RoboTechnik Intelligent Technology raised HK$5.18 billion ($660.35 million) in a share sale, then fell as much as 9.8% on its Hong Kong trading debut Tuesday. Its shares opened at HK$419.60, below the HK$436 offer price. They dropped to HK$393.20 and last traded down 8.5% at HK$398.80.
The sale gave the company capital for planned research and development, expanded production capacity, faster deliveries, global sales and service operations, potential acquisitions and working capital. RoboTechnik sold 11.88 million Hong Kong shares in its base offering. Cornerstone investors, including Temasek, Sunpeak Asset and IvyRock, agreed to buy about $232.4 million in shares, according to the prospectus.
Capital Raised, Shares Weaken
RoboTechnik makes equipment for photovoltaic-cell manufacturing and assembly, as well as testing systems for silicon-photonics devices used in data-center and artificial-intelligence infrastructure. First-half 2026 revenue rose 145.1% to 608.1 million yuan, mainly on demand for silicon-photonics assembly and testing equipment.
The company reported a first-half net profit of 6.3 million yuan ($939,513.24), compared with a 12.2 million yuan loss a year earlier. Its shares fell on debut despite reported revenue growth and a return to profit. The base article gives no figures on wages, employment, working conditions or how the proceeds will affect workers.
Hong Kong IPOs, including secondary listings, had raised $46.54 billion so far this year, 94.3% more than in the same period a year earlier, according to LSEG data. RoboTechnik was one of four companies that began trading in Hong Kong on Tuesday, as investors tested a revived IPO market.
Other Debuts, Selective Demand
Chinese printed circuit board maker Shenzhen Kinwong Electronic raised HK$5.1 billion. Its shares opened at HK$65, 7% below the HK$69.88 offer price, then last traded up 9.5% at HK$76.55.
Specialty chemicals and semiconductor materials maker Red Avenue New Materials Group raised about HK$3 billion. Its shares opened at HK$40, 9.1% below the HK$44 offer price. Robotics technology company Direct Drive Tech raised HK$1.08 billion and opened at HK$22.48, 4.1% above its HK$21.60 offer price.
The broader market fell Tuesday. The Hang Seng Index lost 0.6%, while the Hang Seng TECH Index fell 1.2%.
“I don’t think the IPO market has the same punch as before,” said Dickie Wong, executive director of research at uSMART Securities. He pointed to US-China tension in the AI and chips sector and fears that AI is getting frothy. “People are picking more carefully now. Theme alone isn’t enough. Valuation and recent momentum matter more. Subscription demand and first-day trading have both cooled a lot.”
The report covers investor demand, share sales and company spending plans, but identifies no government action, labor proposal, union response or employment effect tied to the listing. The proceeds’ stated uses include research, production capacity, overseas sales and service operations, acquisitions and working capital. The report gives exchange-rate equivalents of $1 to 7.8443 Hong Kong dollars and $1 to 6.7056 Chinese yuan renminbi.