ROBOTECHNIK: Passes HKEX Listing Hearing, Primarily Supplying Photovoltaic and Silicon Photonics Manufacturing Equipment and Systems

NewTimeSpace (newtimespace.com) News, On 13 September 2026, RoboTechnik Intelligent Technology Co., Ltd. ("RoboTechnik" or the "Company") published a post hearing information pack ("PHIP") on the website of the Stock Exchange seeking the listing of its H shares on the Main Board, with Huatai Financial Holdings (Hong Kong) Limited, Citigroup Global Markets Asia Limited and Orient Capital (Hong Kong) Limited as joint sponsors, with a nominal value of RMB 1.00 per H share. The PHIP is a draft, the offer price, the number of offer shares and the expected timetable are still marked as "[REDACTED]", and the listing application has not been approved by the Stock Exchange or the Securities and Futures Commission. The Company's A shares have been listed on the ChiNext Market of the Shenzhen Stock Exchange since 8 January 2019 (stock code: 300757.SZ).

The Company is a global supplier of manufacturing equipment and systems for the photovoltaic ("PV") and silicon photonics industries. Its PV manufacturing solutions comprise PV manufacturing equipment (mainly automation equipment for PV cell production), complete production lines and smart manufacturing systems built around its proprietary R2Fab MES platform; through ficonTEC, it offers two major product lines, assembly equipment and testing equipment. According to China Insights Consultancy, by 2025 revenue the Company ranked fifth globally in smart PV cell automation manufacturing equipment with a 2.6% market share, and ranked first globally in silicon photonics smart manufacturing equipment with a 20.5% market share.

Revenue decreased from RMB 1,569.6 million in 2023 to RMB 1,104.2 million in 2024 and RMB 948.8 million in 2025, and amounted to RMB 198.6 million for the four months ended 30 April 2026 against RMB 142.2 million a year earlier. PV manufacturing solutions revenue fell from RMB 1,490.4 million in 2023 (95.0% of total revenue) to RMB 433.1 million in 2025 (45.6%) and further to RMB 43.4 million in the first four months of 2026 (21.8%); silicon photonics assembly and testing equipment revenue was RMB 50.2 million in 2024 (4.5%), rising to RMB 439.1 million in 2025 (46.3%) and RMB 130.6 million in the first four months of 2026 (65.8%). Overall gross margin was 21.9%, 28.7%, 34.5% and 32.1% for the same periods. The Company recorded annual profits of RMB 79.5 million in 2023 and RMB 63.2 million in 2024, before recording an annual loss of RMB 45.0 million in 2025 and a loss of RMB 74.7 million for the four months ended 30 April 2026. As at 30 April 2026, the Company's net assets were RMB 2,254.7 million, and its cash conversion cycle extended from 156 days in 2023 to 304 days in 2024, 406 days in 2025 and 580 days in the first four months of 2026.

On customers, sales to the five largest customers in each year or period of the track record period were RMB 1,003.0 million, RMB 759.9 million, RMB 599.7 million and RMB 127.5 million, representing 63.9%, 68.8%, 63.2% and 64.2% of total revenue; sales to the largest customer accounted for 19.7%, 29.6%, 19.4% and 33.0% respectively. Purchases from the five largest suppliers accounted for 33.2%, 37.8%, 43.5% and 45.0% of total purchases.

On the ficonTEC acquisition, the acquisition was achieved through a two-step structure spanning 2019 to 2025: a buyer consortium vehicle led by Mr. Dai first acquired control of ficonTEC between 2019 and 2023, after which the Company acquired an 81.19% equity interest in the vehicle for a total consideration of RMB 1,569.0 million and a 6.97% equity interest in ficonTEC for a total consideration of RMB 85.1 million, with the acquisition completed in May 2025, following which the Company owns the entire equity interest in ficonTEC. To protect the interests of the Company and its shareholders, in March 2025 Mr. Dai, as the ultimate controlling shareholder, entered into a performance guarantee and compensation agreement with the Company, voluntarily guaranteeing that ficonTEC's cumulative net profit for the three financial years ending 31 December 2027 will be no less than EUR 58.1 million, and will compensate in cash any shortfall against that guarantee and any impairment in excess of compensation paid, subject to an aggregate cap equal to the total consideration of the ficonTEC acquisition of RMB 1,011.8 million.

Subsequent to the track record period, the Company's two businesses experienced sharply divergent developments. The PV manufacturing solutions business continued to be affected by the industry downturn, with revenue falling 53.9% from RMB 180.1 million for the six months ended 30 June 2025 to RMB 83.0 million for the six months ended 30 June 2026; the silicon photonics assembly and testing equipment business benefited from AI infrastructure demand, with revenue increasing 952.2% from RMB 46.4 million to RMB 488.2 million. As a result, for the six months ended 30 June 2026, the Company's revenue increased 145.1% to RMB 608.1 million from RMB 248.1 million a year earlier, gross profit increased 267.3% to RMB 253.1 million from RMB 68.9 million, overall gross margin rose from 27.8% to 41.6%, and the Company recorded a net profit of RMB 6.3 million against a net loss of RMB 12.2 million a year earlier. As at 30 June 2026, outstanding orders for silicon photonics assembly and testing equipment amounted to RMB 2.0 billion; the Company's wholly-owned subsidiary ficonTEC has commenced cooperation with a world-leading AI infrastructure company to jointly develop manufacturing and testing solutions optimised for CPO and optical interconnect technologies, currently at the joint development stage.

On compliance, the Company disclosed that its A shares have been listed on the Shenzhen Stock Exchange since 8 January 2019; during the track record period and as at the latest practicable date, the Company, its controlling shareholders and certain directors received a number of regulatory and warning letters from the Jiangsu Regulatory Bureau of the CSRC and the Shenzhen Stock Exchange regarding inaccuracies and misclassifications in the 2021 annual and interim financial disclosures, the controlling shareholders' failure to make the requisite advance disclosure announcement before selling A shares, and the failure to disclose certain repurchase/return guarantee arrangements in respect of the ficonTEC acquisition; the Company also received an oral warning from the Shenzhen Stock Exchange in November 2025 for an inadvertent non-material administrative error in its third quarter 2025 results (which the Company proactively corrected through a clarification announcement), and the relevant matters have been remedied. The Company also cautioned that recent reports indicate the US government is considering measures to prohibit the import of new models of China-made optical transceivers for use in US data centres, that the proposed restriction remains under development and has not been formally adopted or implemented, and that its potential impact cannot be determined at this stage. The Company's listing application is based on meeting the market capitalisation/revenue test under Rule 8.05(3) of the Listing Rules, by reference to (i) revenue of RMB 948.8 million for the financial year ended 31 December 2025, exceeding HKD 500 million; and (ii) an expected market capitalisation at listing exceeding HKD 4 billion. 

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