Core Viewpoint - The company, Cloudwalk (02670), has submitted an application to the China Securities Regulatory Commission (CSRC) on November 18, 2025, to convert all its unlisted domestic shares into H-shares, aiming for a listing on the main board of the Hong Kong Stock Exchange [1] Group 1: Company Actions - The conversion and listing of unlisted shares into H-shares will enhance the tradable proportion and market value of the company's H-shares [1] - The company believes that participating in the full circulation of H-shares will have positive implications for both the company and its shareholders [1] - The company will not hold a separate shareholders' meeting for the approval of the conversion and listing, as per its articles of association [1] Group 2: Market Implications - The conversion and listing are expected to diversify the shareholder structure of H-shares and improve the company's corporate image and reputation [1] - Following the conversion and listing, the company may be included in the Stock Connect programs (Shanghai-Hong Kong and Shenzhen-Hong Kong), which will increase the number of investors and strengthen connectivity with mainland Chinese exchanges [1]

Core Insights - Cloudwalk (2670.HK) debuted on the Hong Kong Stock Exchange today, opening at 142.8 HKD, a 49.37% increase from its IPO price of 95.60 HKD, resulting in a market capitalization of 9.8 billion HKD [1][2] - The IPO was highly successful, with a public offering subscription rate of 5,657.20 times and an international placement subscription rate of 18.62 times [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, including robots that can interact with the real world and AI systems that optimize decision-making [1] Market Position - According to Frost & Sullivan, Cloudwalk ranks first globally in the robotics agent market for 2024, with an average of 27,000 concurrently operating robots and serving 230 million consumers [1]