LDROBOT (SHENZHEN LDROBOT CO., LTD., 01236.HK) has commenced its Hong Kong IPO. The subscription period runs from April 30 to May 6, with a planned global offering of 33,333,400 H shares, including a 15% over-allotment option. The offer price ranges between HKD 24.00 and HKD 30.00 per share. Each board lot consists of 200 shares, with an entry fee of approximately HKD 6,060.51. The company is expected to list on the Main Board of the Hong Kong Stock Exchange on May 11. The joint sponsors are Haitong International Capital Limited and Guotai Junan Capital Limited.

LDROBOT: The World’s Largest Intelligent Robotics Company Focused on Visual Perception Technology

Offering structure: Hong Kong public offering accounts for approximately 10% (3,333,400 shares), while international placing accounts for approximately 90% (30,000,000 shares).

Offer price: HKD 24.00–30.00 per share; 200 shares per lot; entry fee approximately HKD 6,060.51.

Offer period: April 30 to May 6 (expected pricing date: May 7).

Listing date: May 11.

Joint sponsors: Haitong International Capital Limited and Guotai Junan Capital Limited.

Company Overview

LDROBOT is a provider of visual perception products and robotic lawn mowers, with a comprehensive product matrix centered on visual perception technologies, including LiDAR solutions for various intelligent robots. Its products are widely applied in robotic vacuum cleaners, robotic lawn mowers, hotel service robots, food delivery robots, inspection robots, and logistics robots.

According to CIC (China Insights Consultancy), the company serves seven of the world’s top ten home service robot companies and all of the world’s top five commercial service robot companies. In 2025, the number of intelligent robots equipped with its visual perception technology exceeded 9 million units, while shipments of its dToF LiDAR products surpassed 4 million units, ranking first in the industry.

Financial Information

According to the prospectus, LDROBOT recorded revenues of approximately RMB 277 million, RMB 467 million, and RMB 748 million for 2023, 2024, and 2025, respectively. Net losses for the same periods were approximately RMB 68.49 million, RMB 56.48 million, and RMB 62.50 million, while adjusted net losses were approximately RMB 55.78 million, RMB 44.68 million, and RMB 26.09 million.

Based on the mid-point offer price of HKD 27.00 per share, and assuming no exercise of the over-allotment option or clawback mechanism, the company is expected to raise net proceeds of approximately HKD 827 million. The proceeds are intended to be used as follows: approximately 45% for strengthening R&D in visual perception technologies for intelligent robots; approximately 10% for brand building and international expansion; approximately 30% for optimizing production capabilities and expanding capacity; approximately 5% for potential investments and acquisitions; and approximately 10% for working capital and general corporate purposes.

uSMART launches “HK IPO Fee-Waiver Offer” – subscribe to new shares at zero cost

Margin subscription: 0 % interest, leverage up to 10×

Cash subscription: HK$0 handling fee

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* 0 % interest applies to margin subscription amounts of HK$20 million or below.

^ All handling fees are waived for cash subscriptions.

This promotion is effective from 5 December 2025 until further notice. Certain high-profile IPOs may be excluded. The actual interest rates and fees charged are those shown in the uSMART App subscription interface; statutory government and exchange levies will still apply. The company reserves the right to amend, suspend or terminate the above offer or its terms and conditions at any time without prior notice, and its interpretation shall be final.

How to Subscribe for LDROBOT via uSMART HK

The uSMART HK App features an IPO Centre with exclusive perks, allowing clients to subscribe instantly to public offerings. After logging into the app, tap "Trade" at the bottom-right, go to "IPO Subscription," select LDROBOT, tap "Public Offer," enter your subscription quantity, and submit your order.

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