GALAXIS Technology (02729) has announced its initial public offering will take place from March 16 to March 19, 2026. The company plans a global offering of 36.798 million H shares, with approximately 10% allocated to the Hong Kong public offering and about 90% to the international offering. An additional 15% over-allotment option is included. The price range has been set at HKD 16.4 to HKD 20.4 per share. Each board lot will consist of 200 H shares. Trading of the H shares on the Stock Exchange of Hong Kong is expected to commence at 9:00 a.m. on Tuesday, March 24, 2026.

The group is a provider of comprehensive smart intra-factory logistics robotics solutions, offering a diverse range of robotic products centered around three core lines: Multi-directional Shuttle Robots (MSR), Autonomous Mobile Robots (AMR), and Conveyor Sortation Robots (CSR). The group's robotics portfolio encompasses core functions of storage, sorting, and handling, covering the entire scope of intra-factory logistics operations. As an established player in the smart intra-factory logistics robotics industry, the group possesses extensive robotic technological capabilities and a diversified portfolio of self-developed robotic products that cover core intra-factory logistics functions with widely adopted height and payload specifications.

For over a decade, the group has been committed to innovation in intra-factory logistics automation. Based on 2024 revenue, the group ranked fifth among the top five comprehensive smart intra-factory logistics robotics companies in China, holding a market share of 1.6%.

The group estimates that, assuming an offer price of HKD 18.40 per H share (the midpoint of the indicative price range of HKD 16.40 to HKD 20.40) and without any exercise of the over-allotment option, the net proceeds from the global offering will be approximately HKD 618 million after deducting underwriting commissions and estimated expenses. The group currently intends to use the net proceeds as follows:

1. Approximately 24.5% will be allocated over the next six years to advance the group's core robotics product lines, such as improving existing products and developing new ones. This includes about 10.5% for technological advancement and development of next-generation AMR products, approximately 7.0% for continuous enhancement and iterative upgrades of the MSR product line, and about 7.0% for research and development of the CSR and other products. 2. Approximately 20.5% will be used for research and development of the group's underlying technologies (such as digital twin technology, large model technology, and AI-integrated robotics) and software capability development. This allocation includes about 13.0% for underlying technology development and approximately 7.5% for software system development. 3. Approximately 25.0% will be used to expand production capacity and enhance manufacturing capabilities, including building new manufacturing facilities (about 15.5%) and investing in advanced production equipment and skilled personnel (about 9.5%). 4. Approximately 20.0% will support the group's market development plans, with about 10.0% dedicated to strengthening international business development and overseas sales support, and another 10.0% for participation in major industry exhibitions. 5. Approximately 10.0% will be used for working capital and other general corporate purposes.

For the years 2022, 2023, and 2024, and for the nine-month periods ended September 30, 2024, and September 30, 2025, the group reported total revenues of RMB 657 million, RMB 551 million, RMB 721 million, RMB 344 million, and RMB 552 million, respectively. The corresponding gross profits were RMB 103 million, RMB 91.7 million, RMB 114 million, RMB 60.2 million, and RMB 91.4 million. The gross profit margins for these periods were 15.7%, 16.6%, 15.7%, 17.5%, and 16.6%, respectively.