The "leading company in the sweeping robot industry" valued at 46 billion is going for an IPO again.
In the new chapter of the Hong Kong Stock Exchange, even robotic vacuum cleaners are set to take the stage.
Touzizhe.com has learned that recently, Roborock Technology (688169.SH), a listed company on the Science and Technology Innovation Board, officially submitted its prospectus to the Hong Kong Stock Exchange, planning to list on the Hong Kong stock market in an "A+H" model. If the listing is successful, it may become a significant secondary listing case in the smart hardware track in 2025.
Currently, the Hong Kong stock market is witnessing a wave of dual - listings of A - share enterprises. According to Deloitte's statistics, in the first half of the year, 14 A - share enterprises initiated the listing process on the Hong Kong stock market, with a planned total fundraising of HK$180 billion. The actual average fundraising was about HK$10 billion, and more than 70% of them were high - end manufacturing enterprises.
In this capital feast, Roborock Technology, with a market value of over 46 billion yuan, is becoming the focus with its strong technological strength. Although Roborock Technology's current market value has declined from its peak of over 100 billion yuan, its market position in the robotic vacuum cleaner industry still cannot be ignored, and it has consistently ranked among the top globally for many years.
The rise of Roborock Technology can be regarded as a microcosm of the transformation and upgrading of China's manufacturing industry. It doesn't have the cool exterior of new energy vehicles or the high - tech label of biomedicine, but it has truly changed the cleaning methods of tens of millions of families.
As the Hong Kong stock IPO progresses, founder Chang Jing is on the verge of experiencing the Chinese version of the "Silicon Valley wealth - creation myth".
1
The wealth - creation myth begins with a story of a Beijing drifter.
The story started in 2006. After graduating from the Computer Science major at South China University of Technology, Chang Jing began his working life as a Beijing drifter.
This young man from Yueyang, Hunan, successively worked as an engineer at technology giants such as Maxthon, Microsoft, Tencent, and Baidu. In 2014, when he was 32 years old and sensed the business opportunity in smart hardware, he invited three old friends and founded Roborock Technology in an office building in Haidian District.
In the early days of entrepreneurship, since the team had almost zero hardware experience, to make up for this shortcoming, Chang Jing staged a real - life version of "Three Visits to the Thatched Cottage" and finally invited Wan Yunpeng, a former project manager at Huawei, to join the company.
This decision quickly showed its value - just two months after its establishment, Roborock Technology won the favor of the Xiaomi ecosystem and received millions of dollars in financing, officially becoming a member of the Xiaomi ecosystem.
In September 2016, relying on Xiaomi's channels and supply - chain resources, Roborock Technology launched its first product, the "Mi Smart Robotic Vacuum Cleaner", and it became an instant hit. When the first - generation Roborock robotic vacuum cleaner equipped with LDS laser navigation technology entered the market at a disruptive price of 1,699 yuan, the entire industry was shaken. Chang Jing and his team managed to significantly optimize the costs of core components such as lidar. With this "technology for the masses" approach, robotic vacuum cleaners entered ordinary households.
But Chang Jing's ambition went far beyond that. He faced the most difficult choice since starting his business - should he continue to do OEM work for Xiaomi and earn a stable income, or should he bet his entire fortune on creating his own brand?
In 2017, Chang Jing made a crucial decision: gradually reduce the company's dependence on Xiaomi. From the high - end flagship G series to the cost - effective Xiaowa series in the thousand - yuan range, a clear price and technology hierarchy was formed. Before its listing on the Science and Technology Innovation Board, the revenue contribution from the Xiaomi brand had dropped to a very low level.
This path to brand independence was hailed by the industry as a "textbook - level transformation" and became a research case at Harvard Business School.
By building its own production line and expanding overseas channels, Roborock Technology increased the revenue share of its self - owned brand from 10% to 90% in three years. When it listed on the Science and Technology Innovation Board in 2020, its market value had exceeded 20 billion yuan. After the listing, Roborock Technology's stock price continued to soar, reaching a record high of 1,494.99 yuan in 2021, and its market value approached 100 billion yuan.
Looking back now, Roborock Technology's growth trajectory is a model for the transformation and upgrading of China's manufacturing industry: from OEM to technological self - reliance, from the domestic market to global competition. And this upcoming Hong Kong stock IPO may become a key springboard for this company to move from being a "Chinese champion" to a "global king".
2
Although Roborock Technology is well - known as the "king of robotic vacuum cleaners", there are many troubles hidden beneath the surface.
Looking at Roborock Technology's financial report for the first quarter of 2025, we can see that its revenue in the first three months of 2025 increased by 86% year - on - year, reaching 3.428 billion yuan, but its net profit decreased by 32.92% year - on - year, leaving only 267 million yuan.
This seemingly paradoxical performance actually exposes the company's current real situation - it has been expanding globally too aggressively, while problems are emerging at home.
Judging from the operating data, Roborock Technology has indeed delivered a beautiful report card: in 2024, the company achieved a revenue of 11.918 billion yuan and won the global sales championship for robotic vacuum cleaners for three consecutive years; in the North American market, the market share of its high - end models reached 57%, which means that one out of every two high - end robotic vacuum cleaners sold is from Roborock; the European market became a new growth point with a growth rate of 120%.
But behind the shiny numbers, the gross profit margin has been under continuous pressure: in Q1 2025, the overall gross profit margin dropped to 45.48% (a year - on - year decrease of 11.02 percentage points), hitting a new low in recent years.
This phenomenon of "increasing revenue but not increasing profit" is squeezed out by multiple pressures.
First, there is heavy investment in R & D. In the first quarter of 2025, Roborock Technology's total cost exceeded 3.1 billion yuan, a year - on - year increase of 118.6%. Among them, the sales expenses exceeded 950 million yuan, a year - on - year increase of nearly 170%, and the R & D expenses were 266 million yuan, a 36.9% increase.
Second, there is the overseas layout. To deal with US tariffs, the factory in Vietnam expanded production urgently. Currently, it covers 50% of the North American demand, but the capacity utilization rate is only 50%, and the cost advantage is not prominently shown.
More importantly, the global smart cleaning track has long shifted from a blue ocean to a red ocean - brands such as Ecovacs and Dreame are accelerating their overseas expansion to seize market share, and overseas giants such as iRobot have directly launched price wars. Even home appliance giants like Midea and Haier are joining the fray.
We can also see signs from the market data. In 2025, the competition in the smart cleaning market has entered a white - hot stage: the 1,699 - yuan automatic dust - collection vacuum cleaner, although not directly impacting the high - end market, has driven down the prices of mid - range models.
Overseas giants such as iRobot are offering "buy one, get one free" promotions for old models in an attempt to clear inventory and recover funds. The price pressure has been transmitted to the end - market. The promotional price of Roborock Technology's mid - range models in North America has dropped by more than 20% compared to the release price, but the flagship products still adhere to the high - end positioning.
What's even more worrying is the change in the attitude of the capital market.
As of August 13, 2025, Roborock Technology's total market value was reported at 46.993 billion yuan, showing a significant correction from its historical high in 2021. Behind investors' "voting with their feet" is the doubt about the company's profitability - in Q1 2025, the net cash flow from operating activities plummeted to - 42.18 million yuan (a year - on - year decrease of 118%), setting the worst record since its listing.
Meanwhile, Chang Jing's capital moves have also sparked some controversies. From 2023 to 2024, he reduced his holdings and cashed out a total of 888 million yuan. At the same time, he announced the cross - border establishment of Jishi Auto and took on a leading position. On Chang Jing's social media platform, the introduction of his identity lists "Founder of Jishi Auto" before "Chairman of Roborock Technology". These actions have inevitably raised investors' concerns about the founder's distraction.
However, founder Chang Jing remains confident at the investor meeting: "What we sell is not hardware, but a smart home ecosystem."
Chang Jing's confidence comes from the three major technological assets accumulated by Roborock Technology: a large - scale robotic vacuum cleaner scenario database, an independently developed AI visual recognition system, and the currently tested automatic water - supply and drainage 2.0 technology. These strong capabilities may be the reason why they dare to continue global expansion even when profits are tight.
3
When Roborock Technology submitted its prospectus to the Hong Kong Stock Exchange, the global smart cleaning industry probably smelled the scent of change. The capital moves of this company with a market value of over 10 billion yuan not only concern its own fate but may reshape the competitive landscape of the entire track.
From the perspective of capital operation, Roborock Technology's "A+H" dual listing this time is a delicate layout.
Currently, the valuations of A - share technology stocks are at a historical low, while the Hong Kong stock market is more willing to give a higher premium to hard - tech companies with global potential.
Take the capital performance of Hong Kong - listed dual - listed companies in 2025 as an example. The average fundraising amount of 14 enterprises with a market value of over 100 billion yuan reached HK$12.8 billion. Within three months after listing, the average stock price increase of these companies was 23%. For Roborock Technology, the Hong Kong stock IPO is not only an expansion of the financing channel but also a way to open up international capital channels and pave the way for future acquisitions of overseas companies.
But the deeper plan is to seize the critical period of the global robotic vacuum cleaner market. According to Euromonitor International data, the global robotic vacuum cleaner market is expected to reach 82 billion yuan in 2025, with the European and American markets accounting for more than 60%, and the emerging markets such as Southeast Asia and Latin America having a compound annual growth rate of up to 35%.
Roborock Technology has already established a brand in the high - end markets in Europe and the United States, but to make a breakthrough in the mass market, it must solve two major pain points: one is to establish a local service network, and the other is to deal with trade barriers.
In this Hong Kong stock fundraising plan, about 40% of the funds will be used to build a global after - sales service system, including setting up maintenance centers and 24 - hour customer service systems in 15 countries.
On the other side of this global game is the major change in industry technology. Now, robotic vacuum cleaners are upgrading from "feature phones" to "smartphones", and AI large models and humanoid robot technologies have become new battlefields.
Roborock Technology has set up an AI laboratory in Silicon Valley and recruited more than 30 former Google and Tesla engineers to focus on multi - modal interaction and autonomous decision - making. Some domestic robotic vacuum cleaner brands have chosen to bet on bionic robotic arms. This divergence in technological routes may determine the industry pattern in the next five years.
Interestingly, while Roborock Technology is promoting its Hong Kong stock dual listing, the Hong Kong stock market is witnessing a wave of "southward" movements of leading A - share companies. Following companies such as Haitian Flavoring & Food (Haitian International) and Hengrui Medicine, which have already achieved the A+H layout, many large A - share enterprises such as Muyuan Foods and Sany Heavy Industry are also actively preparing or have already listed on the Hong Kong stock market. Behind this trend is the urgent need of Chinese enterprises for global capital operation.
As an investment banker said, "In the US dollar interest - rate hike cycle, as an offshore market, the Hong Kong stock market can connect with international capital and avoid some geopolitical risks, so it naturally becomes the second choice for Chinese concept stocks."
This Hong Kong stock IPO is not only a crucial step for Roborock Technology towards globalization but also a major test of its operating ability. Once the bell rings at the Hong Kong Stock Exchange, the company will have to face the scrutiny of the capital market and find a balance between technological upgrading and market competition. How to balance short - term profits and long - term layout will become the core proposition for its future development.
This article is from the WeChat public account "Touzizhe". Author: Yu Han. Republished by 36Kr with permission.