Soaring 227%, Huanchuang Technology makes its debut on the Hong Kong Stock Exchange with strategic support from BYD.
On September 30, Shenzhen Huanchuang Technology Co., Ltd. (hereinafter referred to as "Huanchuang Technology", 06802.HK) was officially listed on the Main Board of the Hong Kong Stock Exchange. As of press time on the morning of its first trading day, the company's share price has risen by more than 185%. Calculated on the basis of 100 shares per lot, the book profit for one successful allotment is nearly HK$11,000, before deducting transaction fees.
The issue price of Huanchuang Technology this time is HK$58.85 per share, with a global offering of 11,588,800 H shares. The total fundraising amount is about HK$682 million, and the net fundraising amount is about HK$615 million. China International Capital Corporation (CICC) and Guosen Securities (Hong Kong) act as joint sponsors. The previously published placement results show that the Hong Kong public offering has been oversubscribed by 3,546.91 times.
This Shenzhen-based enterprise founded in 2013 mainly provides spatial perception products for sweeping robot manufacturers. Behind the well-known sweeping robot brands familiar to consumers, the lidar, line laser sensors, as well as supporting algorithms and chips supplied by Huanchuang Technology, are involved in the positioning, mapping and obstacle avoidance of the complete machines.
According to the disclosure in the prospectus, the company's main products include triangulation ranging lidar, direct time-of-flight (dTOF) lidar and line laser sensors. The first two types of products are mainly used for ranging, navigation and mapping, while line laser sensors are used in scenarios such as short-range obstacle recognition. The company also has the capability to independently develop self-owned spatial perception algorithms and application-specific integrated circuit (ASIC) chips.
According to the data from CIC Consulting cited in the prospectus, calculated based on the revenue in 2025, Huanchuang Technology ranks first in the global spatial perception solution sector for sweeping robots. The total cumulative shipment of the company's products has exceeded 39 million units; in 2025, the shipments of lidar and line laser sensors exceeded 10 million units and 5 million units respectively.
Customer coverage is also part of its market position. According to the Securities Times, Huanchuang Technology's customers include leading brands such as Xiaomi, Roborock, Ecovacs, and Dreame. The prospectus shows that in 2025, the company has become an important supplier of spatial perception products for the world's top five market participants in the sweeping robot industry.
In the past few years, the growth of downstream demand has driven the revenue expansion of Huanchuang Technology. From 2023 to 2025, the company's operating revenue reached 332 million yuan, 433 million yuan and 614 million yuan respectively. In the first quarter of 2026, the revenue further increased to 196 million yuan, a year-on-year increase of 48.7%.
Profitability improvement occurred in 2025. The company recorded a net loss of 31.375 million yuan in 2024, and achieved a net profit of 2.201 million yuan in 2025. In the first quarter of 2026, the net profit reached 7.757 million yuan, about 3.5 times the full-year net profit of 2025. However, calculated based on the revenue and net profit in 2025, the annual net profit margin is about 0.4%, and the profit scale is still relatively small.
The revenue structure is also changing. In 2023, triangulation ranging lidar contributed 98.3% of the company's revenue; by the first quarter of 2026, this proportion dropped to 47.1%. During the same period, the revenue share of dTOF lidar and line laser sensors rose to 27.9% and 23.0% respectively, and the two types of products together contributed more than half of the total revenue.
The volume of new products is accompanied by the improvement of gross profit margin. The company's overall gross profit margin rose from 16.3% in 2024 to 16.5% in 2025, and further increased to 19.2% in the first quarter of 2026. As disclosed, dTOF lidar and line laser sensors once suffered from gross profit losses in the initial stage of mass production. With the expansion of shipment scale, the gross profit margins of both products have turned positive in 2025.
At the same time, mature products are still facing downward price pressure. The average selling price of triangulation ranging lidar dropped from 68.6 yuan per unit in 2023 to 43.3 yuan per unit in 2025. The customer concentration is also relatively high: in 2025, the top five customers contributed 80.4% of the company's revenue, and this proportion reached 85.6% in the first quarter of 2026. From this business structure perspective, the procurement rhythm, product upgrading and component price changes of leading customers will all affect the company's revenue and profit performance.
Another highlight of this listing is BYD's participation as a cornerstone investor. Huanchuang Technology has introduced two cornerstone investors, namely Golden Link, a wholly-owned subsidiary of BYD, and Taiwan Zhongrun Optoelectronics Co., Ltd., a wholly-owned subsidiary of Zhongrun Optical. The two parties have jointly subscribed for approximately HK$110 million, accounting for about 16.13% of the total shares under the global offering.
According to the Securities Times, BYD itself is a supplier of Huanchuang Technology, and Taiwan Zhongrun is one of the company's top five suppliers. This cornerstone investment therefore extends the existing industrial chain connection. Zhou Kun, co-founder of Huanchuang Technology, said in an interview with the Securities Times that the participation of industrial capital reflects the recognition of the company's technical route and development prospects, and the business cooperation between the two sides will be carried out based on commercial logic and actual needs.
Beyond sweeping robots, the company is trying to expand into new application scenarios. Zhou Kun told Radio Hong Kong during the prospectus period that the company has sent samples for testing to multiple pool cleaning robot and lawn mowing robot manufacturers, and has received letters of intent for orders from two pool robot manufacturers and one lawn mowing robot manufacturer, which are expected to generate sales revenue in the future. The progress disclosed so far is still mainly at the stages of sample delivery, testing and intent order confirmation.
Regarding the humanoid robot business that the market is concerned about, Zhou Kun said that the company's development in this field is still in its infancy. He also emphasized in the interview with the Securities Times that the company's strategic focus remains on the core business of spatial perception for sweeping robots.
In accordance with the fundraising plan, Huanchuang Technology intends to use about 65% of the net fundraising proceeds to enhance R&D capabilities, strengthen core technologies and develop sensor products, about 25% to improve manufacturing capabilities, and the remaining about 10% for working capital and general corporate purposes. The R&D investment plan of about HK$400 million will continue to be used for the iteration of perception technologies and products; the conversion of test results and intent orders from customers in new scenarios will be the subsequent progress of the company's expansion into more robot sectors.