RoboTechnik Intelligent Technology fell as much as 9.8% on its first day of trading in Hong Kong on Tuesday, after raising HK$5.18 billion ($660.35 million) in a share sale. The stock opened at HK$419.60, below its HK$436 offer price, then dropped to HK$393.20. It was last down 8.5% at HK$398.80.
Four companies began trading in Hong Kong on Tuesday, and their shares posted mixed results. The debuts tested investor appetite during a revival in the city’s initial public offering market. Hong Kong IPOs, including secondary listings, had raised $46.54 billion so far this year, up 94.3% from a year earlier, according to LSEG data.
Investor appetite and market performance
The broader market fell on Tuesday. The Hang Seng Index lost 0.6%, while the Hang Seng TECH Index dropped 1.2%. RoboTechnik declined on a day when both benchmarks were lower, but its shares fell further than either index.
The other new listings opened and later traded at different prices. Chinese printed circuit board maker Shenzhen Kinwong Electronic opened 7% lower at HK$65, compared with its HK$69.88 offer price, after raising HK$5.1 billion. It was last up 9.5% at HK$76.55.
Specialty chemicals and semiconductor materials maker Red Avenue New Materials Group opened at HK$40, down 9.1% from its HK$44 offer price, after raising about HK$3 billion. Robotics technology company Direct Drive Tech opened 4.1% higher at HK$22.48, against an offer price of HK$21.60, after raising HK$1.08 billion.
“I don’t think the IPO market has the same punch as before,” said Dickie Wong, executive director of research at uSMART Securities. He cited US-China tension in the AI and chips sector and concerns that AI is getting frothy. “Names in AI, robotics and PCB aren’t being chased the way they were,” Wong said. “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.”
RoboTechnik’s business and fundraising
RoboTechnik makes equipment for photovoltaic-cell manufacturing and assembly. It also produces testing systems for silicon-photonics devices used in data-center and artificial-intelligence infrastructure. The company 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 of shares, according to the prospectus. RoboTechnik plans to use listing proceeds for research and development, expanded production capacity, faster deliveries, global sales and service operations, potential acquisitions and working capital.
The company reported first-half 2026 net profit of 6.3 million yuan ($939,513.24), compared with a loss of 12.2 million yuan a year earlier. Revenue rose 145.1% to 608.1 million yuan, driven mainly by silicon-photonics assembly and testing equipment. Yet the stock traded below its offer price during its Hong Kong debut.