Galaxis Tech (02729), a leader in logistics robotics, has initiated its public offering on March 16, with the subscription period running until March 19. The company plans a global offering of 36.798 million H shares, with approximately 10% available for the Hong Kong public offering and about 90% for the international offering. An additional 15% over-allotment option is included. The offer price has been set within a range of HK$16.40 to HK$20.40 per share. Trading of the H shares on the Stock Exchange of Hong Kong is expected to commence on Tuesday, March 24, 2026, with a board lot size of 200 shares. This follows the company's successful hearing for a main board listing on March 8. Guotai Junan International and CITIC Securities are acting as the joint sponsors.
As one of the few global leaders mastering full-stack smart intra-logistics robotics technology, the company is set to become the first listed entity in Hong Kong focused on integrated smart intra-logistics robotics, which is anticipated to draw significant market attention. According to its prospectus, Galaxis Tech is a provider of integrated smart intra-logistics robotics, offering a diverse range of robotic products centered around three core lines: Multi-way Shuttle Robots (MSR), Autonomous Mobile Robots (AMR), and Conveyor Sortation Robots (CSR). The company's robotic portfolio encompasses core functions of storage, sorting, and handling, covering the entire scope of intra-logistics operations.
Galaxis Tech is an established player in the smart intra-logistics robotics sector, possessing extensive robotic technology capabilities and a diversified portfolio of self-developed robots that cover core intra-logistics functions with a wide range of height and payload specifications. Industry-wise, driven by rising operational costs, increasing complexity, and growing demands for efficiency in the traditional logistics sector, the global smart intra-logistics market size is projected to reach RMB 522.8 billion by 2025 and RMB 991.9 billion by 2030, representing a compound annual growth rate (CAGR) of 13.7%, according to Frost & Sullivan data. China is a key market for the smart intra-logistics industry, with its market size growing from RMB 96 billion in 2020 to RMB 175.9 billion in 2024, a CAGR of 16.3% during the period. It is forecast to reach RMB 413.7 billion by 2030, with an expected CAGR of 15.1% from 2025 to 2030.
Galaxis Tech has long been committed to innovation in intra-logistics automation. It was the first company in China to independently develop and commercialize four-way shuttle MSRs. By 2024 revenue, Galaxis Tech ranked among the top five integrated smart intra-logistics robotics companies in China. Through accumulated experience in solution design and deployment, the company has developed an evaluation framework applicable across industries, facility types, and business models. This framework extracts key parameters for the three core intra-logistics functions—storage, handling, and sorting—such as storage capacity, site height, and throughput requirements, aligning closely with its product portfolio logic. The company's MSR, AMR, and CSR product lines each possess distinct characteristics across these three core functions, plus flexibility and scalability.
On the production front, Galaxis Tech has established highly structured and standardized processes that combine rigorous quality control with efficient resource management to ensure optimal output and high product quality. Production schedules are planned based on market demand, customer orders, inventory levels, and utilization rates of production bases. As of the latest practicable date, the company operates two production bases in Jiaxing and Wuhu. The Jiaxing facility primarily manufactures MSRs and AMRs, while the Wuhu facility focuses on CSRs.
Regarding shareholders, the prospectus indicates that major shareholders include Dr. Gu Chunguang, China Renaissance Fund, SF Technology, and China Merchants Advanced Technology, among others. Furthermore, company financial data shows that Galaxis Tech reported total annual revenues of RMB 551 million and RMB 721 million for 2023 and 2024, respectively. For the first three quarters of 2025, revenue reached RMB 552 million.