Ubtech, First Humanoid Robot Stock, Makes HKEX Debut at HKD 38 Billion Market Value
Ubtech Robotics Corp Ltd (referred to as "Ubtech") made its official debut on the main board of the Hong Kong Stock Exchange under the stock code "9880" on December 29, 2023, marking a significant milestone as the first publicly-traded company specializing in humanoid robots.
The initial public offering (IPO) saw Ubtech issuing a total of 11.282 million shares. Notably, the Hong Kong public offering was oversubscribed by 5.16 times, while the international offering experienced an oversubscription rate of 2.16 times.
James Zhou, founder, Chairman, and CEO of Ubtech, expressed in his address during the listing ceremony,, "Since our inception, Ubtech has been committed to the vision of 'introducing intelligent robots into every household'. Over the past decade, we've evolved into a trailblazer in humanoid robots and a leader in smart service robots. Following the listing, our dedication to innovation and technology will remain unwavering. We aim to continually enhance our full-stack humanoid robot technological capabilities, using innovation to address critical societal challenges and fulfill essential societal needs, thereby creating sustainable long-term societal value."
Founded in 2012 and headquartered in Shenzhen, Ubtech employs self-developed full-stack robotics and artificial intelligence technology to provide intelligent service robot solutions. As of December 10, 2023, Ubtech has serviced over 50 countries and regions worldwide, serving more than 900 corporate clients. Over its operational history spanning from 2020 to the first half of 2023, Ubtech has sold over 760,000 robots.
Ubtech has garnered investments from distinguished VC/PE firms like Qiming Venture Partners, CDH Investments, and Green Pine Capital Partners, along with backing from state-owned enterprises in various locations including Liuzhou, Chongqing, Zhuhai, Hangzhou, and Yizhuang. Major corporations such as Tencent, iFlytek, Haier, CP Group, and financial entities like ICBC, Gold Stone Investment, and Minsheng Securities have also invested in Ubtech. Notably, Qiming Venture Partners was the exclusive investor in Ubtech's Series A financing in 2015. Prior to the IPO, Sequoia Capital China held 5.82% of Ubtech's shares and, alongside Tencent, was one of the primary shareholders owning more than 5%, also securing a board seat.
Leveraging full-stack technology for humanoid robots, Ubtech has established five major business sectors: AI education, intelligent logistics, smart elder care, commercial services, and consumer-grade robots. The company's revenues from 2020 to 2022 were CNY 740 million, CNY 817 million, and CNY 1.008 billion respectively, marking a compound annual growth rate of 16.7%. In 2022, there was a noteworthy 23.4% year-on-year growth compared to 2021. Additionally, Ubtech's cumulative revenue in the first half of the current year has exceeded CNY 2.8 billion over three and a half years.
According to a Sullivan report, Ubtech stands among the select global participants that have successfully commercialized humanoid robots. Its operating income in 2020, 2021, and 2022 reached CNY 740 million, CNY 817 million, and CNY 1.008 billion respectively, with an average annual growth rate of 16.7%. There was a remarkable 23.4% year-on-year growth in 2022 compared to the previous year.
Ubtech presently concentrates on three primary application scenarios for humanoid robots: industrial manufacturing, commercial services, and household companionship, with intelligent manufacturing anticipated as the primary large-scale application domain for humanoid robots.
Recently, the Ministry of Industry and Information Technology issued "Guiding Opinions on the Innovation and Development of Humanoid Robots." The document outlines goals aiming to establish an innovative system for humanoid robots by 2025, achieving breakthroughs in crucial technologies like "brain, cerebellum, limbs," and attaining internationally advanced levels in the production of complete machine products. By 2027, significant advancements in the innovation capabilities of humanoid robots and the establishment of a globally competitive industrial ecosystem are targeted, reaching comprehensive strength at an advanced global level.
A representative from the Ministry of Industry and Information Technology's Science and Technology Department highlighted that humanoid robots integrate advanced technologies such as artificial intelligence, high-end manufacturing, and new materials. These robots are positioned as a disruptive product akin to computers, smartphones, and new energy vehicles, holding immense potential for development and widespread application prospects, representing a new frontier for future industries. Notable companies like Xiaomi, AGIBOT, Dataa Robotics, and Fourier Intelligence have conducted substantial exploration in this field.
As of the current report, Ubtech's Hong Kong-listed shares were trading at HKD 89.00 per share, indicating an approximate market value of HKD 38 billion.