Dobot (02432.HK) ChiNext IPO to Be Reviewed by Listing Committee on July 22, Only 86 Days from Acceptance to Hearing
NewTimeSpace News: Shenzhen Dobot Corp Ltd (02432.HK) announced on July 15 that the Shenzhen Stock Exchange listing review committee has scheduled the 45th listing review committee meeting of 2026 for July 22, at which the Company's initial public offering application will be reviewed.
Dobot's ChiNext IPO application was formally accepted by the Shenzhen Stock Exchange on April 27, 2026, taking only 86 days from acceptance to the listing hearing. The Company is sponsored by Guotai Haitong Securities and plans to raise approximately RMB1.2 billion.
Previously, the Company completed tutoring filing registration at the Shenzhen CSRC branch on December 30, 2025, and completed tutoring acceptance in April 2026. On May 7, 2026, the Shenzhen Stock Exchange issued an audit inquiry letter regarding the Company's IPO application. On July 7, 2026, the Company published its reply to the second round audit inquiry letter on the Shenzhen Stock Exchange website.
According to the second round inquiry reply, the Company's customer base grew from 736 in 2023 to 1,501 in 2025, with existing customer repurchase rates maintained above 60%. As of June 30, 2026, the Company had cumulatively expanded its embodied intelligence customer base to 231, covering industrial manufacturing, education and research, and commercial retail, with customer reserves spanning the full cycle from POC (proof of concept) to scaled delivery. From January to June 2026, embodied intelligence shipment value exceeded RMB40 million, representing high-speed year-on-year growth and more than double the full-year amount of the previous year. Nearly 100 customers were in industrial manufacturing, with total orders in hand (including framework intent agreements) exceeding RMB60 million.
The Company is principally engaged in the R&D, production and sales of collaborative robots and embodied intelligent robots. In the collaborative robot field, the Company has a matrix of over 30 collaborative robot models across 10 series, with load capacities ranging from 0.25kg to 30kg. In 2025, the Company ranked first globally in collaborative robot shipments, with cumulative installations exceeding 100,000 units and a global market share of 13.2%, serving over 80 Fortune Global 500 companies across 15 major industries and more than 200细分场景. In the embodied intelligence field, the Company has built a full-form embodied intelligence product matrix of "humanoid robots + multi-legged robots + dual-arm robots," including the Atom bipedal humanoid robot, Atom W wheeled humanoid robot, Hexplorer six-legged robot, Rover X1 quadruped robot, and X-Trainer dual-arm robot, becoming one of the first enterprises in China to enter the mass production phase of humanoid robots.
Financially, in 2023, 2024 and 2025, the Company's operating revenues were approximately RMB287 million, RMB375 million and RMB493 million respectively, with 2025 revenue representing 31.7% year-on-year growth. Net losses for the same periods were approximately RMB103 million, RMB95.3646 million and RMB84.0484 million respectively, showing a narrowing trend. From 2023 to 2025, cumulative R&D investment reached RMB257 million, accounting for over 20% of operating revenue. As of December 31, 2025, R&D personnel accounted for 31.38% of total staff, with 625 authorized domestic patents.
The proceeds from this issuance, after deducting issuance expenses, are intended to be fully used for projects related to the Company's principal business, totaling RMB1.2 billion. Specifically: RMB550 million for the multi-legged robot R&D and industrialization project; RMB250 million for the humanoid robot technology enhancement project; RMB100 million for the marketing capability enhancement construction project; and RMB300 million for the working capital supplement project.
The Company was listed on the Main Board of the Hong Kong Stock Exchange on December 23, 2024, becoming the "first collaborative robot stock." If the A-share listing is successful, it will become the first "H-to-A" case in the Greater Bay Area following the implementation of the Shenzhen comprehensive reform pilot program, and a benchmark case for Hong Kong-listed Chapter 18C specialist technology companies returning to the A-share ChiNext market. In June 2025, the General Office of the CPC Central Committee and the General Office of the State Council issued the "Opinion on Deepening the Shenzhen Comprehensive Reform Pilot Program for Reform, Innovation and Opening Up," explicitly stating that Greater Bay Area enterprises listed on the Hong Kong Stock Exchange are permitted to list on the Shenzhen Stock Exchange in accordance with policy provisions.
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