Core Viewpoint - Zhejiang Kailesi Technology Group Co., Ltd. successfully listed on the Hong Kong Stock Exchange on March 24, 2026, with a share price of HKD 16.66 and a total issuance scale of HKD 613 million [1]. Company Overview - Kailesi Technology is a comprehensive provider of intelligent in-warehouse logistics robots, offering a diverse range of robotic products centered around three core product lines: Multi-directional Shuttle Robots (MSR), Autonomous Mobile Robots (AMR), and Conveying Sorting Robots (CSR) [1]. - The product portfolio of Kailesi Technology encompasses essential functions for storage, sorting, and handling, covering the entire scope of in-warehouse logistics operations [1]. Underwriting and Management - Shenwan Hongyuan Securities (Hong Kong) Co., Ltd. acted as the joint bookrunner and joint lead manager for this issuance, demonstrating a commitment to professionalism and responsibility throughout the process [1]. - The company leveraged its extensive market experience, exceptional business capabilities, and investor coverage advantages to support Kailesi Technology's successful listing [1].

Group 1 - The company, Zhejiang Kailesi Technology Group Co., Ltd., successfully listed on the Hong Kong Stock Exchange on March 24, 2026, with a share price of HKD 16.66 and a base issuance scale of HKD 613 million [2] - Kailesi Technology is a comprehensive provider of intelligent in-warehouse logistics robots, offering a diverse range of products including Multi-directional Shuttle Robots (MSR), Autonomous Mobile Robots (AMR), and Conveyor Sorting Robots (CSR) [3] - The company is recognized as one of the mature manufacturers in the intelligent in-warehouse logistics robot industry, holding a market share of 1.6% among the top five comprehensive intelligent in-warehouse logistics robot companies in China, based on projected revenue for 2024 [4] Group 2 - Shenwan Hongyuan Securities (Hong Kong) acted as the joint bookrunner and lead underwriter for the issuance, demonstrating professionalism and market expertise [4] - The company has been dedicated to innovation in warehouse logistics automation for over a decade, showcasing a strong commitment to research and development in robotic technology [4]

Core Insights - The report highlights the impact of the Federal Reserve's hawkish stance and inflation concerns on the market, particularly affecting U.S. stocks and creating a risk of stagflation [2][5]. Company Overview - The company under review, Kales Technology (2729.HK), is a provider of integrated intelligent in-warehouse logistics robots, established in 2014 and headquartered in Jiaxing, Zhejiang [7]. - Kales Technology's main products include multi-directional shuttle robots (MSR), autonomous mobile robots (AMR), and conveyor sorting robots (CSR), offering comprehensive intelligent logistics solutions from warehousing to production lines [7]. - The company is projected to be the fifth largest in China's integrated intelligent in-warehouse logistics robot market by revenue in 2024, with a market share of approximately 1.6% [7]. Financial Performance - Kales Technology has not yet achieved profitability, with projected revenues of 657 million, 551 million, and 721 million RMB for 2022, 2023, and 2024 respectively, and net losses of 210 million, 242 million, and 169 million RMB [7]. - For the first nine months of 2025, the company reported revenue of 552 million RMB, reflecting a significant year-on-year growth of 89.5%, with a net loss of 135 million RMB [7]. Industry Status and Outlook - The global intelligent in-warehouse logistics market is expected to grow from 270.6 billion RMB in 2020 to 455.1 billion RMB in 2024, with a projected compound annual growth rate (CAGR) of 13.7% from 2025 to 2030 [8]. - China's intelligent in-warehouse logistics market is anticipated to expand from 96 billion RMB in 2020 to 175.9 billion RMB in 2024, with a CAGR of 16.3%, and is expected to reach 413.7 billion RMB by 2030 [8]. Strengths and Opportunities - Kales Technology possesses a comprehensive technology layout and the ability to provide one-stop solutions, with a diverse range of robots that can meet the evolving market demands [9]. Weaknesses and Risks - The company faces challenges such as continuous losses, potential data security or privacy issues, rising costs of raw materials or key components, and risks associated with information technology system failures [10]. Investment Recommendations - The IPO of Kales Technology does not have cornerstone investors, with an expected issue price range of 16.4 to 20.4 HKD, leading to a projected market capitalization of 7.02 to 8.73 billion HKD post-issue [11]. - The valuation at the median issue price of 18.4 HKD corresponds to a price-to-sales (PS) ratio of approximately 9.5 times for 2024, which is considered high compared to industry leader Geekplus (2590.HK) at 9.8 times PS for 2024 [11]. - Given the company's low market share, weak profitability, and lack of cornerstone investor support, the report assigns an IPO-specific rating of "4.7" and does not recommend subscription [11].

香港聯合交易所有限公司與證券及期貨事務監察委員會對本聆訊後資料集的內容概不負責，對其準確性或完整性 亦不發表任何意見，並明確表示概不就因本聆訊後資料集全部或任何部分內容而產生或因倚賴該等內容而引致的 任何損失承擔任何責任。 Zhejiang Galaxis Technology Group Co., Ltd. 浙江凱樂士科技集團股份有限公司 （「本公司」） （於中華人民共和國註冊成立的股份有限公司） 的聆訊後資料集 警 告 本聆訊後資料集乃根據香港聯合交易所有限公司（「聯交所」）與證券及期貨事務監察委員會（「證監 會」）的要求而刊發，僅用作提供資訊予香港公眾人士。 本聆訊後資料集為草擬本，其內所載資訊並不完整，亦可能會作出重大變動。您閱覽本文件，即代表 您知悉、接納並向本公司、其聯席保薦人、保薦人兼整體協調人、整體協調人、顧問或包銷團成員表 示同意： 倘於適當時候向香港公眾人士提出要約或邀請，有意投資者務請僅依據與香港公司註冊處處長註冊的 本公司招股章程作出投資決定；有關文本將於發售期內向公眾公佈。 (a) 本文件僅為向香港公眾人士提供有關本公司的資料，概無任何其他目的；投資者不應根據本文 件中的資料作出任何 ...

Core Viewpoint - The company has established a solid technological foundation and production equipment layout in the robotics sector, enabling it to provide a range of intelligent warehousing and handling equipment for logistics automation and upgrading [1] Group 1: Company Capabilities - The company offers various types of robots, including warehouse robots (stackers), shuttle robots (shuttle cars), sorting robots (mechanical hands), handling robots (AGVs), and autonomous mobile robots (AMRs) [1] - The company has successfully provided intelligent factory logistics solutions for well-known domestic and international enterprises [1] Group 2: Industry Trends - The company’s solutions facilitate the automation, intelligence, and flexibility upgrades of the entire logistics process [1]

Core Viewpoint - Zhejiang Kailesi Technology Group Co., Ltd. (referred to as "Kailesi") has submitted a listing application to the Hong Kong Stock Exchange, aiming to redefine supply chain operations through advanced robotics technology [1] Company Overview - Kailesi is a comprehensive provider of intelligent in-warehouse logistics robots, offering a diverse range of robotic products across three core product lines: Multi-directional Shuttle Robots (MSR), Autonomous Mobile Robots (AMR), and Conveying Sorting Robots (CSR) [1] - The company has established itself as one of the mature players in the intelligent in-warehouse logistics robot industry, ranking fifth among China's top five comprehensive intelligent in-warehouse logistics robot companies with a market share of 1.6% as of 2024 [1] Financial Performance - Kailesi's revenue for the years 2022 to 2024 is reported as follows: 657 million yuan in 2022, 551 million yuan in 2023, and 721 million yuan in 2024, with revenue for the nine months ending September 30, 2025, reaching 552 million yuan [2] - The company has faced financial challenges, recording net losses of 210 million yuan in 2022, 242 million yuan in 2023, and 178 million yuan in 2024, totaling cumulative losses of 629 million yuan [2] - Adjusted net losses (excluding share-based payments and changes in redeemable liabilities) for the same period are reported as 117 million yuan in 2022, 123 million yuan in 2023, and 50 million yuan in 2024, with a net loss of 14 million yuan for the nine months ending September 30, 2025 [2] Industry Positioning - Kailesi operates in the midstream of the industry, leveraging its expertise in system design to combine advanced robotics technology with intelligent software, thereby providing flexible and scalable automation solutions [2] - The company's solutions aim to transform traditional warehouses into intelligent facilities that meet modern business demands while significantly reducing reliance on manual labor and rigid infrastructure [2]

香港聯合交易所有限公司與證券及期貨事務監察委員會對本申請版本的內容概不負責，對其準確性或完整 性亦不發表任何意見，並明確表示概不就因本申請版本全部或任何部分內容而產生或因倚賴該等內容而引 致的任何損失承擔任何責任。 Zhejiang Galaxis Technology Group Co., Ltd. 浙江凱樂士科技集團股份有限公司 （「本公司」） （於中華人民共和國註冊成立的股份有限公司） 的申請版本 警告 本申請版本乃根據香港聯合交易所有限公司（「聯交所」）及證券及期貨事務監察委員會（「證監會」）的要求 而刊發，僅用作提供資訊予香港公眾人士。 本申請版本為草擬本，其內所載資料並不完整，亦可能會作出重大變動。 閣下閱覽本文件，即代表 閣 下知悉、接納並向本公司、本公司的聯席保薦人、保薦人兼整體協調人、整體協調人、顧問或承銷團成員 表示同意： 倘於適當時候向香港公眾人士提出要約或邀請，有意投資者務請僅依據呈交香港公司註冊處處長註冊的本 公司招股章程作出投資決定；招股章程的文本將於發售期內向公眾派發。 (a) 本文件僅為向香港公眾人士提供有關本公司的資料，概無任何其他目的；投資者不應根據本文件中 的資料作出任何 ...

Core Viewpoint - The company Lan Jian Intelligent has confirmed that its logistics robots, including AGV, shuttle robots, stackers, and AMR, are being widely used in projects for major clients such as Lenovo, CATL, and BYD [1] Group 1 - Lan Jian Intelligent's logistics systems have been implemented in multiple projects, indicating strong market demand for its robotic solutions [1] - The company is supplying various types of robots to significant players in the industry, showcasing its capability and reliability in the smart logistics sector [1]

Core Viewpoint - The company LanJian Intelligent has successfully implemented its intelligent logistics systems, including various types of robots, in major projects for well-known clients such as Lenovo, CATL, and BYD [1] Group 1: Company Overview - LanJian Intelligent specializes in intelligent logistics systems, offering products such as Automated Guided Vehicles (AGV), shuttle robots, stacker robots, and Autonomous Mobile Robots (AMR) [1] Group 2: Client Engagement - The company's robotic logistics systems have been widely adopted in projects for prominent companies, including Lenovo, CATL (300750), and BYD (002594) [1]

Core Viewpoint - Technological innovation is a crucial driver for China's economic transformation, yet many tech companies face challenges in financing due to their asset-light nature and lack of collateral [1] Group 1: Financial Support for Innovation - Beijing Bank has been exploring effective financial support paths for technological innovation since the establishment of its first branch in Zhongguancun Science Park in 1999 [1] - The bank aims to become the "first bank for specialized, refined, and innovative enterprises," directing financial resources towards under-recognized technological opportunities [1][4] - The bank has provided comprehensive financial services to companies like Ironwood and Zhonghuan New Energy, supporting their growth from early-stage funding to international expansion [2][3] Group 2: Tailored Financial Solutions - Beijing Bank offers a dynamic, full-lifecycle product portfolio tailored to the different financing needs of tech companies at various stages of development [5] - The bank has launched a one-stop online financing platform, "Tong E Loan," to simplify the financing process for enterprises [5] - The "Kechuang E Loan" and "Linghang E Loan" products have been upgraded to enhance the financing experience for specialized and innovative enterprises [5] Group 3: Ecosystem Building and Long-term Partnerships - Beijing Bank aims to build a financial ecosystem that goes beyond traditional lending, becoming a true partner in the growth of tech companies [6] - The bank has provided significant financial support, with a technology finance loan balance of 434.608 billion yuan as of June 2025, reflecting a growth rate of 19.31% [6] - The bank has served over 26,000 specialized and innovative enterprises, providing more than 1.3 trillion yuan in credit to over 55,000 tech SMEs [6]