Core Insights - The Hong Kong stock market is increasingly attracting technology companies, with two firms successfully listed under the special Chapter 18C rules as of November 3 [1] - The listing system reforms by the Hong Kong Stock Exchange (HKEX) are accelerating, providing a more inclusive mechanism for tech companies [4] Group 1: Listing Developments - As of November 3, 2023, two companies, Cloudwalk Technology and Deepu Technology, have successfully listed under the HKEX's Chapter 18C [1] - WeRide, which ended its subscription on November 3, is set to officially list on November 6 under the same rules [2] - Currently, there are 16 companies that have submitted applications under Chapter 18C but have not yet listed, spanning sectors like industrial robotics and AI healthcare [3] Group 2: Regulatory Changes - The HKEX introduced Chapter 18C on March 31, 2023, to support tech companies that are not yet profitable or do not meet the main board's revenue requirements [4] - The minimum market capitalization for companies under Chapter 18C was reduced in September 2024, from HKD 60 billion to HKD 40 billion for commercialized companies, and from HKD 100 billion to HKD 80 billion for non-commercialized companies [4] - A new "Tech Company Special Line" was launched in May 2025 to further support tech and biotech companies in their listing efforts [4] Group 3: Focus Areas and R&D Investment - Chapter 18C encompasses five major fields and 20 industries, including new generation information technology, advanced hardware and software, advanced materials, new energy, and agricultural technology [5] - Companies listed under Chapter 18C, such as Cloudwalk Technology and Deepu Technology, have high R&D expenditure relative to their operating costs, with Cloudwalk's R&D investment at 23.4% of its revenue and Deepu's at 33.5% [6] - The requirement for companies to engage in R&D for at least three years before listing under Chapter 18C aims to ensure a focus on innovation and potential commercialization [6] Group 4: Industry Trends - The core sectors for companies under Chapter 18C include service robots and AI applications, with firms focusing on AI-enabled solutions in various industries [7] - The robot industry faces high R&D costs and long commercialization cycles, making the relatively lenient profitability requirements of the Hong Kong market attractive for early-stage companies [7] - Companies are advised to ensure robust intellectual property management and stability of core technical personnel to maintain independent R&D capabilities [8]

Group 1: Company Overview - Yunji Technology officially listed on the Hong Kong Stock Exchange on October 16, 2025, with the stock code "2670," becoming the first stock in the "robot service intelligent body" sector [2] - Founded in 2014, Yunji Technology holds a leading position in China's robot service intelligent body market, with a market share of 6.3% in 2024 [2] - The company has established partnerships with over 34,000 hotels globally, including major hotel groups such as Huazhu and InterContinental [2] Group 2: Financial Performance - Yunji Technology's revenue from 2022 to 2024 was 161 million, 145 million, and 245 million yuan, respectively, with a compound annual growth rate (CAGR) of 23.2% [3] - The company's gross profit increased from 39 million yuan in 2022 to 106 million yuan in 2024, reflecting a CAGR of 64.6% [3] - In the first five months of 2025, Yunji Technology's revenue grew by 18.9% year-on-year to 88 million yuan, with gross profit increasing by 10.2% to 35 million yuan [3] Group 3: Business Segments - Yunji Technology operates two main business lines: hardware and AI digital systems, with the latter experiencing a CAGR of 45.5% from 2022 to 2024 [4] - The AI digital system business saw a revenue increase of 194% in the first five months of 2025 compared to the same period in 2024 [4] Group 4: Market Position and Future Outlook - Yunji Technology is expanding into high-value sectors such as healthcare and factories, with over 150 hospitals served by May 2025 [3] - The company aims to strengthen governance and focus on technological innovation and global market expansion following its IPO [6] Group 5: Other Companies - Daoshengtianhe Materials Technology officially listed on the Shanghai Stock Exchange on October 17, 2025, focusing on new materials for various industries [5] - Pony AI Inc. is preparing for a dual listing in the U.S. and Hong Kong, having already attracted significant institutional investment since its U.S. IPO [9][10] - Jushuitan Group plans to list on the Hong Kong Stock Exchange on October 21, 2025, and has established itself as the largest e-commerce SaaS ERP provider in China with a market share of 24.4% [12]

Core Viewpoint - The company, $云迹, is a leading provider of robotic services and AI-enabled technology, primarily focusing on the hotel sector, with significant growth expected in the coming years [3][4]. Company Overview - $云迹 offers a "robot service intelligent agent" that is an automated system used in hotels, medical institutions, and public service scenarios [3]. - The company's core business is concentrated in the hotel sector, with projected revenue of approximately RMB 200 million in 2024, representing a 47% year-on-year growth and accounting for 83% of total revenue [3]. Financial Performance - After a brief decline in 2023, the company's revenue is expected to rebound strongly by 68.6% to RMB 244.8 million in 2024, with an 18.9% growth in the first five months of 2025 [4]. - The gross margin has significantly improved from 24.3% in 2022 to 43.5% in 2024, leading to a compound annual growth rate (CAGR) of 64.6% in gross profit [4]. - Despite a projected net loss of RMB 190 million in 2024 (a reduction of nearly half compared to 2022), the company's profitability is showing clear improvement [4]. Market Position - The market for robotic service intelligent agents in China's hotel sector is expected to grow from RMB 600 million in 2020 to RMB 1.4 billion in 2024, with a CAGR of 21.3%, and is projected to reach RMB 5 billion by 2029, with a CAGR of 29.1% from 2024 to 2029 [3]. - The company holds a 13.9% market share, making it the leading player in this niche market, where the top five participants account for only 27.4% of the market [3]. Investment and Cash Flow - The company has received strategic investments from major players such as Tencent, Lenovo, Ctrip, and Alibaba, which support its market expansion and technological upgrades [3]. - Operating cash flow has improved significantly, with net outflow reduced from RMB 170 million in 2022 to RMB 41.5 million in 2024, indicating enhanced operational efficiency [4]. - As of May 31, 2025, the company holds cash and equivalents of RMB 190 million, which, when combined with approximately 60% of the proceeds from the IPO, is sufficient to support several years of R&D expenditures [4].

Core Viewpoint - The company, Yunji (02670), is a leading AI-enabled robotics service provider planning to offer 6.9 million H-shares globally at a price of HKD 95.6 per share, with an expected net proceeds of approximately HKD 590 million from the global offering [1][4] Group 1: Company Overview - Yunji specializes in providing robotic and AI digital systems, offering adaptable and scalable products and services that interact with the real world [1] - The company is positioned as a leader in the Chinese robotics service AI market, holding a 6.3% domestic revenue share in 2024, with a market size projected to reach RMB 3.7 billion [3] Group 2: Market Potential - The Chinese robotics service AI market is expected to grow to RMB 13.5 billion by 2029, with a compound annual growth rate (CAGR) of 29.3% from 2024 to 2029, driven by advancements in AI technology and increasing demand for high-quality services [3] - The company's service agents, which include both robotic and non-physical AI agents, are designed to integrate seamlessly with third-party AIoT devices and existing workflows, distinguishing them from traditional automation products [3] Group 3: Use of Proceeds - Approximately 60% of the net proceeds from the global offering will be allocated to enhancing the company's R&D capabilities over the next five years, aimed at improving the technology of robotic service agents [4] - About 30% of the proceeds is expected to be used to enhance the company's commercialization capabilities both domestically and internationally [4] - The remaining 10% will be allocated for working capital and other general corporate purposes [4]

Core Viewpoint - The company, Cloudwalk (02670), is set to launch an initial public offering (IPO) from October 8 to October 13, 2025, aiming to issue 6.9 million H-shares at a price of HKD 95.6 per share, with expected trading to commence on October 16, 2025 [1] Group 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 focuses on developing robotic service agents that integrate AI technology to enhance user interaction and operational efficiency in service environments such as hotels and healthcare [2] Group 2: Market Position and Growth - Cloudwalk holds a leading position in China's robotic service agent market, with a revenue share of 6.3% in 2024, in a market projected to reach RMB 3.7 billion [3] - The market for robotic service agents in China is expected to grow to RMB 13.5 billion by 2029, with a compound annual growth rate (CAGR) of 29.3% from 2024 to 2029, driven by advancements in AI technology and increasing demand for high-quality services [3] Group 3: Product Features - The company's service agents are compatible with third-party AIoT devices and can seamlessly integrate with existing workflows, distinguishing them from traditional robots that rely on predefined algorithms [3] - Cloudwalk's service agents possess advanced AI capabilities, allowing for high intelligence, self-evolution, and adaptability to various scenarios, enhancing their functionality [3] Group 4: Use of IPO Proceeds - The estimated net proceeds from the global offering are approximately HKD 590 million, with plans to allocate 60% for enhancing R&D capabilities, 30% for commercialization efforts, and 10% for working capital and general corporate purposes [4]

Core Viewpoint - The company, Yunji (02670.HK), is planning a global offering of 6.9 million H-shares, with a share price set at HKD 95.6, aiming to raise approximately HKD 590 million for various strategic initiatives [1][4]. Group 1: Company Overview - The company is a leading AI-enabled robotics service technology enterprise, providing robots and functional suites alongside AI digital systems [2]. - The robotics service intelligent agents are designed to interact with users in various service environments, enhancing operational efficiency and user experience through continuous learning and adaptive optimization [2][3]. Group 2: Market Position and Growth - The company holds a leading position in China's robotics service intelligent agent market, with a projected market size of RMB 3.7 billion in 2024 and a domestic revenue share of 6.3% [3]. - The market is expected to grow to RMB 13.5 billion by 2029, with a compound annual growth rate (CAGR) of 29.3% from 2024 to 2029, driven by advancements in AI technology and increasing demand for high-quality services [3]. Group 3: Use of Proceeds - The estimated net proceeds of approximately HKD 590 million from the global offering will be allocated as follows: 60% for enhancing R&D capabilities over the next five years, 30% for improving commercialization efforts domestically and internationally, and 10% for working capital and general corporate purposes [4].

Core Viewpoint - The implementation of innovative IPO policies and the strengthening of the Hong Kong stock market have accelerated the process for unprofitable companies to go public under the "18A" and "18C" listing rules since 2025 [1][2]. Group 1: IPO Trends - Since 2025, a total of 9 companies have submitted applications to the Hong Kong Stock Exchange under the "18C" listing rule, with 5 of these companies applying after the launch of the "Special Line for Science and Technology Companies" in May 2025 [1][2]. - A total of 18 companies have submitted applications under the "18A" listing rule since 2025, with the number for the entire year expected to surpass the 20 companies that applied in 2024 [1][2]. Group 2: Company Characteristics - The 9 companies applying under the "18C" rule are primarily from the fields of artificial intelligence and robotics, each with unique characteristics [3]. - For instance, Chengtai Technology is the largest supplier of forward-looking millimeter-wave radar in China, while Yunjike Technology is a leading provider of robotic service agents in the hotel sector [3]. Group 3: Market Environment - The Hong Kong market is noted for its strong inclusivity and maturity, which contrasts with the A-share market's previously unpredictable stance on unprofitable companies [4]. - The A-share IPO market is gradually increasing its tolerance for unprofitable companies, as indicated by recent policy changes from the China Securities Regulatory Commission [4]. Group 4: Impact of Policy Innovations - The recent IPO policy innovations in Hong Kong have created a more flexible and diverse listing environment, particularly benefiting innovative pharmaceutical companies that are still in the R&D phase [6]. - The introduction of the "Special Line for Science and Technology Companies" allows companies to submit listing applications confidentially, protecting their commercial secrets and facilitating the listing preparation process [6]. Group 5: Market Performance - As of June 25, 2025, the Hang Seng Index has risen approximately 20% since the beginning of the year, with over 80% of the 72 listed "18A" companies experiencing an increase in their stock prices [7]. - The positive performance in the secondary market has boosted investor confidence, attracting overseas capital into the Hong Kong stock market [7].

Core Viewpoint - Cloudwise Technology is pursuing an IPO on the Hong Kong Stock Exchange, with a valuation of 4.1 billion RMB, backed by major investors including Alibaba, Tencent, and Ctrip [2][6]. Financial Performance - Revenue for Cloudwise Technology is projected to be 161.28 million RMB in 2022, 145.15 million RMB in 2023, and 244.78 million RMB in 2024 [3]. - The company reported losses attributable to equity shareholders of -365.42 million RMB in 2022, -264.52 million RMB in 2023, and -184.96 million RMB in 2024 [3][2]. Market Position - According to Frost & Sullivan, Cloudwise Technology ranks first globally in the robot service market and intelligent agent market within the hotel sector as of 2023 [2]. Investment Background - Since its establishment, Cloudwise Technology has completed multiple funding rounds, with notable investors including Alibaba Group, Lenovo Group, Tencent, and Ctrip [2][6]. - The company raised 265 million RMB in Series C funding in August 2021, with a pre-investment valuation of 1.8 billion RMB and a post-investment valuation of 2.289 billion RMB [6]. - In December 2021, Cloudwise Technology completed a Series D funding round of 580 million RMB, achieving a pre-investment valuation of 3.5 billion RMB and a post-investment valuation of 4.08 billion RMB [6].

一周IPO动态，覆盖港股、美股、A股。 本文为IPO早知道原创 作者｜C叔 微信公众号｜ipozaozhidao 云迹科技 港股｜递交招股书 据IPO早知道消息，北京云迹科技股份有限公司（以下简称"云迹科技"）于2025年3月21日正式向港 交所递交招股说明书，拟主板挂牌上市，中信证券和建银国际担任联席保荐人。 这意味着，云迹科技或将成为"机器人服务智能体第一股"；同时，云迹科技也是第六家以18C上市章 程赴港上市的特专科技公司。 根据弗若斯特沙利文的资料，在2024年机器人智能体市场拥有可适应三维多层空间的机器人的参与 者中，云迹科技的同时在线机器人数量和服务消费者数量排名全球第一。2024年，云迹科技同时在 线机器人数量单日高峰超过36,000台。 另根据弗若斯特沙利文的资料，按2023年来自酒店场景的收入计算，云迹科技在酒店场景的机器人 智能体市场及智能体市场均排名全球第一。除酒店外，云迹科技的机器人还已应用于商业楼宇、医疗 机构、工厂及社区等多个场景提供服务。 据IPO早知道消息，卓正医疗控股有限公司（以下简称"卓正医疗"）于2025年3月18日更新招股书， 继续推进港交所主板上市进程，海通国际和浦银 ...