IPO Timeline Raw facts
Broker Deadline
Morning deadline
HKEX Deadline
Noon deadline
Broker Results (T-2)
Some brokers release in afternoon
Grey Market (T-1)
Afternoon
HKEX Allotment (T-1)
Evening
Registrar Allotment (T-1)
Evening
Listing Day (T)
First day of trading
Company Overview
| Stock Name | Excelland Robot |
|---|---|
| Stock Code | 03231 |
| Company Full Name | Excelland Robotics (Wuxi) Co. Ltd. |
| Industry | 機器人科技 |
| Principal Activities | We are a technology-driven company that commercializes in the robotics and automation sector through commercial service robot products, robot modules and related services (including RaaS and leasing arrangements), and in the next-generation information technology sector through industry application AI visual model solutions. |
| Listing Date | 2026-09-09 |
| Listing Rules Era | New Rules (after Aug 2025) |
| Listing Rules Chapter | 18C特專科技 |
| Weighted Voting Rights (WVR) | No |
| Registered Address (Mainland China) | 中國江蘇省無錫市無錫經濟開發區高浪東路999-8號B2棟6層7-11軸 |
| Business Address (Hong Kong) | 香港德輔道中188號金龍中心19樓 |
| Place of Incorporation | China |
| Listing Method | Global Offering |
| Listing Board | Main Board |
| Website | uditech.com.cn |
| Share Registrar | 香港中央證券登記有限公司 (Computershare Hong Kong Investor Services Limited) |
| Registrar Contact | 香港中央證券登記有限公司，香港灣仔皇后大道東183號合和中心17樓1712-1716號舖 |
| A-Share/US Dual Listing | No |
Offering Information
| Offering Mechanism | 18C |
|---|---|
| Offer Price | HK$ 14.45 / shares |
| Offer Price Range | Final offer price only, no range |
| Lot Size | 200 shares |
| Entry Threshold | HK$ 2,890 |
| Par Value | RMB 1.0 / shares |
| Offer Period | 2026-08-31 to 2026-09-04 |
| Global Offering Shares | 45,000,000 shares |
| HK Public Offer Shares (Initial) | 2,250,000 shares (5.0%) |
| Public Offer Lots (Initial) | 11,250lots (Pool A5,625lots，Pool B5,625lots) |
| International Placing Shares (Initial) | 42,750,000 shares (95.0%) |
| Offer Ratio | ~5.0% |
| Total Shares Post-IPO | 416,368,421 shares |
| Greenshoe (Over-allotment Option) | No |
| Stabilizing Manager (Greenshoe) | — |
| Cornerstone Share | 3.1% |
| Clawback Tiers | To be extracted |
| Reallocation Option | Yes |
| Total Global Offering Size | HK$ 650,250,000 |
Subscription Tiers
Minimum subscription unit: 1 lot. Subscription amount ≤ HK$5,000,000 is Pool A, > HK$5,000,000 is Pool B.
Pool A
| Lots Subscribed | Shares Subscribed | Subscription Amount (HKD) |
|---|---|---|
| 1 lots | 200 | HK$ 2,890 |
| 2 lots | 400 | HK$ 5,780 |
| 3 lots | 600 | HK$ 8,670 |
| 4 lots | 800 | HK$ 11,560 |
| 5 lots | 1,000 | HK$ 14,450 |
| 6 lots | 1,200 | HK$ 17,340 |
| 7 lots | 1,400 | HK$ 20,230 |
| 8 lots | 1,600 | HK$ 23,120 |
| 9 lots | 1,800 | HK$ 26,010 |
| 10 lots | 2,000 | HK$ 28,900 |
| 15 lots | 3,000 | HK$ 43,350 |
| 20 lots | 4,000 | HK$ 57,800 |
| 25 lots | 5,000 | HK$ 72,250 |
| 30 lots | 6,000 | HK$ 86,700 |
| 35 lots | 7,000 | HK$ 101,150 |
| 40 lots | 8,000 | HK$ 115,600 |
| 45 lots | 9,000 | HK$ 130,050 |
| 50 lots | 10,000 | HK$ 144,500 |
| 100 lots | 20,000 | HK$ 289,000 |
| 150 lots | 30,000 | HK$ 433,500 |
| 200 lots | 40,000 | HK$ 578,000 |
| 250 lots | 50,000 | HK$ 722,500 |
| 300 lots | 60,000 | HK$ 867,000 |
| 350 lots | 70,000 | HK$ 1,011,500 |
| 400 lots | 80,000 | HK$ 1,156,000 |
| 450 lots | 90,000 | HK$ 1,300,500 |
| 500 lots | 100,000 | HK$ 1,445,000 |
| 750 lots | 150,000 | HK$ 2,167,500 |
| 1,000 lots | 200,000 | HK$ 2,890,000 |
| 1,250 lots | 250,000 | HK$ 3,612,500 |
| 1,500 lots | 300,000 | HK$ 4,335,000 |
Pool B
| Lots Subscribed | Shares Subscribed | Subscription Amount (HKD) |
|---|---|---|
| 1,750 lots | 350,000 | HK$ 5,057,500 |
| 2,000 lots | 400,000 | HK$ 5,780,000 |
| 2,500 lots | 500,000 | HK$ 7,225,000 |
| 3,000 lots | 600,000 | HK$ 8,670,000 |
| 3,500 lots | 700,000 | HK$ 10,115,000 |
| 4,000 lots | 800,000 | HK$ 11,560,000 |
| 4,500 lots | 900,000 | HK$ 13,005,000 |
| 5,000 lots | 1,000,000 | HK$ 14,450,000 |
| 5,625 lots | 1,125,000 | HK$ 16,256,250 |
Stock Connect Inclusion Analysis
| 26Q4 Regular Review | |
| Inclusion Pathway | Regular Path |
|---|---|
| HK Market Cap | HK$ 9.83B |
| Est. Threshold | HK$ 9.44B |
| Analysis Result | HK market cap met, expected inclusion ~2027-03-08 |
Valuation & Financials
| Market Cap (at Offer Price) | HK$ 6,016,523,683 |
|---|---|
| H-Share Market Cap (at Offer Price) | HK$ 4,078,261,431 |
| Pre-IPO Valuation (Last Round) | Not disclosed |
| P/E Ratio | Not applicable (loss-making) |
| Profit/Loss Status | Net loss RMB 110.8 million |
| Period-End Cash Balance | RMB 21.8 million |
| Listing Expenses | ~HK$ 79,300,000 |
| Listing Expenses / Funds Raised | ~10.4% |
| Total Pre-IPO Investment | To be extracted |
Financial Data
Unit:
'000
RMB
Income Statement
| Item | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 243,803 | 267,107 | 317,707 |
| Cost of sales | -226,893 | -228,901 | -273,435 |
| Gross profit | 16,910 | 38,206 | 44,272 |
| Other income and gains, net | 2,266 | 2,449 | 2,954 |
| Selling and distribution expenses | -75,326 | -30,425 | -32,015 |
| Administrative expenses | -27,215 | -64,824 | -45,981 |
| Net finance costs | -4,066 | -3,513 | -4,152 |
| Profit before tax | -251,236 | -151,444 | -110,859 |
| Income tax expense | 0 | 0 | 73 |
| Profit for the year | -251,236 | -151,444 | -110,786 |
| Profit attributable to owners | -251,236 | -151,444 | -110,786 |
Balance Sheet
| Item | 2023 | 2024 | 2025 | 2026-03 |
|---|---|---|---|---|
| Cash and cash equivalents | 87,129 | 89,211 | 21,764 | |
| Trade and bills receivables | 41,604 | 102,546 | 125,176 | |
| Inventories | 45,695 | 46,614 | 43,599 | |
| Total current assets | 236,116 | 319,347 | 262,443 | |
| Total assets | 291,554 | 400,022 | 371,851 | |
| Total current liabilities | 137,114 | 235,489 | 239,176 | |
| Total liabilities | 143,991 | 250,801 | 250,226 | |
| Total equity | 147,563 | 149,221 | 121,625 | |
| Equity attributable to owners | 147,563 | 149,221 | 121,625 | |
| Interest-bearing borrowings | 54,531 | 76,658 | 115,231 | 193,613 |
Cash Flow Statement
| Item | 2023 | 2024 | 2025 | 2026-03 |
|---|---|---|---|---|
| Net cash from operating activities | -196,527 | -137,814 | -98,837 | |
| Net cash from investing activities | 11,166 | -43,353 | -33,565 | |
| Net cash from financing activities | 252,204 | 183,249 | 64,955 | |
| Net increase in cash | 66,843 | 2,082 | -67,447 | |
| Depreciation of PP&E | 13,965 | 21,291 | 19,728 | 6,696 |
| Depreciation of right-of-use assets | 5,014 | 5,403 | 5,833 | 1,908 |
| Amortisation of intangible assets | 284 | 126 | 327 | 147 |
| Purchase of PP&E | -11,108 | -17,325 | -28,553 | -2,951 |
Income Statement
Balance Sheet
Cash Flow Statement
Source: Accountants' Report and Audited Consolidated Financial Statements
| First Day Close | Loading... |
|---|---|
| Use of Proceeds | Approximately 48.5% will be used to further enhance research and development capabilities, approximately 30.0% for business expansion and strategic acquisitions, approximately 7.0% to strengthen sales and marketing capabilities, approximately 4.5% to repay bank loans, and approximately 10% as working capital and for other general corporate purposes. |
Underwriting Syndicate
Sole Sponsor (1)
SILVER NILE GLOBAL INVESTMENTS LIMITED CE BJB477(sole)
Joint Bookrunners (14)
CEB International Capital Corporation Limited CE BGH296
CMBC SECURITIES COMPANY LIMITED CE APU820
SDIC SECURITIES (HONG KONG) LIMITED CE AUW685
Guosen Securities (HK) Brokerage Company, Limited CE AUI491
Yuet Sheung International Securities Limited CE BEZ371
中和金控有限公司 CE AFB361
Livermore Holdings Limited CE BJN764
uSmart Securities Limited CE BJA907
ZHONGTAI INTERNATIONAL SECURITIES LIMITED CE BAA855
DL SECURITIES (HK) LIMITED CE AZN279
Harmonia Capital Limited CE BOP761
YUE XIU SECURITIES COMPANY LIMITED CE ABQ722
JINLUO SECURITIES LIMITED CE BOK354
GET NICE SECURITIES LIMITED CE AAA847
Joint Lead Managers (14)
CEB International Capital Corporation Limited CE BGH296
CMBC SECURITIES COMPANY LIMITED CE APU820
SDIC SECURITIES (HONG KONG) LIMITED CE AUW685
Guosen Securities (HK) Brokerage Company, Limited CE AUI491
Yuet Sheung International Securities Limited CE BEZ371
中和金控有限公司 CE AFB361
Livermore Holdings Limited CE BJN764
uSmart Securities Limited CE BJA907
ZHONGTAI INTERNATIONAL SECURITIES LIMITED CE BAA855
DL SECURITIES (HK) LIMITED CE AZN279
Harmonia Capital Limited CE BOP761
YUE XIU SECURITIES COMPANY LIMITED CE ABQ722
JINLUO SECURITIES LIMITED CE BOK354
GET NICE SECURITIES LIMITED CE AAA847
Capital Market Intermediaries (1)
SILVER NILE GLOBAL INVESTMENTS LIMITED CE BJB477
Service Providers
| Role | Institution |
|---|---|
| Legal Advisor to Company |
崔曾律师事务所 金杜律师事务所 |
| Legal Advisor to Sponsors/Underwriters | 方达律师事务所 |
| Auditor and Reporting Accountant | 安永会计师事务所 |
| Industry Advisor | 弗若斯特沙利文（北京）咨询有限公司上海分公司 |
| Compliance Advisor | SILVER NILE GLOBAL INVESTMENTS LIMITED CE BJB477 |
| Receiving Banks | 中国银行（香港）有限公司 |
| H Share Registrar | 香港中央证券登记有限公司 |
Cornerstone Investors
| # | Investor Name | Investment Amount | Shares Subscribed | % of Offer Shares | % of Total Shares | Lock-up Period | Est. Unlock Date |
|---|---|---|---|---|---|---|---|
| 1 | SensePower | 2,000,000 USD | 926,200 | 2.06% | 0.22% | 6 months | 2027-03-09 |
| 2 | CYGG | 1,000,000 USD | 463,000 | 1.03% | 0.11% | 6 months | 2027-03-09 |
Directors & Management
| Position | Chinese name | English Name |
|---|---|---|
| Chairman | 盧鷹 | — |
| Company Secretary | 劉薇、李菁怡 | — |
No director data available.
Major Shareholders
| Major Shareholders & Holdings | The largest single shareholder group (盧鷹, 成都優地, 顧震江, 劉大志, 羅沛, 夏舸, etc.) approximately 29.79%; 君聯成業 7.15%; 拉扎斯 7.05%; 海南雲鋒 5.70%; 九江優地 5.25% |
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