Service robot maker Excelland lists in Hong Kong at the bottom of its range as institutions leave the book short

Excelland Robotics (Wuxi), a Chinese maker of delivery, reception and cleaning robots for hotels, entertainment venues and office buildings, began trading on the Main Board of the Hong Kong Stock Exchange on 9 September 2026 under stock code 3231. It sold 45,000,000 H shares at HK$14.45 each, the bottom of its HK$14.45 to HK$19.55 range, raising gross proceeds of HK$650.2 million, according to its allotment results announcement filed on 8 September.

The two halves of the book told different stories. The Hong Kong public offering drew 27,933 valid applications and was subscribed 140.02 times, with 7,239 applicants receiving shares. The international offering, sold to 87 placees, was covered 0.99 times, the announcement said. The retail tranche was lifted from 2,250,000 to 2,781,800 shares through reallocation. After estimated listing expenses of about HK$73.6 million, net proceeds came to HK$576.6 million. No over-allotment option was disclosed in the announcement.

Two cornerstone investors took small slices. SensePower Management Limited received 1,089,600 shares, or 2.42% of the offer, and CYGG Holding Limited received 544,800 shares, or 1.21%, according to the filing. Silver Nile Global Investments Limited acted as sole sponsor. Upon listing the company had 416,368,421 shares in issue, of which 282,232,625 H shares count toward the public float. At the offer price that values the whole share capital at about HK$6.02 billion, a MEKAWIRE calculation from the disclosed share count.

The prospectus, dated 31 August 2026, shows a company that has cut its losses sharply but has not yet made money. Revenue rose from RMB243.8 million in 2023 to RMB267.1 million in 2024 and RMB317.7 million in 2025. The loss narrowed from RMB251.2 million to RMB151.4 million and then RMB110.8 million over the same years. Gross profit was RMB44.3 million in 2025, a gross margin of 13.9%, slightly below the 14.3% of 2024. In the first quarter of 2026 revenue grew to RMB76.5 million from RMB72.4 million a year earlier while the loss widened to RMB31.2 million from RMB26.0 million.

The revenue mix explains much of the margin profile. In 2025 sales of robotic products brought in RMB135.0 million, or 42.5% of revenue, and AI vision model solutions, software that performs object detection, scene recognition and anomaly detection on image and video data in non-robot settings, brought in RMB119.2 million, or 37.5%. Robots as a service (RaaS) contributed RMB49.9 million, up from RMB9.4 million in 2023, and leasing RMB13.6 million. The robot line is sold under the Yomie series for indoor delivery and guest guidance and the Yodee, Yogel, Yoxiaogu and Yoshop series, managed through the Yoware platform.

Customer concentration is high. The five largest customers accounted for RMB242.6 million, or 76.4% of 2025 revenue, according to the prospectus. Cash and cash equivalents stood at RMB65.7 million on 31 March 2026, when the company recorded net current liabilities of RMB0.7 million. Research and development expenses were RMB73.2 million in 2025, the Chinese version of the prospectus shows.

The company was incorporated on 13 March 2013 as Shenzhen Excelland Technology Co. Ltd. It listed as a specialist technology company under Chapter 18C of the Listing Rules, covering the robotics and automation and next generation information technology sectors. Its single largest group of shareholders, which includes founder Lu Ying, Gu Zhenjiang, Liu Dazhi, Luo Pei, Xia Ge and several holding and employee platforms, held about 33.40% before the offering and 29.79% afterwards.

The prospectus allocates net proceeds by percentage: about 48.5% to research and development, 30.0% to business expansion and strategic acquisitions, 7.0% to sales and marketing, 4.5% to repaying bank loans and 10.0% to working capital. Those shares were set against HK$685.7 million of net proceeds at the HK$17.00 midpoint, so the bottom-of-range pricing leaves the company with HK$109.1 million less to spend than the prospectus base case.

Citing Frost and Sullivan, the prospectus says China's market for commercial service robotic products and solutions grew from RMB1.3 billion in 2021 to RMB2.2 billion in 2025, a compound annual rate of 14.8%, with the top five companies holding about 43.4%. Excelland ranked third in 2025 with RMB199 million of revenue and an 8.9% share. The larger players it trails are not named, but two privately held Chinese rivals publish their own claims. Keenon Robotics said on 3 August 2026 that IDC ranked it first worldwide in commercial service robot shipments in 2025 and that it has deployed more than 100,000 robots. Pudu Robotics said on 23 April 2026 that it had shipped more than 120,000 units and raised nearly US$150 million at a valuation above US$1.5 billion.

Among listed peers, Beijing Yunji Technology, which sells hotel delivery robots, raised HK$659.6 million in October 2025 with a retail multiple of 5,657.20 times and an international multiple of 18.62 times. Geek+ raised HK$2,711.62 million in July 2025, with its international tranche covered 30.17 times. Excelland raised a similar sum to Yunji but without institutional demand to match, and its plan to develop selected overseas markets, stated in the prospectus, comes without a disclosed overseas revenue figure.