Excelland Robotics（优地机器人）began trading on the Hong Kong Stock Exchange’s Main Board on September 9, opening at HK$35, approximately 142% above its HK$14.45 offer price. The Wuxi-based commercial service-robot maker enters the public market with a substantial cumulative sales base, while its overseas expansion remains a developing part of the business.
The company sold 45 million H shares, raising approximately HK$650.3 million before expenses and HK$576.6 million in net proceeds. Demand varied sharply across the offering: the Hong Kong public tranche was subscribed 140.02 times, while the international tranche recorded subscription coverage of 0.99 times. Cornerstone investors included entities affiliated with SenseTime and 58.com.
Founded in 2013, Excelland supplies robots for delivery, cleaning and unmanned retail, alongside industry-specific AI-vision solutions, robotics-as-a-service (RaaS) and leasing. Its applications span hotels, entertainment venues, offices and enclosed campuses, covering both indoor and outdoor environments.
By March 31, 2026, the company had cumulatively sold more than 114,600 robots to over 5,100 customers worldwide. That total includes China and does not establish the scale of its overseas business. Disclosed international progress includes shipments of 37 cleaning robots to South Korea by that date and an initial two-robot shipment to a Thai distributor in 2025.
Revenue reached RMB317.7 million in 2025, while the annual net loss narrowed to approximately RMB110.8 million. RaaS contributed about RMB49.9 million, or 15.7% of revenue, compared with 3.8% in 2023. Hardware sales remained the largest individual revenue stream, accounting for 42.5%, followed by AI-vision solutions at 37.5%.
For Excelland, the listing provides fresh capital as it develops overseas distribution and expands service-based offerings. Its experience across commercial settings could support that effort, but international growth will require local installation, maintenance and customer support as well as product sales.
The stronger commercial signal is the growing contribution from RaaS, which creates opportunities for recurring revenue. Turning that model into a sustainable overseas business will depend on fleet utilization, service costs and repeat customer demand. The debut marks a financing milestone; sustained international revenue and improved profitability will determine its longer-term significance.
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