Recently, Yu Hao, founder of Dreame Technology, posted on social media indicating that starting from the end of next year, multiple businesses under the Dreame ecosystem will undergo batch IPOs "like dumplings being dropped" across global exchanges. According to informed sources, Dreame Technology's various business units currently have separate IPO plans.

"The valuation models for smart home, new energy vehicles, and space mining sectors differ significantly. Spin-offs can avoid valuation discounts caused by insufficient business synergy," Zhang Xinyuan, an expert from the Shanghai Technology Exchange think tank, told reporters on September 28. He explained that Dreame Technology's plan to spin off businesses within its ecosystem for separate listings leverages capital market valuation differences across different sectors to maximize overall company value. Additionally, companies can alleviate funding pressure from diversified businesses through independent financing.

From robot vacuums to astronomical observation equipment, from smartphones to supercars, Dreame Technology is expanding its business boundaries at an astonishing speed and scope. However, will the capital market be willing to pay for its "batch IPO plan"?

**Batch IPOs Still Require Caution**

Recently, Dreame Technology has frequently made "cross-industry" moves. On September 19, Dreame Technology announced it would soon launch its first smartphone. On September 10, the company announced the establishment of an astronomy business unit, focusing on intelligent astronomical optical systems to create humanity's "celestial eye." On August 28, Dreame Technology announced its entry into the new energy vehicle sector, with its first product positioned as an ultra-luxury pure electric vehicle model, benchmarking against the Bugatti Veyron, planned to debut in 2027.

"The aforementioned fields are still in early-stage technical exploration phases, leaning more toward strategic gimmicks in the short term. The market needs to evaluate their correlation with core businesses and actual resource investment ratios," Zhang Xinyuan told reporters frankly. While Dreame Technology has accumulated expertise in motor technology, success in automotive, smartphone, and astronomical observation sectors involves complex system integration and safety certification. Successful cross-industry cases like Xiaomi all required years of ecosystem development. Whether Dreame Technology can quickly replicate such success models remains questionable.

In reality, although Dreame Technology's revenue scale in the first half of 2025 has exceeded its total revenue for 2024, the company's main income source still relies on intelligent cleaning equipment (robot vacuums), while other cross-industry businesses are all in preliminary investment stages.

"These businesses belong to long-term strategic layouts with significant short-term commercialization difficulties. Attention should be paid to their specific technical routes and feasibility validation," an industry insider told reporters. While Dreame Technology has years of hardware R&D experience in smart home appliances, automotive and aerospace sectors require massive capital investment and extremely high technical barriers. Dreame Technology needs to clarify whether its technical pathways match resource investments.

Zhang Xinyuan explained that the risks of Dreame Technology's spin-off listings lie in: if core businesses (such as cleaning appliances) haven't yet formed stable profit models, the company's blind expansion into high-investment areas like automotive and smartphones could lead to resource dispersion and increased financial risks. Furthermore, frontier businesses like asteroid mining require long-term technical accumulation, with extremely difficult short-term commercialization. Caution is needed against "narrative expansion" that might exhaust investor expectations.

**Equity Incentive Controversy**

Recently, netizens posted allegations that Dreame Technology allegedly required employees to co-invest in private equity funds, linking such investments to elimination mechanisms.

The whistleblower published what appeared to be a chat record from Dreame Technology founder Yu Hao, stating: "People probably never would have thought that Dreame Fund would become the largest RMB fund by fundraising amount this year, bar none."

Additionally, the whistleblower published what appeared to be an internal group chat from Dreame Technology with watermarks, dated September 21. In the chat, "Mamba" stated "Those who can't break zero this month will continue to be eliminated," to which He Jiaxie replied "Received" and mentioned Chang Xinwei.

Public records show He Jiaxie is Dreame Technology's Chief Strategy Officer, "Mamba" is the internal codename for Lei Ming, Joint President of Dreame Group and Partner at Dreame Ventures, and Chang Xinwei is the Global Brand Director of Dreame.

According to the co-investment rules published in the post: minimum investment starts at 10,000 yuan with no upper limit. HR specialists collect information and organize employees to sign delegation agreements with certain entities. The investment flow goes from employees to certain entities to employee investment platforms to main funds. Regarding departure handling, Dreame Ventures has the right to coordinate relevant entities to purchase employee equity at lower prices. Departing employees can apply to retain shares but lose management fee and carry benefits.

The post was deleted on September 24. On September 25, Dreame Ventures publicly stated: "We have never formulated, nor do there exist any 'mandatory co-investment' policies or regulations. The co-investment mechanism always follows the basic principle of 'voluntary participation, self-risk bearing,' aimed at incentivizing teams to more prudently evaluate projects and more actively provide post-investment empowerment, establishing long-term, healthy incentive systems."

"If Dreame Ventures' statement is true, it aligns with conventional equity incentive logic, binding interests through employee participation to incentivize long-term commitment," the industry insider told reporters. However, if disguised coercion exists (such as linking to elimination mechanisms) or if proxy holding is used to circumvent regulations, it may involve issues under the Securities Law and Labor Contract Law regarding voluntary principles and qualified investor recognition. Companies should publicly disclose co-investment rules, avoid information asymmetry, and protect employees' right to information and choice.

*Disclaimer: This information is for reference only and does not constitute investment advice. Investors operate at their own risk.*