Core Viewpoint - The Hong Kong Stock Exchange has introduced Chapter 18C to its Main Board Listing Rules, providing a new listing pathway for specialized technology companies, allowing them to go public even without profitability, similar to the previous 18A listing for biotech companies [1][2]. Company Overview - Yunji Technology, established in 2014 and headquartered in Beijing, is a robotics service company that leverages AI technology to provide robotic services and components [5]. - The company is the fourth specialized technology company to list under Chapter 18C, following Jingtai Technology, Hezhima Intelligent, and Yuejiang Technology [3]. Financial Performance - Yunji Technology's revenue grew from RMB 161.28 million in 2022 to an estimated RMB 244.78 million in 2024, representing a compound annual growth rate (CAGR) of 23.2% [8]. - For the first five months of 2025, the revenue reached RMB 88.33 million, an 18.9% increase compared to the same period in 2024 [8]. - Despite the revenue growth, the company remains in a loss position, with net losses narrowing from RMB 365.42 million in 2022 to RMB 184.96 million in 2024, and a net loss of RMB 118.35 million for the first five months of 2025 [9]. Market Position - In 2024, Yunji Technology held a 6.3% share of the Chinese robotics service market and a leading 13.9% share in the hotel service robotics market, surpassing the combined market share of its competitors [7]. - The hotel segment accounted for 70.1%, 95.1%, and 83.0% of total revenue from 2022 to 2024, with a further increase to 93.2% in the first five months of 2025 [10]. Investment and Financing - Prior to its IPO, Yunji Technology underwent eight rounds of financing, raising approximately RMB 1.2 billion, with notable investors including Tencent, Alibaba, and Ctrip [11]. - The last financing round in December 2021 valued the company at RMB 4.08 billion, but it has not raised funds in the past four years, indicating a lack of confidence in its growth prospects [11]. Industry Outlook - The Chinese hotel robotics market is expected to grow from RMB 1.1 billion in 2023 to RMB 3.6 billion by 2028, with a CAGR of 26.4% [12]. - The competitive landscape is concentrated, with the top five players holding a combined market share of 27.6%, and Yunji Technology leading the market [12]. IPO Details - Yunji Technology plans to issue 6.9 million shares at an offer price of HKD 95.6, with a total market capitalization of HKD 6.57 billion [5][13]. - The IPO is expected to attract significant interest, with a projected oversubscription rate of 4000 times [14].