The frenzy of initial public offerings in robotics companies in Hong Kong continues, as mainland intelligent robot component supplier Mech-Mind Robotics Technologies Co debuted its share sales on Tuesday to a lukewarm market response.
“We have completed our listing on the Hong Kong Stock Exchange because Hong Kong serves as our gateway to capital markets, global clients, and investors. It will be a crucial international gateway for the company to showcase industry collaborations and expand overseas business,” said Shao Tianlan, founder and CEO of Mech-Mind, at the IPO ceremony.
The company founder added that Hong Kong is an international city with excellent connections to many companies, research institutes, and universities around the world.
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“Hong Kong, backed by the strong manufacturing hinterland of the Guangdong-Hong Kong-Macao Greater Bay Area and radiating out into the global market, is a crucial juncture for the company's global business. We will leverage our Hong Kong branch to establish more global connections,” Shao said.
Mech-Mind offered to sell 23.14 million H shares at the upper range of the indicative price of HK$101.7 ($12.97) per share to raise approximately HK$2.7 billion before fees and expenses are paid. Cornerstone investors include international institutions such as Baillie Gifford, Jane Street, Invus, and NGS Super Fund. The company plans to use nearly 30 percent of the proceeds to expand its global reach and accelerate commercialization.
Mech-Mind on Tuesday slipped 1.8 percent apiece compared to the offering price of HK$101.7 per share.
Mech-Mind's business has ventured into major markets, including Europe, the United States, Japan, and South Korea. Overseas revenue accounted for 50 percent of the company's total revenue in 2025, with a compound annual growth rate of some 83 percent over the past three years.
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US-based Morningstar said it expects humanoids to become more useful over time, with companies that develop and produce humanoids being able to sell them for use in commercial settings and eventually in home settings.
The investment research company added that the adoption of robotics closely resembles the way in which the automobile became widely adopted, with humanoid robots becoming less expensive to produce while more able to perform a wide range of tasks for less than it would cost to employ a human to perform those tasks.
“We see a slow initial rollout but forecast growth will accelerate through the 2030 decade, driving fast adoption by the end of the next decade. Our total market size forecast is 30 percent to 150 percent above the consensus, depending on our unit price assumptions,” Morningstar said in its research report on the robotics industry.
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The investment research company views the ‘robot-as-a-service’ business model as the long-term winner, since it maximizes free cash flow for humanoid original equipment manufacturers and allows regular updates for customers.
Meanwhile, mainland e-commerce fast fashion retailer Shein Global also debuted its share sales on Tuesday, with the closing price dropping 0.12 percent apiece compared to its offering price of HK$48.56 per share.
The retailer offered to sell 280 million new shares to raise up to HK$13.86 billion at a market valuation that has been drastically reduced from $100 billion in 2022 to $27 billion.
The retailer is simultaneously facing challenges such as slowing business growth, changes in global trade policies, and soaring logistics and fulfillment costs.
Wang Zhen contributed to this story.
