The initial public offering (IPO) for LDROBOT (01236), a pioneer in spatial intelligent robotics, took place from April 30 to May 6, 2026. The public offer segment concluded at noon on May 6, attracting exceptionally strong market demand. According to statistics, LDROBOT recorded HK$512.726 billion in margin financing subscriptions against a public offering fundraising target of HK$100 million, resulting in an oversubscription rate of 5,126.16 times. This sets a new high for recent IPO subscription fervor.

LDROBOT plans a global offering of 33.333 million H-shares, with 10% allocated to the Hong Kong public offering. The price range for the offer is set between HK$24 and HK$30 per share. Each board lot consists of 200 shares, with an approximate entry cost of HK$6,060.5 per lot. The company is expected to list on the Hong Kong Stock Exchange on May 11. Haitong International and Guotai Junan International are acting as the joint sponsors.

According to the prospectus, LDROBOT is a globally leading full-stack intelligent robotics company built on a foundation of perceptual intelligence. The company has established an intelligent robotics infrastructure centered on visual perception and empowers various intelligent robotics application scenarios, while also providing visual perception products and complete intelligent robotic systems. In 2024, the number of intelligent robots equipped with the company's visual perception technology surpassed 6 million units. Based on data from CIC, LDROBOT was the world's largest intelligent robotics company focused on visual perception technology by revenue in 2024.

Financially, LDROBOT reported revenues of RMB 277 million, RMB 467 million, and RMB 748 million for the years 2023, 2024, and 2025, respectively, achieving a compound annual growth rate exceeding 60% over the recent two-year period. Gross profits were RMB 71.11 million, RMB 91.32 million, and RMB 192 million for the same years, indicating a consistent improvement in overall profitability.

Notably, LDROBOT possesses a distinctive scarcity value in terms of valuation. Within the current embodied intelligence sector, most companies are either deeply focused on humanoid robot R&D, which faces significant challenges for short-term commercial deployment, or are limited to supplying single components, lacking comprehensive full-stack capabilities. LDROBOT stands out as one of the few companies in the industry that simultaneously holds core visual perception technology, capabilities for whole-product R&D and mass production, and practical experience in commercial scenario implementation. In an industry trend that increasingly emphasizes both technological barriers and commercial viability, this rare full-stack integrated capability serves as a key support for the company's steadily rising valuation.