HK Stock Connect Watch | YUNJI (02670.HK) partners with Taobao Shangou: southbound holdings ratio rises to 1.58%

NewTimeSpace News: YUNJI (New) (02670.HK) rose more than 8% intraday on October 15 after the company signed a strategic partnership agreement with Taobao Shangou. The two parties will prioritise apartment scenarios and coordinate on hotels, pushing the scaled deployment of food-delivery robots in enclosed buildings where riders cannot enter, extending service from store-to-building to building-to-door and gradually extending to closed and large residential communities. Co-founder and CEO Li Quanyin previously said the company is moving from being a hotel robot company to a company scaling food-delivery robot applications.

In the market, YUNJI (New) closed up 26.15% at HKD7.38 on October 9 on turnover of HKD460 million and a turnover ratio of 8.083%, and rose a further 18.56% to HKD8.75 on October 12 on turnover of HKD312.2 million. The shares fell for two consecutive sessions on October 13 and 14, dropping 15.89% and 9.92% to close at HKD7.36 and HKD6.63, with turnover on the 14th contracting to HKD52.17 million. The stock recovered intraday on October 15, trading at HKD6.88 as of 15:29, up 3.77%, with a high of HKD7.33 and turnover of about HKD107 million.

On Stock Connect, YUNJI was formally included in the Stock Connect list in September 2026. Southbound holdings data was first recorded on September 9, with 91,950 shares held, representing 0.12% of shares in issue, before rising day by day to 1.11% on September 22. Following the share subdivision, the stock continued to be included in the Stock Connect list as YUNJI (New) effective October 8. According to Choice data, southbound holdings rose to 10.65 million shares on October 13, taking the ratio to 1.52%, and further to 11.1332 million shares on October 14, taking the ratio to 1.58%, an increase of about 481,700 shares in a single day, with holdings worth approximately HKD73.8 million.

On fundamentals, the interim results released on September 24 showed that revenue for the first half of 2026 was RMB188 million, up 71.6% year on year. Revenue from robots and functional kits reached RMB157 million, up 93.8%, while ecosystem partner fulfilment revenue climbed3302.1% to RMB90.496 million, accounting for 48.1% of total revenue and exceeding the services segment to become the largest revenue contributor for the first time. Overseas revenue was RMB5.351 million, up 638.1%. Gross margin stayed around 35%, the R&D expense ratio was 37.8%, and net loss attributable to shareholders was RMB111 million, narrowed 22.2% year on year. On holiday operating data, the company's service robots completed 19.785 million services during the 13-day Mid-Autumn and National Day holiday, up 25.2% year on year, while AI voice calls reached 2.026 million, up 110.37%.

On institutional coverage, Guosheng Securities initiated coverage of YUNJI on September 16, 2026, describing the company as the domestic leader in hotel service robots with an integrated hardware-and-software service model. The research report forecasts revenue of RMB453 million, RMB683 million and RMB1.038 billion for 2026, 2027 and 2028 respectively, and adjusted net profit attributable to shareholders of negative RMB127 million, negative RMB73 million and positive RMB30 million.