Hotel robot maker Yunji debuts in Hong Kong after its retail tranche is covered 5,657 times

Beijing Yunji Technology, which sells delivery robots and dispatch software to hotels, began trading on the Hong Kong Stock Exchange on 16 October 2025 under stock code 2670 after raising HK$659.6 million in gross proceeds, according to its offer price and allotment results announcement filed with the exchange. The Hong Kong public tranche was subscribed 5,657.20 times.

The company sold 6,900,000 H shares at a fixed HK$95.60 each and expects net proceeds of HK$593.3 million, the announcement said. It received 260,092 valid retail applications, of which 24,813 were successful. The clawback mechanism lifted the retail tranche from 345,000 to 1,380,000 shares, or 20% of the offer. The international offering was covered 18.62 times by 83 placees, and 1,035,000 shares were over-allocated. On the first day the stock opened at HK$142.80 and closed at HK$120.50, up 26.05%, on turnover of about HK$484 million, Yunji said in a company release.

The book was concentrated. Hongkong Embodied Intelligence Capital Limited, which the announcement says is wholly owned by Suzhou State-owned Capital Investment Group, itself owned by the Suzhou state assets regulator, and by Suzhou New District State-owned Capital Holding Group, was allocated 2,748,000 shares, or 39.83% of the offer. At the offer price that stake is worth about HK$262.7 million. The exchange filing classifies the buyer as a close associate of an existing shareholder and records a lock-up to 15 October 2026. The top five placees took 76.93% of the offer and the top ten 88.84%. Shares free of any disposal restriction at listing were worth roughly HK$660 million, according to the filing.

Yunji's prospectus describes three robot lines. The UP series, launched in 2023, is the current sales focus and uses interchangeable compartments so one machine can serve several tasks. The Gogo series, introduced in 2021, was the main seller during the track record period, while the entry-level Run series is being phased out. In 2024 robots and functional kits brought in RMB188.9 million, or 77.2% of revenue, and the AI digitalization system that takes requests and dispatches machines brought in RMB55.9 million. Hotels generated 83.0% of 2024 revenue and 93.2% in the first half of 2025.

The numbers show a business that is growing but not yet profitable. Revenue was RMB161.3 million in 2022, RMB145.2 million in 2023 and RMB244.8 million in 2024, a rise of 68.6% in the last year, with RMB88.3 million in the first half of 2025. Net losses narrowed from RMB365.4 million to RMB264.5 million and then RMB185.0 million, before a RMB118.3 million loss in the first six months of 2025. Gross margin rose from 24.3% in 2022 to 43.5% in 2024 and slipped to 39.5% in the first half of 2025. Cash, deposits and financial assets stood at RMB185.1 million on 31 May 2025. The prospectus earmarks 60% of net proceeds for research and development, 30% for commercialisation and 10% for working capital.

Yunji was founded in 2014 by Zhi Tao, who chairs the board. Qiming Venture Partners says it led the company's Series C round in 2021. CITIC Securities (Hong Kong) and CCB International acted as joint sponsors. The allotment announcement lists Linzhi Tencent Technology and Hubei Lenovo Yangtze River Technology Fund among holders subject to 12-month lock-ups, and puts the controlling shareholders, Zhi Tao and the Yunji Angel Management platform, at about 32.86% of the enlarged capital. Yunji listed under Chapter 18C, the exchange's route for specialist technology companies that do not meet the usual profit tests, and said it is the fourth company to use it.

The prospectus sizes what it calls China's hospitality robotic-based AI agent market at RMB3.7 billion in 2024 and projects RMB13.5 billion by 2029, a compound annual growth rate of 29.3%. Yunji ranks first with a 6.3% share of 2024 revenue, a figure that points to a fragmented field. Its closest rivals in service delivery robots, Shenzhen-based Pudu Robotics and Shanghai-based Keenon Robotics, remain privately held. Among listed Chinese robot makers in Hong Kong, the comparison below shows that Yunji raised the least but drew by far the heaviest retail demand.

At the HK$95.60 offer price the 68,718,182 shares in issue after listing imply a market value of about HK$6.57 billion, and about HK$8.28 billion at the first-day close. The prospectus values the H shares alone at HK$5,886 million at the offer price. Geek+, the warehouse robot maker that listed in July 2025, drew 133.62 times retail demand, while Dobot and UBTech Robotics drew 9.25 times and 5.16 times at their debuts.

Overseas markets remain small. Sales outside mainland China were 4.1% of 2024 revenue, according to the prospectus. Invest Hong Kong says Yunji set up an international business headquarters in the city in October 2024. On listing day Yunji announced a partnership with Luxshare Precision, the Shenzhen-listed electronics manufacturer, covering global supply chain integration, cross-region deployment and ecosystem building, without disclosing financial terms. The company also says its robots serve more than 34,000 hotels and more than 150 hospitals.

The risks are visible in the filings. The business depends on one customer type whose capital budgets swing with travel demand, and losses continue. The retail multiple was earned on 1,380,000 shares, and a single state-linked holder controls the largest allocation until October 2026. Investors will look first to the end of the stabilisation period and the fate of the over-allotment option, then to full-year 2025 results, which Hong Kong rules require by 31 March 2026.