Mech-Mind Robotics (09615) has launched its Hong Kong initial public offering, with the subscription period running from August 24 to August 27, 2026. The company plans to globally offer 23.14 million H shares, with approximately 5% allocated to the Hong Kong public offering and 95% to the international placement, alongside a 15% over-allotment option.

The offer price ranges from HK$95.30 to HK$101.70 per H share, with trading units set at 30 H shares per board lot. Trading on the Stock Exchange of Hong Kong is expected to commence at 9:00 a.m. on Tuesday, September 1, 2026.

The company operates as a provider of intelligent robotic components, with its products integrated into equipment used in end-customers' production and operational processes. Its systems leverage 3D vision technology to capture point cloud data for precise spatial awareness, combined with deep learning-based AI algorithms trained on extensive industrial datasets. These algorithms enable autonomous recognition, decision-making, and motion planning under complex conditions such as random stacking, reflective surfaces, and partial occlusion, all without relying on manual programming.

Mech-Mind offers advanced, standardized "eye-brain-hand" components that allow robots to perceive, understand, and interact with the physical world. These include intelligent robot guidance products (featuring industrial-grade 3D cameras and related software), intelligent inspection and measurement products (including 3D measurement instruments and software), and next-generation foundational components such as its proprietary multimodal large models and dexterous robotic hands.

Through deep investment in AI and advanced sensing technology research, the company provides robots with "eyes" and a "brain," enabling various forms of robotics to achieve precise perception, intelligent decision-making, and efficient planning while adapting to complex real-world industrial environments. During the track record period, the group primarily served end customers across the automotive, new energy, consumer electronics, logistics, education, and general manufacturing sectors.

The company has entered into cornerstone investment agreements with Baillie Gifford, Taikang Life, Invus, Jane Street, Ghisallo, Ruihua, NGS Super Fund, E Fund, and Golden Link (collectively referred to as the "Cornerstone Investors"). Under these agreements, the cornerstone investors have agreed to subscribe for, or procure their designated entities to subscribe for, approximately US$186 million worth of offer shares at the final offer price (rounded to the nearest board lot of 30 H shares), subject to certain conditions. For Taikang Life Insurance Co., Ltd. and E Fund Management Co., Ltd., subscriptions will be made through Qualified Domestic Institutional Investors (QDII) approved by relevant Chinese regulatory authorities.

Based on the mid-point offer price of HK$98.50, the Cornerstone Investors would subscribe for approximately 14.82 million offer shares, representing approximately 64.03% of the H shares offered under the global offering (assuming the over-allotment option is not exercised), approximately 11.85% of the company's total issued share capital immediately following completion of the global offering (assuming the over-allotment option is not exercised), and approximately 11.53% of the total issued share capital after full exercise of the over-allotment option.

Assuming the mid-point offer price of HK$98.50 per share and that the over-allotment option is not exercised, the estimated net proceeds from the global offering, after deducting underwriting fees, commissions, and other estimated expenses, will amount to approximately HK$2.129 billion.

In line with its strategic objectives, the company intends to allocate the net proceeds as follows: approximately 31.8% for research and development of products and technologies; approximately 25.2% for enriching its product portfolio and expanding application scenarios; approximately 29.4% for expanding global presence and accelerating commercialization; approximately 5.0% for increasing production capacity and improving operational efficiency; and approximately 8.6% for working capital and general corporate purposes.

Sustained R&D investment remains critical to maintaining the company's technological leadership. As of March 31, 2026, the company employed 229 R&D personnel, representing 36.1% of its total workforce. R&D expenses for 2023, 2024, and 2025, as well as the three months ended March 31, 2025, and March 31, 2026, amounted to RMB119 million, RMB109 million, RMB113 million, RMB21.2 million, and RMB38.5 million, respectively, representing 65.6%, 40.6%, 29.0%, 34.4%, and 36.0% of total revenue for the corresponding periods. Moving forward, the company will continue to intensify its R&D investment to consolidate its technological advantages and address the complex and diverse needs of its customers.