Hai Robotics Takes the Leap: Hong Kong IPO Filing

Shenzhen's Hai Robotics is on the brink of a major financial milestone, officially filing for an IPO on the Hong Kong Stock Exchange. This marks a significant moment not just for the company, but for the broader warehouse robotics industry as well.

Founded in 2016, Hai Robotics has quickly established itself as a leader in Automated Case-handling Robots (ACR), boasting over 30% of the global market share. The company’s rapid ascent is underscored by impressive revenue figures: RMB 807 million ($112.1 million) in 2023, and projected revenues of RMB 1.36 billion ($188.9 million) in 2024. However, the road has not been without its bumps; despite the strong revenue growth, the company reported net losses of RMB 1.009 billion ($140.1 million) in 2023 and RMB 1.256 billion ($174.4 million) in 2024.

Despite the losses, which could raise eyebrows among potential investors, Hai Robotics is strategically positioning itself for future growth. Its gross margin has shown a healthy improvement, climbing from 16% in 2023 to 28.9% in the first nine months of 2025. This upward trend suggests that while the company is still investing heavily in R&D—spending RMB 309 million ($42.9 million) in 2023 and RMB 258 million ($35.8 million) in the first nine months of 2025—it is beginning to find its footing in terms of profitability.

The company has garnered attention not only for its technology but also for its impressive operational capabilities. The HaiQ intelligent management platform, which can coordinate up to 6,000 different types of robots at a single site, reflects a sophisticated integration of AI and robotics that is increasingly critical in warehouse logistics. So far, Hai Robotics has delivered over 1,800 projects globally, servicing more than 800 clients. These figures highlight the company’s robust demand and operational scalability, critical factors for any potential investor considering its IPO.

In terms of ownership, Hai Robotics is backed by notable investors like 5Y Capital (14.53%) and Sequoia Capital (4.56%), which lends credibility and financial stability to its endeavors. Additionally, the co-founders—Chen Yuqi, Xu Shengdong, and Fang Bing—represent a generational shift in leadership within the Chinese tech landscape. All born in 1988, they embody the youthful innovation that characterizes many successful Chinese startups today.

The implications of Hai Robotics' IPO extend beyond its own balance sheet. As the largest ACR solutions provider, its success could serve as a bellwether for the warehouse automation sector, which is increasingly vital as e-commerce continues to grow. The Chinese government has also signaled strong support for robotics and automation technologies, which could facilitate further growth in this space.

For global manufacturers and supply chain managers, the company’s progress offers valuable insights into the dynamics of automation in logistics. The ability to harness AI and robotics effectively can significantly reduce operational costs and increase efficiency—a critical consideration as companies navigate the complexities of sourcing and production in China.

As Hai Robotics gears up for its IPO, the industry will be watching closely. Will it be able to convert its technological prowess into sustainable profitability? And how will its performance influence the next wave of automation investments in China and beyond? These questions remain open, but one thing is clear: the world of warehouse robotics is evolving, and Hai Robotics is at the forefront of that transformation.

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Warehouse Robotics Firm Hai Robotics Files for Hong Kong IPO