AsianFin -- A rare spectacle unfolded on Wedneday morning at the Hong Kong Stock Exchange as six gongs rang out simultaneously, marking the debut of five companies.
They are Geek+ (02590.HK), Lens Technology (06613.HK), Xunzhong Communication (02597.HK), and Dazhong Dental (02651.HK)—alongside the Hang Seng Morgan U.S. Equity High Income Active ETF (3476.HK).
It was one of the busiest IPO days in recent years, signaling renewed investor confidence in the Hong Kong market.
According to Hong Kong Financial Secretary Paul Chan, the city saw 42 IPOs in the first half of 2025, raising over HK$107 billion, up 22% compared to the whole of 2024. Chan also noted that IPO applications have surged to around 200—double the number at the start of the year—including companies from Southeast Asia and the Middle East. “Market sentiment for Hong Kong equities and IPOs is clearly improving,” Chan wrote in a recent blog post.
Among today’s debutants, Beijing-based Geek+ was the most closely watched. The logistics robotics firm not only completed the largest robotics IPO in Hong Kong this year, raising HK$2.71 billion, but also became the world’s first publicly listed AMR (Autonomous Mobile Robot) warehouse robotics company.
Investor enthusiasm was evident: Geek+’s public offering was oversubscribed by 133.62 times and the international tranche by 30.17 times. The company ultimately issued 161.4 million H shares—up from the initial 140.4 million—after exercising a 15% overallotment option.
At the listing ceremony, Geek+ founder, chairman, and CEO Yong Zheng said the IPO marked a “new starting point” for the company to fuse capital with innovation. “We are building the new infrastructure of intelligent logistics. Robotics will lead us to a smarter, more efficient, and greener world,” he said. Shares closed at HK$16.44, giving Geek+ a market capitalization of approximately HK$21.3 billion.
Founded in 2015, Geek+ has grown into a global leader in AMR technology. The company delivered 46,000 robots to over 40 countries by mid-2024 and has served more than 800 enterprise clients, including Nike, Decathlon, Walmart, Toyota, and Siemens. It holds a 9% share of the global AMR warehouse fulfillment market and has ranked No.1 globally for six consecutive years, according to China Insights Consultancy.
Zheng Yong, Founder, Chairman, and CEO of Geek+
Geek+ generated RMB 2.41 billion in revenue in 2024, up from RMB 1.45 billion in 2022—a 28.8% compound annual growth rate. Net losses narrowed sharply from RMB 1.57 billion in 2022 to RMB 832 million in 2024. Adjusted net losses fell even more significantly, from RMB 821 million to just RMB 92 million over the same period. Gross profit surged from RMB 80 million to RMB 840 million, with a gross margin of 34.8% in 2024.
The company’s warehouse fulfillment AMR business had a 39.2% gross margin, and its overseas AMR unit boasted a 46.5% margin—highlighting the profit potential of Geek+’s global expansion strategy.
Yong holds a 7.19% equity stake and, along with associates and the employee equity platform, controls 21.7% of voting rights. Major backers include Warburg Pincus (11.86%), GGV Capital (6.19%), Ant Group (4.93%), and Intel (0.63%).
Cornerstone investors in the IPO include Eastspring Investments, Arc Avenue, Xiong’an Robotics, and Eget (a Zongteng Group affiliate), which collectively subscribed to US$91.3 million in shares.
Geek+ plans to use IPO proceeds to support R&D, expand global operations, improve supply chain systems, and bolster cybersecurity and data protection.
Xia Zhijin, an early investor and managing partner at Vertex Ventures, said Geek+ is well-positioned to turn profitable soon. “The robotics and embodied AI sectors remain overheated, but Geek+ stands out with high revenue, high growth, and narrowing losses,” Xia said.
Geek+ had previously pursued an A-share listing in China but halted the process in October 2024. It then pivoted to Hong Kong, joining a wave of Chinese robotics firms eyeing overseas markets as they chase capital, customers, and credibility.
“Robotics will become a new productivity layer, much like electricity or the internet,” Xia said. “In the next 5 to 10 years, robots will enter homes and factories, freeing up humans for more creative work. The winners will be those who can scale globally and commercialize sustainably.”
These listings set a new benchmark not just for Geek+ but for the broader robotics industry, as Hong Kong reasserts its role as a leading hub for next-generation tech IPOs.
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