According to Gelonghui, recently, Shenzhen Yuejiang Technology Co., Ltd. (hereinafter referred to as "Yuejiang Technology") submitted an application for listing to the Stock Exchange of Hong Kong, as a special technology company seeking to list on the Main Board of the Exchange under Chapter 18C of the Listing Rules. The joint sponsors are Guotai Junan International and Agricultural Bank International.

The prospectus shows that Yuejiang Technology was established in 2015, headquartered in Shenzhen, and is mainly engaged in the design, development, manufacturing, and commercialization of collaborative robots.

Collaborative robots refer to robots with operable mechanical arms, which are used for direct human-machine interaction or collaboration in shared spaces or when humans and robots operate at close range. The use of collaborative robots helps improve productivity, flexibility, and quality. Yuejiang Technology has launched 27 models of collaborative robot in 4 series, which can meet the needs of manufacturing, retail, medical health, STEAM education, scientific research, and other fields.

Image source: Tuchong

According to the Zhuoshi Consulting report, based on the shipment volume in 2023, Yuejiang Technology ranks among the top two in the global collaborative robot industry and ranks first among all collaborative robot companies in China, with a global market share of 13%.

At the same time, the company is one of the few participants in the global industry that has its own full-stack technology covering the entire process of collaborative robot development. This technology includes collaborative robot design and manufacturing, key component development, control system development, formulation and iteration of key algorithms, deployment of multi-functional collaborative robots for different tasks, and AI function development.

Yuejiang Technology's founder Liu Peichao, 37 years old this year, obtained a Bachelor's degree in Mechanical Design, Manufacturing, and Automation from Shandong University in June 2011, and further obtained a Master's degree in Mechanical Engineering from Shandong University in June 2014. Liu Peichao has been serving as the executive director and general manager of Yuejiang Technology since July 2015.

In terms of equity structure, as of the final feasible date, Liu Peichao controls 31.08% of the voting rights of the Yuejiang Technology shareholders' meeting, making him the controlling shareholder of the company. At the same time, Shenzhen Venture Capital, Songhe Growth, Zhongwang Investment, and Zhongjin Qizhi are all shareholders of the company.

It is worth noting that due to the company's collaborative robot products being in the relatively early stage of commercialization, Siasun Robot&Automation has recorded a net loss since its establishment and is expected to continue generating net losses in the future.

In 2021, 2022, and 2023, Siasun Robot&Automation's revenues are approximately 17.4 billion yuan, 24.1 billion yuan, and 28.7 billion yuan, respectively, with corresponding annual losses of approximately 4.2 billion yuan, 5.2 billion yuan, and 10.3 billion yuan. Despite the company's growing revenues, the losses continue to increase.

Company's operating performance summary, Image source: Prospectus

In 2021, 2022, and 2023, Siasun Robot&Automation's gross margin was 50.5%, 40.8%, and 43.5% respectively, with some fluctuations.

Specifically, from 2021 to 2023, Siasun Robot&Automation's revenue mainly comes from products such as six-axis collaborative robots, four-axis collaborative robots, and composite robots. The revenue proportion of six-axis collaborative robots is increasing, while the revenue proportion of four-axis collaborative robots is decreasing.

Revenue breakdown by product type, Image source: Prospectus

In this IPO, Siasun Robot&Automation plans to raise funds for cutting-edge technology development of intelligent collaborative robots, production line and manufacturing capacity development, strategic alliances, investments and acquisitions, establishment of overseas sales channels, working capital, and other general corporate purposes.