Following a confidential submission and successful hearing process, Benmo Power (Beijing) Technology Co., Ltd. ("Benmo Power") re-submitted its prospectus to the Hong Kong Stock Exchange on August 19, refreshing financial and operational data through the first half of 2026. The company plans to list on the Main Board under Chapter 18C rules for specialist technology companies, with CITIC Securities acting as the sole sponsor.

As a robotics firm built on direct-drive technology, Benmo Power has gained notable market attention. The company, advised and early-stage incubated by Professor Li Zexiang, launched the D1 robot, the world's first commercially available modular dual-wheel foot robot. According to institutional data, by 2025 revenue, Benmo Power ranked first in China's consumer robot direct-drive power module sector with a 61.1% market share.

In terms of operations, shipments of its core consumer direct-drive power modules continued to grow rapidly in the first half of this year.

Standardized Core Components

From a business perspective, Benmo Power operates in the technology-driven robotics sector, with robot power modules serving as its primary revenue source. In 2025, the robot direct-drive power module business generated RMB 274 million in revenue, accounting for the majority of total income. Within the dominant direct-drive module line, consumer-grade products lead shipments, mainly powering devices such as household cleaning robots and lawn mowing robots. In 2025, Benmo Power sold approximately 8.5 million direct-drive power modules, becoming the first company globally to exceed 5 million units shipped.

During the reporting period, the average selling price of these modules remained between RMB 28 and RMB 30. The company explained in its prospectus: "The decline in the average selling price of robot direct-drive power modules reflects economies of scale as production expanded from 200,000 units in 2023 to 8.5 million units in 2025, as well as lower unit material costs achieved through enhanced supply chain bargaining power, enabling us to offer more competitive pricing."

On profitability metrics, Benmo Power's comprehensive gross margin reached 21.5% in 2025, improving from 13.5% and 19.3% in the prior two years.

Rapid Revenue Growth Gains Capital Endorsement

Benmo Power is pursuing its listing under Chapter 18C as a specialist technology company. Under Hong Kong Exchange rules, commercialized specialist tech firms must meet annual revenue of at least HK$250 million and a valuation of no less than HK$4 billion. Benmo Power recorded revenue of RMB 282 million in 2025, satisfying the revenue threshold.

Supporting its daily operations and expansion is a dense series of private market fundraising. Since its founding in 2020, Benmo Power has completed 12 financing rounds within just a few years, raising approximately RMB 648 million in total. After closing its Series C round at the end of 2025, the company's post-investment valuation climbed to RMB 3.185 billion. Over roughly one year, Benmo Power's post-investment valuation surged from RMB 770 million to RMB 3.185 billion, representing an overall increase exceeding 300%.