Core Insights - Beijing Yunji Technology Co., Ltd. has passed the listing hearing on the Hong Kong Stock Exchange, becoming the first 18C chapter special technology enterprise to do so in 2023, and is expected to be the first "robot service intelligent body" stock [1] - The 18C chapter is designed to provide a listing pathway for special technology enterprises that do not meet traditional financial metrics, covering five major areas including new generation information technology and advanced hardware [1] - Yunji Technology, established in 2014, focuses on providing advanced robotic and intelligent body services, with a product portfolio that includes robots, AI digital systems, and various functional modules [1] Company Performance - According to Frost & Sullivan, Yunji Technology holds a 6.3% market share in China's robotic service intelligent body market for 2024, ranking first, and has a 13.9% share in the hotel sector, surpassing the combined share of the second to fifth competitors [1] - In 2024, the peak number of online robots operated by Yunji Technology exceeded 36,000, ranking first globally among participants with robots capable of operating in three-dimensional multi-layer spaces [2] - The company's products are utilized in over 34,000 hotels worldwide, serving major hotel groups such as Huazhu, Jinjiang, and InterContinental [2] Financial Overview - Yunji Technology's revenue for the years 2022 to 2024 was reported as 161 million, 145 million, and 245 million RMB respectively, with corresponding net losses of 365 million, 265 million, and 185 million RMB [2] - The adjusted net losses for the same period were 234 million, 120 million, and 28 million RMB respectively [2] Industry Context - The 18C chapter has attracted several high-quality enterprises in the queue for listing, covering sectors such as artificial intelligence, smart driving, and virtual reality [3] - Companies like Sidi Zhijia and Senyi Intelligent are also preparing for listings, focusing on autonomous driving and medical AI solutions, respectively [3][4] - The robotics industry is currently in a phase of investment focus, with significant attention on the progress from technology development to practical implementation [4]

Core Viewpoint - The Hong Kong stock market has seen a significant shift in the IPO landscape for specialized technology companies, particularly those in AI, semiconductors, and autonomous driving, with no successful IPOs for 18C companies in 2025 despite previous enthusiasm in 2024 [1][9]. Group 1: Market Dynamics - In 2024, 18C specialized technology companies were highly sought after, but by 2025, the market has not seen any completed IPOs among the 12 companies that have submitted applications [1][9]. - The Hong Kong Stock Exchange implemented reforms on September 1, 2024, lowering the minimum market capitalization requirements for specialized technology companies, with commercialized companies' thresholds reduced from HKD 60 billion to HKD 40 billion [1][9]. Group 2: Company Performance - Three listed 18C companies have shown varied performance, with Crystal Technology Holdings experiencing a 93% increase since its IPO, while Black Sesame Intelligence has seen a 31% decline [2][6]. - Crystal Technology raised a total of HKD 32.2 billion through two rounds of financing, significantly exceeding its IPO fundraising [4]. - Black Sesame's performance has been hindered by a lack of clarity in its earnings report, leading to a drop in stock price post-IPO [6]. Group 3: Financial Metrics - Crystal Technology's R&D spending has been substantial, with 2024 expenditures at HKD 4.18 billion, representing 157% of its revenue [8]. - In contrast, the R&D spending of other companies like Chengdian is significantly lower, raising concerns about their innovation capabilities [8]. - The financial outlook for companies like Xi Di Zhijia shows a revenue increase of 207% but a widening loss, raising market skepticism about its sustainability [11]. Group 4: Future Outlook - Despite the lowered thresholds for IPOs, many companies still face challenges due to weak fundamentals and unclear commercialization paths [11]. - The ongoing regulatory scrutiny and market conditions may further complicate the IPO process for the remaining 12 companies [12].