CAMSENSE (6802.HK) Grey Market Surges 190%; Dreame, Roborock, Xiaomi and Other Core Clients Account for 85% of Revenue

Deep News
09/29

CAMSENSE (6802.HK) saw strong gains across all three major Hong Kong grey market platforms, with the company's offer price set at HK$58.85 per share. The stock closed in the grey market up around HK$170, a gain of approximately 190%. With a board lot of 100 shares and an entry cost of HK$5,885, the grey market implied a book profit of more than roughly HK$10,000 per lot.

The company is a supplier of components for robot vacuum cleaners. Its core clients include Dreame, Roborock, Xiaomi, Midea, Haier, and Flyco, with Dreame being a deeply partnered customer. According to the prospectus, the company's top five clients together contributed approximately 85%-86% of revenue, with the largest single client accounting for 37.3% of revenue. The company has worked with four of the world's top five robot vacuum manufacturers for 3-6 years.

Extremely Scarce Free Float, Overwhelming Subscription Sentiment, and a Pronounced Rush for Allocations

CAMSENSE's Hong Kong IPO aimed to raise about HK$682 million, a relatively small amount. The offering was oversubscribed 3,551 times, with nearly 160,000 investors participating in the subscription and attracting about HK$250 billion in subscription funds, making it the fourth-largest subscription scale in the second half of 2026, with an extremely low allotment rate for retail investors applying for one lot. During the grey market phase, the tradable free float was very limited, resulting in low overall selling pressure, so even a small amount of buying interest could drive the share price sharply higher. A large number of retail investors who failed to secure allocations concentrated their buying in the grey market, with strong and well-supported demand and an obvious volume-price resonance in a bullish setup, directly pushing the share price up rapidly.

BYD Joins as Cornerstone Investor, Industrial Capital Endorsement, High Institutional Recognition

In the international placing portion, the company introduced BYD as a core cornerstone investor, which subscribed heavily with an amount of HK$100 million. (See also: CAMSENSE announces launch of IPO subscription, raising a modest HK$682 million, with potential client BYD and upstream supplier Zhongrun Optical joining as cornerstones.) At the same time, overall subscription enthusiasm in the international placing was also high, with institutional holdings relatively concentrated, further strengthening expectations of gains in the early stages of listing.

It should be noted that grey market trading is small in scale and weak in liquidity, and share price volatility will be far greater than during official trading hours. Post-listing share price performance still needs to be observed in light of the overall market environment and the strength of capital support.

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