Yifei Technology has passed the hearing of the Hong Kong Stock Exchange, marking the imminent arrival of another listed company in the light industrial robotics sector.

On April 20, Zhejiang Yifei Intelligent Technology Co., Ltd. disclosed its post-hearing application materials, with ABC International serving as the sole sponsor. Established in 2012, this industrial robotics enterprise is now on the verge of its Hong Kong IPO. A successful listing would position Yifei Technology as the first publicly traded company focusing on a full range of light industrial robots.

Yifei Technology's business model is straightforward. Rather than concentrating on a single robot type, the company has developed a comprehensive product portfolio tailored for light industrial applications. This includes parallel robots, AGV/AMR mobile robots, SCARA robots, wafer handling robots, and six-axis industrial robots, all supported by its self-developed control and vision systems. The company describes this integrated system as comprising a "brain, eyes, hands, and feet": the control system handles decision-making and coordination, the vision system manages recognition and tracking, the robot units perform the physical tasks, and the mobile platforms enable autonomous navigation and obstacle avoidance.

This integrated approach is central to Yifei Technology's IPO narrative: it offers not just robotic hardware, but complete robotic solutions for light industrial settings.

In terms of application, Yifei Technology has deployed its robots across various sectors including consumer electronics, automotive components, new energy, healthcare, fast-moving consumer goods, and semiconductors. Examples include using parallel robots for pre-coating processes on mobile phone cover glass, deploying SCARA robots for loading and unloading automated CNC machine tools, utilizing parallel robots in high-speed sealing and dispensing for wet wipe production, and implementing wafer handling robots in semiconductor photolithography yellow rooms for mask cleaning equipment.

From 2023 to 2025, Yifei Technology's revenue grew from 201 million yuan to 387 million yuan, achieving a compound annual growth rate of 38.8%. As of February 28, 2026, the company's order backlog from customer contracts exceeded 464 million yuan.

A particularly notable trend is the growth in revenue from robot unit sales. Between 2023 and 2025, revenue from robot units increased from 26 million yuan to 124 million yuan, representing a compound annual growth rate exceeding 118%. The proportion of total revenue derived from robot units also rose significantly, from 12.8% to 20.8%, and further to 31.9% by 2025. This indicates a shift in the company's revenue structure, with a growing emphasis on robot unit sales alongside its solution-based deliveries.

Regarding the use of IPO proceeds, Yifei Technology stated that the funds will be primarily allocated to robotics technology development, production line development and capacity expansion, building its overseas business network, investments in the supply chain, and supplementing working capital.

On the capital front, Yifei Technology has completed several funding rounds. Its investors include a range of institutions such as CBC Capital, Tsinghua Holdings Capital, Ivy Capital, Primavera Capital, CAS Equity Investment, Jasic Technology, Qicheng Capital, FreeS Fund, as well as Yuhuan State-Owned Capital Investment, Junyuan Capital, Feitu Venture Capital, China Equity Capital, Chuxin Capital, Wutong Investment, Coco Capital, Source Code Capital, and TusStar.

With its successful passage of the HKEX hearing, the key question for Yifei Technology is clear: can this robotics company, born from light industrial applications, leverage its Hong Kong IPO to transform its "full-category robot" vision into a scalable and profitable business.