HK Stock Connect Insight | SEER TECH (06106.HK): Southbound stake rises to 2.52% after Stock Connect inclusion on Sept 7

NewTimeSpace News: On 3 November, SEER TECH (06106.HK) published a circular in which the Board proposed the adoption of an H Share option scheme and an H Share share incentive scheme, both with a term of ten years. The H Shares involved will be satisfied solely through existing H Shares purchased by the trustee on the market, with the Company not issuing any new H Shares, repurchasing any H Shares or transferring any treasury H Shares; the Board also proposed amendments to the Articles of Association to reflect a change in the registered office. All resolutions are to be proposed as special resolutions at the extraordinary general meeting to be held at 10:00 a.m. on 20 November in Shanghai.

In the Hong Kong market, the shares have retreated steadily from their post-listing highs. The company listed on the Main Board of the Stock Exchange on 24 June 2026 at an offer price of HK101.60 and closed at HK106.00 on its first trading day, having traded as high as HK140.500 intraday on the listing date, the highest intraday price since listing. The lowest price since listing came on 30 July, when the shares traded as low as HK41.600 intraday before closing at HK49.300. The shares rose 10.88% in a single session on 3 September on being admitted to the Hang Seng Composite Index. As of 15:10 Hong Kong time on 6 November, the shares stood at HK66.800, down 0.60% from the previous trading day.

On southbound holdings, the company was admitted to the Hang Seng Composite Index following the quarterly review results published by Hang Seng Indexes Company on 21 August, with the changes implemented after the close on 4 September and taking effect on 7 September, when the stock was added to the Stock Connect list. According to Choice data, southbound holdings stood at 561,150 shares on 9 September, equal to 0.50% of issued H shares, and have continued to build up since, with the largest single-day net addition of 474,400 shares recorded on 14 September. Holdings rose to 2,109,950 shares, or 1.90% of issued H shares, on 23 October, before accelerating from 28 October to 2,787,957 shares, or 2.52%, on 5 November, the highest level since inclusion. The southbound stake was worth about HK$187 million on 5 November.

On the lock-up arrangement, according to the Allotment Results Announcement previously disclosed by the Company, the eight cornerstone investors hold an aggregate of 4,549,400 H shares, and the final day of the relevant lock-up undertakings is December 24, 2026, with the shares becoming tradable from December 25, 2026. The cornerstone investors include HHLRA (Hillhouse), Yuanbao Family Office, 3W Fund, GF Fund Management, Ruihua Investment and others.

On institutional views, Soochow Securities International argued in its report that SEER TECH is evolving from a robot brain platform into an embodied intelligence platform driven by real-world data, with commercial installations simultaneously becoming a low-marginal-cost data production network, forming an "installation-data-model-product" loop. On the operating front, in the first half of 2026 the company shipped more than 8,000 robot brains, up more than 80% year on year, with the overall gross margin up 1.2 percentage points to 46.6%, and overseas revenue up 197.5% year on year to RMB66 million at a gross margin of about 67%. On customer development, the company added around 410 new customers in the first half, up more than 60% year on year, with a repeat purchase rate among existing customers of about 60%, and the contribution rate to new signings from existing customers rising from 50.9% in 2023 to 60.6% in 2025.