Li Zexiang has backed another robotics IPO, and Benben Dynamic has passed the listing hearing of the Hong Kong Stock Exchange.

Li Zexiang's "student entrepreneurial army" is about to produce another IPO.

On September 17, disclosures from the Hong Kong Stock Exchange show that Benmo Dynamics (Beijing) Technology Co., Ltd. (hereinafter referred to as "Benmo Dynamics") has passed the listing hearing, updated its post-hearing information document, and its IPO process has accelerated significantly.

01

The story of Benmo Dynamics started with a choice of further education made by its founder Zhang Di. After graduating from Beijing Institute of Technology, Zhang Di went to the Hong Kong University of Science and Technology to pursue a master's degree in robot systems and control, studying under Professor Li Zexiang.

In 2020, Zhang Di founded Benmo Dynamics. According to the prospectus, Benmo Dynamics is positioned as a robotics technology company with direct-drive technology as its core competence, mainly engaged in the sales of robot power modules in China, followed by the sales of complete robots.

In terms of product iteration, Benmo Dynamics has maintained a steady pace. In 2020, the company launched the M0601 and M0602 series of robot direct-drive power modules; in 2021, it launched the Xingtian robot, the world's first commercially launched direct-drive two-wheeled legged robot; in 2023, it launched the TITA robot, the world's first commercially launched 8-degree-of-freedom two-wheeled legged robot and a wheel-legged robot supporting hot swapping of dual batteries; in 2025, it launched the D1 robot, the world's first commercially launched fully modular two-wheeled legged robot; in 2026, the company began mass delivery of the P0610 series of embodied joint modules.

In the field of power modules, according to data from Frost & Sullivan, by 2025 revenue, Benmo Dynamics ranks 8th in China's consumer robot power module industry with a market share of 2.4%; it ranks 1st in China's consumer robot direct-drive power module industry with a market share of 61.1%. In the robotics field, by 2025 revenue, Benmo Dynamics ranks 4th in China's wheel-legged robot industry with a market share of 4.7%; it ranks 2nd in China's two-wheeled legged robot industry with a market share of 18.6%.

The prospectus shows that Benmo Dynamics recorded revenue of 17.54 million yuan, 79.8 million yuan and 282 million yuan in 2023, 2024 and 2025 respectively; its annual net losses were 75.59 million yuan, 93.74 million yuan and 880 million yuan respectively. In the first half of 2026, Benmo Dynamics posted a revenue of 200 million yuan and a loss of 390 million yuan.

From the perspective of business structure, Benmo Dynamics' revenue mainly comes from two major sectors: robot power modules and complete robot products. In 2025, of the total revenue of 282 million yuan, power modules contributed about 97.4%, the vast majority of which were direct-drive modules for consumer-grade products such as sweeping robots.

02

Since its establishment, Benmo Dynamics has completed multiple rounds of financing from Angel+ round, Pre-A round to Series C round, with investors covering well-known institutions such as MiraclePlus, Lenovo Capital and Legend Capital.

The most notable one is Li Zexiang's early bet. In the early stage of its establishment, Benmo Dynamics obtained angel round investment from Songshan Lake Robotics Institute and Yunhe Investment. At that time, Li Zexiang took shares in the seed round with a cost of only 0.05 yuan per share, and the post-investment valuation of the company was only 5 million yuan. By the last round of financing before IPO, the cost per share of Benmo Dynamics had risen to 9.97 yuan, and its valuation rose to about 3.18 billion yuan, nearly 600 times higher.

Such a return multiple is enough to become a classic case in the history of any investment institution. As of the latest practicable date, Zhang Di controls approximately 41.30% of the total issued share capital of the company. Legend Capital holds 5.83% of the shares, and Li Zexiang holds a total of 3.39% of the shares through the Songshan Lake Robotics Institute and Yunhe Investment, which he actually controls.

Source: Screenshot of the prospectus

It took Zhang Di five years from Li Zexiang's laboratory to the hearing at the Hong Kong Stock Exchange. The listing of Benmo Dynamics is not only another milestone for Li Zexiang's "student entrepreneurial army", but also a sample of direct-drive technology moving from the laboratory to industrialization. As the robotics industry enters the second half of competition focusing on core components rather than complete machines, Benmo Dynamics' technical accumulation in direct-drive modules may be its most solid moat.

This article is from the WeChat official account "Direct to IPO", written by Han Wenjing, and published with authorization from 36Kr.