Core Viewpoint - Cloudwalk Technology (云迹) has submitted an application to convert all its unlisted domestic shares into H-shares, aiming for listing on the Hong Kong Stock Exchange after obtaining necessary approvals [1] Company Overview - Cloudwalk is a leading AI-enabled robotics service technology company, providing robots and functional suites along with AI digital systems [1] - The company offers adaptable and scalable products and services that interact with the real world and optimize decision-making through AI [1] Market Position - Cloudwalk holds a leading position in China's robotic service intelligent agent market, with a market size projected to reach RMB 3.7 billion in 2024 [1] - The company is expected to capture 6.3% of domestic revenue share in this market, ranking first [1]

Core Insights - Yunji Technology, a leading robotics service company, officially listed on the Hong Kong Stock Exchange, raising approximately HKD 590 million, with an opening surge of 49.37% to HKD 142.8 per share, resulting in a market capitalization of nearly HKD 10 billion [1] - On the following day, Yunji opened at HKD 124.8 per share, with a market capitalization of HKD 7.243 billion [2] Company Overview - Yunji Technology is recognized as a leading AI-enabled robotics service provider, offering robots and functional suites supported by AI digital systems [2] - According to Frost & Sullivan, Yunji holds a 6.3% market share in China's robotics service market and a 13.9% market share in the hotel service robotics sector for 2024 [2] Financial Performance - Yunji's revenue figures for 2022 to 2024 and the first five months of this year are approximately CNY 161 million, CNY 145 million, CNY 245 million, and CNY 88 million, respectively [2] - The gross profit for the same periods is approximately CNY 39 million, CNY 39 million, CNY 106 million, and CNY 35 million, with gross margins of 24.3%, 27.0%, 43.5%, and 39.5% [2] - Despite being in the early stages of commercialization, Yunji has not yet achieved profitability, with losses narrowing from CNY 365 million in 2022 to CNY 118 million in the first five months of this year [2] Industry Context - The founder of Yunji, Zhi Tao, established the company in 2014 and has since deployed robots in over 30,000 hotels, backed by notable investors such as Tencent and Alibaba [3] - Over 15 robotics companies have filed for IPOs in Hong Kong this year, including prominent names like Megvii Technology and others, indicating a growing interest in the robotics sector [3] - The humanoid robotics index in A-shares has risen approximately 57% this year, reflecting strong market performance across various segments of the robotics industry [3]

Core Viewpoint - Beijing Yunji Technology Co., Ltd. (referred to as "Yunji") was listed on the Hong Kong Stock Exchange on October 16, 2023, with a closing price of HKD 120.50, reflecting a 26.05% increase from its initial offering price [1]. Summary by Relevant Sections Share Issuance and Capital Structure - The total number of shares offered globally was 6,900,000 H-shares, with 1,380,000 shares allocated for public offering in Hong Kong and 5,520,000 shares for international offering [2]. - At the time of listing, the total number of issued shares (assuming no exercise of the over-allotment option) was 68,718,182 [2]. Financial Details of the Offering - The final offer price was HKD 95.6 per share, raising a total of HKD 659.6 million. After deducting estimated listing expenses of HKD 66.4 million, the net proceeds amounted to HKD 593.3 million [4]. - The intended use of the net proceeds includes: - 60% for enhancing research and development capabilities (HKD 354.2 million) - 30% for improving commercialization capabilities both domestically and internationally (HKD 176.8 million) - 10% for working capital and other general corporate purposes (HKD 59.0 million) [5]. Company Overview and Financial Performance - Yunji is a robotics service company empowered by AI technology, primarily providing robotic products and AI digital system services [6]. - The company's revenue for the years ending December 31 for 2022, 2023, and 2024, as well as for the five months ending May 31, 2025, were RMB 161.3 million, RMB 145.2 million, RMB 244.8 million, and RMB 88.3 million, respectively [6]. - The losses for the same periods were RMB 365.4 million, RMB 264.5 million, RMB 185.0 million, and RMB 118.3 million, with adjusted net losses of RMB 233.9 million, RMB 120.5 million, RMB 27.6 million, and RMB 26.8 million [6]. - Cumulatively, the total losses over the specified periods amounted to RMB 933 million [6]. Cash Flow and Financial Activities - The net cash used in operating activities for the respective years was RMB 170.4 million, RMB 76.4 million, RMB 41.5 million, and RMB 53.0 million [8]. - The net cash from investing activities was RMB 231.7 million, RMB 153.2 million, and negative RMB 18.0 million for the years ending December 31, 2022, 2023, and 2024, respectively [9].

Core Viewpoint - Cloud Intelligence Technology Company, Yunji (02670.HK), successfully listed on the Hong Kong Stock Exchange on October 16, 2025, marking it as the fourth specialized technology company to list under the new Chapter 18C of the HKEX [4]. Summary by Sections IPO Details - Yunji's global offering consisted of 6.9 million H shares, accounting for 10.04% of the total shares post-IPO, with a share price set at HKD 95.60, raising approximately HKD 660 million, and a net fundraising amount of about HKD 593 million [4]. - The public offering was oversubscribed by 5,657.20 times, while the international offering was oversubscribed by 18.62 times [4]. Shareholder Structure - After the IPO, the shareholder structure shows that Ms. Zhi Tao is the controlling shareholder with a total voting power of 32.86% [5]. - Other notable investors include Tencent, Lenovo Fund, Ctrip, Qiming Venture Partners, Alibaba, Anhui Artificial Intelligence Company, Henan KET, and Lanting Investment [4][5]. Company Overview - Founded in 2014, Yunji is a leading AI-enabled robotics service company, providing robots and kits along with AI digital systems [6]. - According to Frost & Sullivan, Yunji ranked first globally in the robotics service market in 2024, with an average of 27,000 robots online daily and serving 230 million consumers [6]. - In the Chinese market, Yunji holds a 13.9% revenue share in the hotel service robotics sector, also ranking first [6]. Stock Performance - As of the report, Yunji's stock price reached HKD 130.30, reflecting a 36.30% increase, with a total market capitalization of approximately HKD 89.54 billion [7][8]. IPO Underwriters - The IPO was managed by a team including CITIC Securities and Jianyin International as joint sponsors, along with several other financial institutions involved in various capacities [8].

Investment Rating - The report suggests a cautious subscription for the company, Yunji Technology (2670.HK) [1][4]. Core Insights - The company is a leading AI-enabled robotics service provider, offering adaptable and scalable products and services, including robots and AI digital systems [2]. - In 2024, the company is expected to have an average of 27,000 concurrently online robots, serving 230 million consumers, ranking first globally in the three-dimensional multi-layer space robotics market [2]. - The global intelligent agent market is projected to grow from RMB 39 billion in 2020 to RMB 94.6 billion in 2024, with a compound annual growth rate (CAGR) of 44.8% from 2024 to 2029 [3]. - The company's total revenue for 2022, 2023, and 2024 is projected to be RMB 161.3 million, RMB 145.2 million, and RMB 244.8 million, respectively, indicating an improvement in commercial viability and sustainable growth potential [4]. Summary by Sections IPO Details - The IPO price is set at HKD 95.6 per share, with a total fundraising amount of HKD 590 million [1]. - The total number of shares available for subscription is 6.9 million, with 95% allocated for international placement and 5% for public offering [1]. Market Overview - The market for physical robot forms of intelligent agents is expected to grow from RMB 37.8 billion in 2020 to RMB 82 billion in 2024, with a CAGR of 21.3% [3]. - The market for non-physical robot forms is projected to increase significantly, from RMB 1.2 billion in 2020 to RMB 12.69 billion in 2029, with a CAGR of 58.7% from 2024 to 2029 [3]. Financial Performance - The company's net losses for 2022, 2023, and 2024 are projected to be RMB 365.4 million, RMB 264.5 million, and RMB 185 million, respectively, indicating a trend towards improved financial health [4]. - The company's valuation based on the IPO price corresponds to a price-to-sales (PS) ratio of 24.5 times for 2024, which is considered reasonable relative to the industry average [4].