions, while facing competition from companies like Hikvision and Exotec [15][17] - The global demand for warehousing fulfillment AMR solutions is projected to grow significantly, with the market size expected to reach RMB 100 billion by 2029, reflecting a compound annual growth rate of 32.4% [15][17] Commercialization Success - The company has successfully navigated the challenges of commercialization in the robotics sector, achieving significant sales and establishing itself as a leader in the B2B robotics market [16][17] - Geek+ has demonstrated a strong customer retention rate, with a repurchase rate of approximately 74.6% in 2024, indicating the effectiveness of its solutions in the supply chain [10][11]

7月8日，恒基地产（HK00012，股价28.35港元）公告宣布，其间接全资附属公司Happy Ever Holdings Limited（发行人）建议进行港元有担保 可换股债券的国际发售。该债券将仅向专业投资者发售，且不会配售给恒基地产的任何关联人士。恒基地产计划将建议发行债券的所得款项 净额用于一般公司用途或再融资。 点评：此举反映恒基地产积极利用资本市场工具，灵活调整财务策略，以应对市场变化。专业投资者对此类债券的接受度，将考验公司在资 本市场的信用状况和融资能力。同时，公司需关注市场波动对债券发行的影响，确保融资计划的顺利实施。 NO.1 5家公司同日在港交所挂牌上市 7月9日，蓝思科技（HK06613）、极智嘉-W（HK02590）、峰岹科技（HK01304）、大众口腔（HK02651）、讯众通信（HK02597）共5家公 司同日在港交所挂牌上市。在7月8日的富途暗盘中，5家公司中有4家上涨。 点评：近期港股市场热度攀升，多只新股上市，反映出市场对新兴行业和科技企业的关注。这种热度背后，既体现了市场对创新和增长的期 待，也意味着投资者需关注市场波动和风险。 NO.2 恒基地产拟发行港元有担保可换股债 ...

Group 1: IPO Information - Seven companies are currently in the IPO process, with none exceeding a margin of 15 times [1] - The company "极智嘉-W" (02590.HK) is in the industrial manufacturing sector, with an IPO date from June 30 to July 4, issuing 140 million shares at a price of HKD 16.8 [1] - The company has a market capitalization of HKD 21.833 billion and is expected to have a loss-making price-to-earnings ratio [1] Group 2: Company Overview - 极智嘉 was established in 2015 and is headquartered in Beijing, focusing on the development of intelligent logistics robots and warehouse automation solutions [2] - The company provides a range of Autonomous Mobile Robot (AMR) solutions, enhancing supply chain efficiency while reducing reliance on manual labor [2] Group 3: Market Position - In 2023, 极智嘉 held a 6.0% share of the global AMR market, ranking first for five consecutive years in warehouse fulfillment AMR solutions [3] - By 2024, the company is projected to drop to second place in the overall market share, with a 6.2% share, but will maintain the top position in the warehouse fulfillment segment with a 9.0% share [3] - The company has delivered over 56,000 AMR robots to more than 40 countries, serving over 800 clients, including 60 Fortune 500 companies [3] Group 4: Financial Performance - Revenue for 极智嘉 is projected to grow from RMB 1.452 billion in 2022 to RMB 2.409 billion in 2024, with a compound annual growth rate of approximately 28.8% [4] - The gross margin is expected to improve from 17.7% in 2022 to 34.8% in 2024, despite the company continuing to report net losses [4] - The adjusted net loss is expected to decrease significantly from RMB 821 million in 2022 to RMB 92.24 million in 2024 [4] Group 5: Revenue Sources - Over 99% of 极智嘉's revenue comes from AMR solution sales, with warehouse fulfillment solutions accounting for 90.3% of revenue in 2024 [5][6] - The company’s revenue is primarily derived from overseas markets, contributing over 70% of total revenue, with an overseas gross margin of 46.5% [7] Group 6: Client Base and Market Recognition - 极智嘉 serves over 800 clients globally, including major companies like Walmart, Toyota, and Siemens, with a high customer retention rate of 74.6% [8] - The company has undergone 11 rounds of financing before its IPO, raising over RMB 4 billion, with a valuation increase of 32% over three years [9] Group 7: Competitive Landscape - The global AMR market is competitive and fragmented, with the top four players holding only about 19.3% of the total market share [10] - Major competitors include domestic companies like 海康机器人 and 海柔创新, as well as international firms like AutoStore [10] - 极智嘉's market valuation is compared favorably against other robotics companies, with a market capitalization of HKD 21.8 billion and a price-to-sales ratio of 8 times [10]

Group 1: Company Overview - Beijing Jizhi Technology Co., Ltd. (referred to as "Jizhi") plans to issue approximately 140 million H-shares at a price of HKD 16.8 per share, with the total fundraising expected to be around HKD 23.52 billion and net proceeds of approximately HKD 22.06 billion [1][3] - Jizhi was established in February 2015, with a registered capital of approximately RMB 1.159 billion. The major shareholders include VERTEX GROWTH FUND PTE.LTD. and NHTV Swarm Company (Hong Kong) Limited [3][4] Group 2: Business Model and Market Position - Jizhi provides Autonomous Mobile Robot (AMR) solutions aimed at enhancing warehouse fulfillment and industrial handling scenarios. It has become the largest provider of warehouse fulfillment AMR solutions globally as of 2024 [5] - As of December 31, 2024, Jizhi has delivered approximately 56,000 AMRs to over 40 countries and regions, capturing a 9.0% market share in the global warehouse fulfillment AMR solutions market [5] Group 3: Financial Performance - Jizhi's revenue for the years 2022, 2023, and 2024 was approximately RMB 1.452 billion, RMB 2.143 billion, and RMB 2.409 billion, respectively. The gross profit for the same years was approximately RMB 256 million, RMB 659 million, and RMB 837 million [6][7] - The company reported net losses of approximately RMB 1.567 billion, RMB 1.127 billion, and RMB 831 million for the years 2022, 2023, and 2024, respectively, indicating a narrowing of losses over the years [8]