Shenzhen Ledong Robot (01236.HK) started its Hong Kong public offering today (30th) and will close next Wednesday (May 6). The company plans to offer 33.3334 million H shares, with 10% allocated to the Hong Kong public offering and the remainder to international placing. The offer price ranges from HKD24 to HKD30 per share, seeking to raise up to approximately HKD1 billion. A board lot consists of 200 shares, with an entry fee of HKD6,060.51. The shares are expected to be listed on May 11. Joint sponsors are Haitong International Capital and Guotai Junan Financing.
The IPO has introduced Kangcheng Heng Vision Investment Co., Ltd. as a cornerstone investor. The company is a wholly owned subsidiary of Tianjin Kangcheng Heng No.2 Management Consulting Partnership Enterprise and is ultimately held by entities including the Zhuji Municipal Finance Bureau. The cornerstone investor has agreed to subscribe for shares in the offering with a total amount of approximately HKD277 million. Based on the mid-point offer price of HKD27 per share, the subscription involves approximately 10.2592 million shares, representing about 3.08% of the issued share capital upon completion of the global offering.
Based on the mid-point offer price of HKD27 per share, net proceeds from the global offering are estimated to be approximately HKD827 million. The company intends to allocate about 45% of the net proceeds to enhance research and development of intelligent robot vision perception technology; about 10% for brand building and international expansion; about 30% to optimize production capacity and expand output; about 5% to explore potential investment and acquisition opportunities; and the remaining 10% for working capital and general corporate purposes.
Financial data show that revenue increased from RMB276 million in 2023 to RMB467 million in 2024, and further to RMB747 million in 2025, representing a CAGR of approximately 64.4% from 2023 to 2025. During the period, net losses were RMB68.491 million, RMB56.483 million and RMB62.501 million, respectively. (ec/da)(HK stocks quote is delayed for at least 15 mins.)
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