机器人港股IPO潮：是一场豪赌还是生存必需？

Core Insights - The Hong Kong Stock Exchange (HKEX) is becoming a key destination for Chinese robotics companies seeking IPOs, with over 20 firms planning to list by 2025 [1] - The surge in IPOs is driven by two main types of companies: A-share listed firms pursuing a dual listing to enhance international financing and brand influence, and companies benefiting from the new Chapter 18C of the listing rules, which allows unprofitable tech firms to access the market [1][3] - The robotics industry is at a critical juncture, transitioning from technological breakthroughs to large-scale commercialization, prompting increased interest in capital markets [1][10] Industry Trends - As of October 31, 2025, HKEX completed 78 IPOs, raising approximately 210.63 billion HKD, largely due to recent reforms aimed at attracting tech companies [2] - Nearly 30 companies from the robotics supply chain have submitted IPO applications, showcasing a diverse range of firms including new entrants and established A-share companies seeking dual listings [2][3] - The introduction of the Chapter 18C listing rules has created a significant appeal for unprofitable tech companies, with at least 26 firms in the queue for listing [3][5] Financial Strategies - Many companies are focusing their fundraising efforts on technology development, with a high percentage of funds allocated to R&D and product development [8][9] - For instance, Stand Robot plans to allocate 65% of its raised funds to develop a new generation of mobile robot platforms, reflecting the competitive pressures in the industry [8][9] - Established firms like Estun are also using IPO proceeds to optimize financial structures and invest in overseas capacity expansion and next-generation robotics technology [8] Market Dynamics - The HKEX's unique market positioning and diverse regulatory advantages attract global investors and facilitate efficient capital inflow from mainland China [3][4] - The market's liquidity and valuation recovery have created favorable conditions for tech companies to raise funds [4] - However, the influx of companies raises concerns about whether they can secure sufficient capital in a tightening liquidity environment [10] Regulatory Environment - The Chapter 18C rules significantly lower the barriers for unprofitable tech firms, allowing them to list without meeting traditional profitability requirements, provided they meet certain R&D spending criteria [5][6] - Companies must demonstrate substantial R&D investment and secure backing from experienced independent investors to qualify for listing [6][7] - The rules emphasize technological attributes and market potential over profitability, making it a crucial financing channel for robotics firms still in the investment phase [7] Future Outlook - The robotics market in China is projected to exceed 150 billion CNY by 2025, with a compound annual growth rate of 18%, driving companies to pursue IPOs aggressively [10] - The success of these IPOs will depend on the companies' ability to leverage raised funds for technological advancements and market expansion [10][11] - Ultimately, the HKEX serves as a critical platform for companies to enhance their growth potential, but sustainable success will hinge on their core technological capabilities and commercialization strategies [11][12]