SwitchBot maker OneRobotics raises HK$1.64 billion in Hong Kong IPO as retail demand hits 254 times
OneRobotics, the Shenzhen company behind the SwitchBot smart home robots, began trading in Hong Kong on December 30, 2025 after pricing its H shares at HK$73.80 and raising gross proceeds of HK$1,640.01 million.
The retail tranche was 254.50 times subscribed. The company sells most of its products in Japan and turned profitable only in the first half of 2025.
OneRobotics (Shenzhen) Co., Ltd., the maker of SwitchBot finger robots, curtain robots and smart locks, listed on the Main Board of the Hong Kong stock exchange on December 30, 2025 under stock code 6600, after raising gross proceeds of HK$1,640.01 million in a global offering, according to its allotment results announcement filed on December 29.
The company sold 22,222,300 H shares at HK$73.80 each, below the maximum offer price of HK$81.00 and above the floor of HK$63.00 set out in its offering documents. Net proceeds came to HK$1,543.89 million. The Hong Kong public tranche of 2,222,300 shares drew 89,935 valid applications and was 254.50 times subscribed, while the international tranche of 20,000,000 shares was 8.90 times covered by 80 placees. An over-allotment option covers up to 3,333,300 further shares, with Guotai Junan Securities (Hong Kong) acting as stabilising manager.
The allotment announcement puts the number of H shares in issue after the offering at 222,222,300. At the offer price that implies a market value of about HK$16.40 billion. The company said its shares touched an intraday high of HK$84.30 on the first day and that its market value approached HK$18 billion at the close.
Who bought
Seven cornerstone investors took part, the company said, namely HACF, Cithara, Infini, China Orient, Wind Sabre, Yield Royal and Sage. The allotment announcement shows HACF, L.P. took 3,162,300 shares, worth about HK$233.4 million at the offer price, Cithara Global Multi-Strategy SPC for its Bosideng Industry Investment Fund segregated portfolio took 2,108,200 shares, and Infini Global Master Fund took 1,581,100 shares. Cornerstone shares are locked up until June 29, 2026. Controlling shareholders and pre-IPO investors are locked up until December 29, 2026.
The business behind the ticker
OneRobotics describes itself as a provider of home embodied AI robotic systems. Its post-hearing information pack lists seven product categories and 47 SKUs, grouped into execution robots that press switches, open curtains or turn locks, perception and decision products such as hubs, sensors and cameras, and other smart home products. It sells under the SwitchBot and Acemate brands. The company says it has more than 3.56 million registered app users, more than 11 million connected devices and sales in more than 90 countries and regions, and has shown an H1 humanoid chore robot, the Acemate tennis robot and the Kata Friends companion robot.
Revenue rose from RMB274.6 million in 2022 to RMB457.3 million in 2023 and RMB609.9 million in 2024, according to the information pack, and reached RMB396.3 million in the six months to June 30, 2025. The company lost RMB87.0 million in 2022, RMB16.4 million in 2023 and RMB3.1 million in 2024, then earned a net profit of RMB27.9 million in the first half of 2025. Gross margin climbed from 34.3% to 54.2% over the same span. It shipped 2,402,756 units in 2024 and 1,217,071 in the first half of 2025.
Japan is the core market. It accounted for 57.7% of revenue in 2024 and 67.7% in the first half of 2025, with Europe at 17.2% and North America at 11.7% in that half. Citing Frost and Sullivan, the company says it was the world's largest provider of home embodied AI robotic systems in 2024 with an 11.9% share, and has ranked first in Japan's market for three straight years since 2022. Chief executive Li Zhichen controls 44.53% of the voting rights before the offering, including shares of co-controller Mr. Pan, who holds 14.47% and votes with him under an acting-in-concert agreement.
Where it sits among Hong Kong robot listings
OneRobotics is the latest in a run of Chinese robot companies that have tapped Hong Kong since UBTech Robotics listed in December 2023. Its gross proceeds exceed the HK$1,015.38 million UBTech raised, the HK$752.00 million Dobot raised in December 2024 and the HK$659.6 million Yunji Technology raised in October 2025. Retail demand was far below Yunji's 5,657.20 times but well above Geek+'s 133.62 times in July 2025.
- OneRobotics
- 6600
- 2025-12-30
- 73.8
- 1640.01
- 254.5
- 8.9
- Yunji Technology
- 2670
- 2025-10-16
- 95.6
- 659.6
- 5657.2
- 18.62
- Geek+
- 2590
- 2025-07-09
- No data
- No data
- 133.62
- 30.17
- Dobot
- 2432
- 2024-12-23
- 18.8
- 752
- 9.25
- 2.64
- UBTech Robotics
- 9880
- 2023-12-29
- 90
- 1015.38
- 5.16
- 2.16
From each company's HKEX allotment results announcement; Geek+ figures from its listing release, which did not state price or proceeds. Gross proceeds before any over-allotment. Figures disclosed, not estimated.
As of Dec 30, 2025
The technology is modest by humanoid standards. A SwitchBot bot is a small actuator with a wireless link that physically presses an existing button, so it retrofits old appliances without rewiring them. The company's argument to investors is that millions of such devices, plus sensors and hubs, give it a home data and distribution base on which more capable robots can be sold.
- 2022
- 274.6
- 34.3
- -87
- 1,800,356
- 152.53
- 2023
- 457.3
- 50.4
- -16.4
- 2,116,673
- 216.05
- 2024
- 609.9
- 51.7
- -3.1
- 2,402,756
- 253.83
- H1 2025
- 396.3
- 54.2
- 27.9
- 1,217,071
- 325.62
From the HKEX post-hearing information pack. Revenue per unit = revenue / units shipped (derived; includes non-hardware revenue). Net loss figures rounded from RMB thousands.
As of Dec 30, 2025
Risks and open questions
The information pack shows the company only crossed into profit in 2025, and its 2024 net loss of RMB3.1 million came on revenue of RMB609.9 million. Dependence on Japan exposes it to yen moves and to a single retail market. Its humanoid and companion products have been shown but their revenue is not broken out. Lock-up expiries in June and December 2026 will add supply to a thin float of 22,222,300 H shares.
MEKAWIRE analysis
OneRobotics listed on the strength of a profitable consumer hardware franchise in Japan, and its embodied AI label is a bet on future products rather than a description of current revenue.
The evidence is in the filings. Revenue per unit shipped, derived from the information pack, rose from RMB152.53 in 2022 to RMB325.62 in the first half of 2025, and gross margin rose by 19.9 percentage points over that span, which points to a richer product mix rather than a new robot category. Execution robots produced RMB347.9 million of 2024 revenue, perception systems RMB199.1 million.
The strongest counter-argument is that installed base matters. More than 11 million connected devices in homes give OneRobotics a channel that humanoid start-ups such as Unitree or AgiBot do not have in consumer households, and its 11.9% share leads a fragmented market.
Bull case. Japanese ageing and labour shortages make cheap retrofitted automation an easy sell, and margins above 50% fund a credible move into tennis, companion and chore robots. Hong Kong investors have shown with Yunji and Geek+ that they will pay for robot stories with revenue.
Bear case. The core products are low-priced accessories that rivals can copy, and a single quarter of weak Japanese demand would erase thin profits. Humanoid ambitions could absorb the HK$1,543.89 million in net proceeds without moving revenue.
Signals to watch.
- By March 31, 2026, full-year 2025 results, which will show whether first-half profit held.
- June 29, 2026, when cornerstone lock-ups expire.
- December 29, 2026, when controlling shareholder and pre-IPO lock-ups end.
- 6600
- HK$73.80 per H share (range HK$63.00 to HK$81.00)
- RMB609.9 million
- December 30, 2025 (HKEX Main Board)
- HK$1,543.89 million
- HK$1,640.01 million
- RMB27.9 million
- 254.50 times (89,935 valid applications)
- 8.90 times, 80 placees
- 67.7% in H1 2025
Why it matters
OneRobotics is the first company to list in Hong Kong on a pure consumer home robot story with an established profit line, which gives investors a public comparable for household embodied AI that is not a humanoid start-up. Its offering raised HK$1,640.01 million, more than UBTech's HK$1,015.38 million IPO in 2023, and its retail book was 254.50 times covered.
The listing also shows where Chinese robot hardware actually makes money abroad. Japan supplied 67.7% of first-half 2025 revenue, a reminder that Chinese consumer robotics firms can build a franchise in a demanding foreign market before their home market.
Rival analysis
In Hong Kong the closest listed reference points are Yunji Technology, which sells service robots to hotels and buildings and raised HK$659.6 million in October 2025, and UBTech, which has moved toward full-size humanoids. Neither sells low-cost retrofit robots to households at OneRobotics' volume of 2,402,756 units in 2024.
The competitive threat is more likely to come from smart home platforms and consumer electronics brands that can bundle similar actuators and sensors with their own ecosystems. OneRobotics' defence is its 11.9% share, per Frost and Sullivan, its 47 SKUs and its installed base of more than 11 million connected devices.
Valuation context
At HK$73.80 and 222,222,300 H shares in issue, the offering valued the company at about HK$16.40 billion. Against 2024 revenue of RMB609.9 million that is a high sales multiple for a consumer hardware maker, and the market is pricing growth and the embodied AI option rather than current earnings, which were RMB27.9 million for the first half of 2025.
Pricing below the HK$81.00 maximum while retail demand was 254.50 times suggests the institutional book, at 8.90 times, set the price. The float is small at 22,222,300 shares, so first-year trading may be volatile, especially around the June 29, 2026 cornerstone lock-up expiry.
Supply-chain implications
SwitchBot products are small electromechanical devices built around micro motors, gearing, batteries and low-power radios, sourced largely from the Shenzhen electronics base. That keeps bill-of-materials costs low and makes the 54.2% first-half gross margin notable.
A move into humanoid chore robots would require far more complex actuators, sensors and compute, where OneRobotics has less scale than specialist suppliers serving UBTech, Unitree or AgiBot. How it sources those parts will decide whether its margins survive the product shift.
Signals to watch
Full-year 2025 results, due by March 31, 2026 under Hong Kong listing rules, will show whether first-half profitability held through the holiday quarter and whether the Japan share kept rising.
Any disclosed revenue from the H1 chore robot, Acemate or Kata Friends would be the first evidence that the embodied AI label translates into sales. Lock-up expiries on June 29 and December 29, 2026 are the main supply events for the stock.
Analyst view
Thesis. OneRobotics is a well-run consumer accessory business with improving margins that has used the embodied AI wave to secure a rich listing; the robot ambitions are upside, not the base case.
Confidence is medium. The financial record is fully disclosed and consistent, which supports the core view, but the company has not broken out revenue for its newer robots, and first-day trading data beyond the company's own statement are not yet available to test how the market values the option.
Questions you should be asking
How much of the HK$1,543.89 million in net proceeds will go to humanoid and companion robots rather than channel expansion and loan repayment, given that the information pack listed those uses without final percentages?
Can the company lift China revenue, which was not separately disclosed, to reduce dependence on Japan? Will the over-allotment option be exercised in full, signalling sustained aftermarket demand?