Microintelligence postpones up to HK$800M Hong Kong IPO days before listing

Changzhou Microintelligence has stopped its Hong Kong listing at the last step. In a filing to the Hong Kong stock exchange on Sunday, Oct 25, the Chinese industrial-robot maker said it had decided "at this time" to postpone its global offering and Main Board listing, citing several factors including prevailing market conditions. Trading under stock code 3275 had been expected to start on Oct 28.

The retail tranche had already closed on Oct 23 and the price was due to be fixed by noon on Oct 26. Instead, the underwriting agreements will not be signed, no share certificates will be issued and application money will be refunded without interest from Oct 28. The company said it remains committed to completing the listing in due course but gave no new date.

What was on offer

According to the formal notice and prospectus published on Oct 20, Microintelligence offered 37,275,800 H shares, 10% of them to Hong Kong retail investors, at HK$16.63 to HK$21.46 each. That is HK$619.9 million to HK$799.9 million gross before any over-allotment, and a market value of HK$6.2 billion to HK$8.0 billion at listing. A single cornerstone investor had agreed to buy about HK$15.7 million of stock, roughly 2% to 2.5% of the offer depending on price. About 60% of the expected HK$641.5 million net proceeds was earmarked for research and development.

The company, founded in 2018, sells what it calls embodied intelligent industrial robots: cells whose perception, path planning and motion control run on AI models, used for visual inspection, grinding and multi-step handling in electronics, automotive, battery and semiconductor plants. It claims to be China's largest supplier in that category with about 20% of 2025 revenue, a market estimate commissioned from the consultancy CIC. In November 2025 it acquired a cobot and motion-control maker to bring robot arms and controls in house. See MEKAWIRE's company page.

The numbers behind the valuation

Revenue rose from RMB434.0 million in 2023 to RMB600.2 million in 2024 and RMB795.5 million in 2025, and the robot line grew to RMB453.3 million, or 57% of sales, at a 53.5% gross margin. Profit is thin. After a RMB113.8 million loss in 2023, the company earned RMB15.7 million in 2024 and RMB5.1 million in 2025, a net margin of 0.6% by MEKAWIRE's calculation. In the five months to May 2026, revenue rose 22.6% to RMB423.8 million and profit to RMB22.5 million. Its overseas backlog was 19 orders worth RMB35.7 million.

How it compares with this autumn's Hong Kong robot listings

The September deals show how split demand has been. Retail investors oversubscribed Mech-Mind 3,835 times and Camsense 3,547 times, yet Excelland priced at the bottom of its range with its international book covered only 0.99 times. Microintelligence's filing does not disclose demand levels, so the reason for the pull cannot be read from it beyond the company's reference to market conditions.

Why it matters

Hong Kong has become the main exit for Chinese robot companies in 2026, and our robot IPO explainer tracks how listings there have priced against Shanghai. A postponed deal from a company with growing revenue and a profit, however slim, is a sign that institutional buyers are now pricing industrial AI robots more like equipment makers than like humanoid stories. The open questions are whether Noetix, reported to have filed confidentially, and the other robot candidates in the queue adjust their price ranges, and when Microintelligence files again; under Hong Kong rules a relaunch will need a fresh prospectus.