Hai Robotics Files for Hong Kong IPO as Warehouse Automation Market Heats Up

Shenzhen-based warehouse robotics company Hai Robotics has formally filed for a listing on the Hong Kong Stock Exchange, marking a significant milestone for the automated logistics sector. Founded in 2016, the company pioneered Automated Case-handling Robots (ACR) for warehouse picking automation and now claims over 30% global market share by revenue and shipment volume, making it the world's largest ACR solutions provider.

Financial Performance and Growth Trajectory

The company's financial results reveal both impressive growth and the challenges of scaling advanced robotics manufacturing. Revenue reached RMB 807 million ($112.1M) in 2023, RMB 1.36 billion ($188.9M) in 2024, and RMB 1.263 billion ($175.4M) for the first nine months of 2025. However, this growth has come at a significant cost, with net losses of RMB 1.009 billion ($140.1M), RMB 1.256 billion ($174.4M), and RMB 589 million ($81.8M) in the respective periods.

Despite the losses, the company shows encouraging signs of improving operational efficiency. Gross margin improved from 16% in 2023 to 28.9% in the first nine months of 2025, suggesting Hai Robotics is moving toward profitability as it scales production and refines its technology.

Technology and Market Position

Hai Robotics' core innovation lies in its HaiQ intelligent management platform, which can coordinate up to 6,000 robots of different types at a single warehouse site. This capability addresses one of the most complex challenges in warehouse automation: orchestrating multiple robotic systems to work seamlessly together in dynamic environments.

As of September 30, 2025, the company had signed more than 800 customers and delivered over 1,800 projects worldwide. The company employs 516 R&D personnel, accounting for nearly 36% of its workforce, underscoring its commitment to technological advancement. Hai Robotics has also filed 2,394 patent applications globally, reflecting its focus on innovation and intellectual property protection.

Competitive Landscape and Industry Context

The warehouse automation market has seen explosive growth as e-commerce continues to expand and labor costs rise globally. Hai Robotics competes in a space that includes established industrial automation giants like KUKA, ABB, and Fanuc, as well as newer entrants focused specifically on logistics automation.

What distinguishes Hai Robotics is its focus on case-handling rather than traditional pallet or item-level automation. This middle-ground approach addresses a significant gap in warehouse operations, where many facilities need to handle cases of varying sizes and weights efficiently.

Investor Backing and Leadership

The company's leadership team consists of three co-founders—Chen Yuqi, Xu Shengdong, and Fang Bing—all born in 1988, representing a younger generation of Chinese tech entrepreneurs. The company has attracted prominent investors, including 5Y Capital (14.53% ownership) and Sequoia Capital (4.56% ownership). Notably, robotics investor Li Zexiang previously served as Chief Advisor, bringing valuable industry expertise to the company's strategic development.

IPO Implications for the Robotics Sector

Hai Robotics' IPO filing comes at a time when investors are increasingly interested in automation technologies, particularly those addressing labor shortages and supply chain efficiency. The company's decision to list in Hong Kong rather than on mainland Chinese exchanges or in the U.S. reflects both regulatory considerations and Hong Kong's growing role as a hub for Chinese technology companies seeking international capital.

The substantial R&D investment—RMB 309 million ($42.9M), RMB 334 million ($46.4M), and RMB 258 million ($35.8M) in the respective periods—demonstrates the capital-intensive nature of robotics development. This level of investment is necessary to maintain technological leadership in a field where hardware, software, and AI capabilities must all advance in tandem.

As warehouse automation continues to evolve from a niche application to a mainstream industrial solution, Hai Robotics' public listing will provide valuable transparency into the economics of large-scale robotics deployment. The company's performance will likely serve as a bellwether for the broader warehouse automation industry, particularly in Asia where e-commerce growth continues to drive demand for advanced logistics solutions.