Excelland Robotics（优地机器人）has passed the Hong Kong Stock Exchange’s listing hearing, marking the latest step in its planned Hong Kong IPO.
The Wuxi-based commercial service-robot maker published its post-hearing information pack on August 24, with YinFeng SNGI as sole sponsor. The company is seeking a Main Board listing under Chapter 18C, Hong Kong’s specialist-technology-company regime. Passing the hearing does not itself complete the IPO; pricing, allocation and a trading date have yet to be announced.
Founded in 2013, Excelland develops commercial service robots, robot modules and industry-specific AI-vision-model solutions. Its products serve indoor delivery and guest guidance, large-load indoor delivery, on-demand delivery in controlled environments, indoor and outdoor cleaning, and unmanned retail. The company also generates revenue through robot-as-a-service and leasing arrangements.
According to Frost & Sullivan data cited in the post-hearing document, Excelland ranked third in China’s commercial service-robot products and solutions market by 2025 revenue, with an 8.9% share. It ranked third in commercial delivery robots, with a 9.8% share, and fourth in commercial cleaning robots, with an 8.8% share. The company was also described as one of the few commercial-service-robot providers globally to have commercialized integrated products for both indoor and outdoor operation.
As of March 31, 2026, Excelland had delivered more than 114,600 robots to over 5,100 customers worldwide. Its revenue rose from RMB244 million in 2023 to RMB318 million in 2025, representing a 14.2% compound annual growth rate. Its annual loss narrowed from RMB251 million to RMB111 million over the same period, although it remained loss-making. Revenue for the first quarter of 2026 was RMB76.5 million, up 5.7% year on year.
The company’s filing places its growth in a market that remains fragmented but is expanding quickly. Frost & Sullivan estimates that China’s commercial service-robot products and solutions market will grow from RMB22 billion in 2025 to RMB71 billion in 2030, implying a 25.9% compound annual growth rate. The global market is projected to grow from RMB48 billion to RMB135 billion over the same period.
The planned listing could provide Excelland with additional funding for research and development, business expansion and strategic acquisitions, sales and marketing, partial bank-loan repayment, and general corporate purposes. For Chinese service-robot makers, a Hong Kong listing offers an additional international financing channel alongside the task of building overseas sales and support networks.
Excelland’s delivery volume demonstrates substantial deployment scale, but overseas growth will ultimately depend on recurring demand, local channels, product reliability and service capability—not shipped units alone. Its post-hearing disclosure nevertheless shows how China’s commercial service-robot sector is pairing operational scale with access to Hong Kong’s capital market as companies prepare for wider international competition.
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