Tech giants such as Tencent, Alibaba, and Lenovo gather together. Yunji Technology will be officially listed on the stock market on the 16th, vying for a share in the embodied AI track.

In the technology bull market, a robotics company backed by giants such as Alibaba, Lenovo Group, Tencent, Qiming, Ctrip, and Feidian is about to list on the Hong Kong stock market. This is destined to be an event that cannot stay low - key.

Its listing is even regarded by the market as a new and noteworthy trend in the Hong Kong technology sector recently.

According to official disclosures, on October 8, Yunji Technology (02670.HK, hereinafter referred to as "Yunji"), which applied for listing on the Hong Kong Stock Exchange under the 18C standard, passed the Hong Kong Stock Exchange's hearing and officially launched its global share offering.

The announcement shows that Yunji plans to issue 6.9 million H - shares, of which 95% are for international placement, 5% for public offering in Hong Kong, and there is also a 15% over - allotment option. The issue price is HK$95.6, and the net proceeds from the offering are HK$590 million. It will be listed on the stock exchange on October 16.

It is reported that this is the first specialized technology company to pass the hearing after submitting an application under this rule this year since the reform of Chapter 18C of the Hong Kong stock listing regulations. Once listed, Yunji Technology will become the "first stock in the robotic service intelligent agent sector".

However, considering the company's fundamentals, Yunji has a good robotics concept, but its performance is just average. In terms of investment, it has a greenshoe option but no cornerstone investors. After listing, its short - term performance may rely more on its status as a new stock and the expected concept of robotics backed by multiple giants. It still needs to work harder in the medium and long term.

Early Bet on the Service Intelligent Agent Track, Backed by Tencent, Alibaba and Other Giants

Entering the era of artificial intelligence, embodied intelligence should be an opportunity that many technology and industrial enterprises cannot miss.

Yunji showed forward - looking layout many years ago. Data shows that Yunji was founded in 2014 and completed its shareholding system reform in December 2021. It focuses on the R & D and application of commercial robots, aiming to build the "world - leading service intelligent agent ecosystem".

So far, Yunji has taken a leading position in the Chinese robotic service intelligent agent market and has successively launched three generations of robotic products, including the "Run" series and the "Gege" series.

More importantly, at the beginning of the global wave of artificial intelligence technology in 2023, Yunji quickly launched a new form of embodied intelligent robot - the composite polymorphic robot "UP". This product has the ability to use tools, understand assigned tasks, and cooperate among multiple robots, and belongs to a highly flexible composite robot.

As of now, Yunji's product and service portfolio mainly consists of two major sectors: one is the hardware and module products that form the basis of the robotic service intelligent agent, covering hardware foundations such as YJ - robots, YJ - AIoT components, YJ all - in - one tool warehouse modules, and intelligent control modules; the other is the AI digital system, covering AI - based robotic basic services and intelligent agent applications. These layouts have enabled it to accumulate obvious technological and product first - mover advantages in the embodied intelligence track.

Yunji's technological and product first - mover advantages in the embodied intelligence track are obvious.

What's more commendable is that Yunji's foresight was recognized by many technology tycoons early on. According to Tianyancha APP data, Yunji had gone through 8 rounds of financing before its IPO, with a cumulative financing amount of about 1.2 billion yuan. Global well - known technology giants such as Alibaba, Lenovo Group, Tencent, Qiming, Ctrip, and Feidian are all among its investors, showing a luxurious lineup of investment institutions.

Behind this, the key is that Yunji has gathered a group of industry elites, enabling its founding team to have profound technological accumulation, diverse management experience, and industrial resources.

Data shows that the founder, Zhi Tao, comes from a robotics family. She graduated from Xi'an Jiaotong University and holds an MBA degree from the University of Science and Technology of China. She is a "science - tech woman" with more than a decade of experience in sensors and automation. She once served as the CEO of Beijing Invensys Technology and is regarded as an entrepreneur combining technical and business expertise.

The co - founder, Wu Minghui, is a serial entrepreneur in the field of artificial intelligence who graduated continuously from Peking University with a bachelor's, master's, and doctor's degree. He has founded companies such as Miaozhen Systems and Minglue Technology, which are valued at over 10 billion yuan. The co - founder, Hu Quan, has more than 20 years of enterprise management experience. He once served as the vice - president of Nielsen and the COO of Miaozhen Systems and is now the second - in - command of the company. The co - founder, Li Quanyin, has nearly 20 years of experience in Internet technology and more than a decade of experience in robotics project management. He once served as the deputy product director of Miaozhen Systems.

However, it cannot be denied that before the outbreak of the current wave of the artificial intelligence industry, Yunji's development path was not very clear, and it faced difficulties in moving forward. This can also be glimpsed from the fact that Yunji had no new financing for nearly four years.

Yunji's latest financing took place in December 2021, and its post - investment valuation at that time was 4.08 billion yuan. This four - year financing gap reflects that the capital market was once cautious about its prospects, and it was difficult for the company to raise funds. Now, due to the approaching expiration of the gambling agreements signed in previous financings, Yunji has to go against the trend and strive for listing on the Hong Kong stock market.

It is reported that currently, Yunji faces a redemption liability of 1.87 billion yuan, while its cash and cash equivalents on hand in 2024 were only 105 million yuan, posing a huge liquidity risk.

Fortunately, as the industrial opportunities in humanoid robots and embodied intelligence become clearer, the industry background for Yunji's listing in Hong Kong this time is more solid.

At this time, the bets of technology tycoons have also added a strong touch to its listing in Hong Kong. As of the eve of this IPO, its equity structure is very clear: Tencent holds 9.09%, Lenovo holds 4.22%, Ctrip holds 2.69%, and Alibaba holds 2.94%. The founder, chairperson, and president, Zhi Tao, directly and indirectly controls about 36.52% of the voting rights, ensuring a stable voice in operation and management.

Entered 34,000 Hotels, Expanding the Robotic Business Map

In terms of fundamentals, Yunji's current business route is still in the initial exploration stage, and its performance scale is not very prominent.

The prospectus shows that Yunji Technology's revenues in 2022, 2023, and 2024 were 161 million yuan, 145 million yuan, and 245 million yuan respectively; the gross profits were 39.27 million yuan, 39.16 million yuan, and 106 million yuan respectively; and the gross profit margins were 24.3%, 27%, and 43.5% respectively, indicating a significant improvement in operating efficiency.

After 2025, with the emergence of more market demand for commercial robots, its performance continued to be released. In the first five months of this year, its revenue increased by 18.9% year - on - year to 88.33 million yuan.

Behind this, the hotel scenario remains the main source of market revenue, contributing more than 90% of the revenue. Data shows that in 2022, the hotel revenue accounted for 70.1%, soaring to 95.1% in 2023, dropping to 83% in 2024, and returning to 93.2% in the first five months of this year.

According to the prospectus, in terms of revenue from the Chinese hotel scenario in the whole year of 2024, Yunji Technology ranked first, accounting for 13.9% of the market share of the robotic service intelligent agent market in the Chinese hotel scenario. The combined market share of the four second - ranked enterprises is only about the same, around 13.5%.

As of May 31, 2025, the cumulative number of hotels covered by Yunji robots has increased to more than 34,000, and the cumulative number of hospitals has reached more than 150.

It is worth mentioning that Yunji continues to expand its business scenarios from the hotel scenario to more terminal scenarios such as medical and factory, and has made a lot of progress in the first half of the year. In the first five months, its revenue from the technology field was 836,000 yuan, compared with 450,000 yuan in the same period of the previous year; the revenue from the medical institution field was 1.05 million yuan, compared with 934,000 yuan in the same period of the previous year; the revenue from the factory field was 555,000 yuan, compared with 297,000 yuan in the same period of the previous year.

More importantly, Yunji Technology is building a second growth curve. In the first five months, its revenue from the intelligent agent application (i.e., HDOS) business was 3.551 million yuan, a year - on - year surge of 194%, and the revenue share also increased from 1.6% to 4%. This means that in addition to the first revenue curve, i.e., hardware robots, its second revenue curve with high gross profit margin has also begun to gradually gain momentum and is expected to continuously contribute to performance growth in the future.

In terms of profitability, Yunji's adjusted net losses from 2022 to 2024 were 233 million yuan, 120 million yuan, and 27.56 million yuan respectively, and the adjusted net loss in the first five months of this year was 26.8 million yuan. It is still in the loss - making period, but the loss amplitude has significantly narrowed. However, this is obviously not Yunji's current focus.

As a technology enterprise that is on the right track of business expansion, the effectiveness of business scale expansion is far more important than the realization of profitability.

Therefore, in addition to the pressure of the 1.87 billion yuan redemption liability, huge R & D investment is also an internal reason for Yunji to raise funds through listing in Hong Kong this time. According to data, HK$354 million of the funds raised in this IPO will be used to continuously improve the company's R & D capabilities in the next five years to further improve the company's robotic intelligent agent technology and enhance the universality and adaptability of its products and services; about HK$177 million will be used to improve the company's commercialization capabilities at home and abroad in the next five years; about HK$59 million will be used as working capital and for other general corporate purposes.

This article is from the WeChat official account "Hong Kong Stock Research Society" (ID: ganggushe), author: Hong Kong Stock Research Society, published by 36Kr with authorization.