China's RoboTechnik ends nearly 5% down in mixed Hong Kong debuts

By Donny Kwok and Yantoultra Ngui

HONG ‌KONG, Sept 29 (Reuters) - Chinese ​automation equipment ​maker RoboTechnik Intelligent Technology ended nearly 5% lower in its Hong Kong trading debut on Tuesday, after raising HK$5.18 billion ($660.4 million) in its share sale.

The stock fell as much as ‌9.8% to HK$393.20 after opening at HK$419.60 but trimmed losses to HK$424.60 in afternoon trade. ⁠The shares closed at HK$414.40 versus the HK$436 offer price.

The broader market was also weaker, with the Hang Seng Index falling 0.5% ‌and the Hang Seng TECH Index ‌down 1.1%.

RoboTechnik was one of four companies to start trading in Hong Kong on Tuesday, in a test of investor appetite for new share offerings amid a revival in the city's IPO market.

Hong Kong IPOs, ​including secondary listings, have raised $46.54 billion so far this year, a 94.3% jump from a year earlier, LSEG data showed.

Chinese printed circuit board maker Shenzhen Kinwong Electronic ended 10.3% higher at HK$77.05, versus its ⁠HK$69.88 offer price, after raising HK$5.1 billion. It opened 7% lower at HK$65 and moved in a range of HK$64.2 to HK$80.

Specialty chemicals and ​semiconductor materials maker Red Avenue New Materials Group closed 9.1% lower at HK$39.98, versus its HK$44 offer price, after raising about HK$3 billion.

Robotics technology company Direct Drive Tech ​ended at HK$23.2, up 7.4% versus its HK$21.60 offer price, after ‌raising HK$1.08 billion.

"I don’t think the IPO market has the same punch as before," said Dickie Wong, executive director of research at uSMART Securities. "Because of US-China tension in AI ⁠and chips sector and fears that AI is getting frothy, names in AI, robotics and PCB are no longer being chased the way they were.

"People are picking more carefully now. Theme alone is not enough. Valuation and recent momentum matter more. ⁠Subscription demand and first-day trading have both cooled a lot."

SOLAR, AI INFRASTRUCTURE

RoboTechnik makes equipment for photovoltaic cell manufacturing and assembly, and ​testing systems for silicon photonics devices used in optical interconnects for data centres and artificial intelligence infrastructure.

It sold 11.88 million Hong Kong shares in the base offering. Cornerstone investors, including Temasek, Sunpeak Asset and IvyRock, agreed to buy about $232.4 million of ‌shares, the prospectus showed.

The company plans to use listing proceeds for research and development, expanding production capacity and speeding up deliveries, global sales and service operations, as well ‌as for potential acquisitions and working capital.

RoboTechnik reported first-half 2026 net profit of 6.3 million yuan ($939,513), from a 12.2 million ⁠yuan loss a year earlier. Revenue rose ‌145.1% to 608.1 million yuan, driven ​mainly by silicon photonics assembly and testing equipment.

($1 = 7.8443 Hong Kong dollars)

($1 = 6.7056 Chinese yuan renminbi)

(Reporting by Yantoultra Ngui and Donny Kwok in Hong Kong; Editing by Kate Mayberry and ‌Jacqueline Wong)

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