Company Name: Beijing Yunji Technology Co., Ltd.

Date of Prospectus: October 8, 2025

Beijing Yunji Technology Co., Ltd. Hong Kong IPO: Full Analysis, Financials, and Investor Implications

IPO Snapshot: Key Details and Metrics

Beijing Yunji Technology Co., Ltd. launches its IPO on the Main Board of the Hong Kong Stock Exchange, positioning itself as a leading hospitality robotic-based AI-empowered technology company. The offering represents a major milestone for the company and the sector, with significant implications for growth-focused investors and technology market watchers.

• IPO Symbol: Not explicitly disclosed in the prospectus.
• Offer Price: HK\$95.60 per H Share
• Total Offer Size: HK\$590.0 million net proceeds (after fees and commissions)
• Number of Shares Offered: 10.04% of post-IPO issued share capital (68,718,182 Shares post-IPO, assuming no exercise of Over-allotment Option)
• Market Capitalization Post-IPO: HK\$6,569 million (total Shares), HK\$5,886 million (H Shares)
• Offer Period: October 8, 2025 (9:00 a.m.) to October 13, 2025 (12:00 noon)
• Listing Date: Expected October 16, 2025

Use of Proceeds: Driving Growth and Innovation

Majority of proceeds are earmarked for aggressive R&D and commercialization expansion, underscoring a clear growth-driven story:

Proceeds allocation reveals a deep commitment to future growth, innovation, and operational scale.

Dividend Policy: Cautious Approach, No Immediate Commitment

No dividends paid during the Track Record Period (2022-2025) and no explicit commitment to pay dividends post-IPO. The board retains discretion, subject to financial performance, capital requirements, and regulatory factors. Investors should not expect short-term dividend returns.

Placement and Issuance Breakdown

• Public Placement: Hong Kong Public Offering and International Offering
• Pre-IPO ESOP: 4,376,375 underlying Shares (6.37% post-IPO, no further grants after listing)
• Pre-IPO Investors: Eight rounds, seven Sophisticated Independent Investors (34.52% pre-IPO holding), five Pathfinder SIIs (22.99% pre-application holding)
• Lock-up: 12 months for existing shareholders, including Pre-IPO Investors and ESOP holders

Investor Participation and Book Quality

Pre-IPO rounds attracted top-tier institutional investors: Hangzhou Haoyue, Lenovo Fund, Linzhi Tencent, QM165, Shanghai Kehui (all named as Pathfinder SIIs). These investors collectively hold over 22% of shares, with three holding >3% each during the critical pre-application period.

No pre-listing disposals/sales by major shareholders are disclosed. The strong anchor book and substantial strategic investor confidence imply robust demand and potential for solid first-day performance.

Deal Parties and Offer Structure

• Joint Sponsors: CITIC Securities, SPDB International, China Renaissance, CICC
• Overall Coordinators: CITIC Securities, SPDB International, China Renaissance, CICC
• Joint Global Coordinators: CITIC Securities, SPDB International, China Renaissance, CICC
• Underwriters/Bookrunners: Full syndicate led by above parties
• Stabilization/Over-allotment Option: 1,035,000 Shares (15.0% of initial offer), exercisable within 30 days post-application close

The presence of prominent Chinese investment banks and a structured stabilization mechanism suggests strong institutional support for trading stability.

Company Overview: Business Model and Market Position

Beijing Yunji Technology is a leading AI-driven hospitality robotics specialist. The company supplies robots and functional kits, with a focus on smart hotels and service environments. Key revenue streams include direct sales, digitalization services, and long-term contracts to the hospitality sector.

• Core Products: UP Series robots, Gogo Series robots
• Monetization: Product sales, service contracts, AI digitalization solutions
• Customer Segments: Hotels, hospitality chains, smart building operators
• Geographies: Primarily PRC, with expansion ambitions beyond China

The company has been recognized as a Specialist Technology Company under Chapter 18C, reflecting its innovation, early-stage commercial traction, and unique valuation challenges.

Industry and Sector Definition

The company operates in the Specialist Technology Industry as defined by Hong Kong Listing Rules, focusing on AI robotics for hospitality. Industry sizing and market share figures are not directly disclosed, but Frost & Sullivan has provided the industry report underpinning sector analysis.

Financial Health: Multi-Period Performance

The company remains loss-making, with negative net cash flow from operations, but shows improving gross margins and stable cash reserves.

Management Team

Board and Senior Management: Names and specific backgrounds are not detailed in summary sections, but directors accept full responsibility for all disclosures and accuracy.

Pre-IPO ESOP: 77 participants granted share awards, including senior management, technical staff, and consultants, representing 6.37% of post-IPO capital.

Trends, Timing, and Economic Environment

IPO Timing:

• Offer opens October 8, 2025
• Offer closes October 13, 2025
• Listing Date: October 16, 2025

Recent Developments: Delivery volume for UP Series and Gogo Series robots rose over 100% year-on-year (Jan-May 2025 vs. same period 2024). Sales contracts remained stable, with no material adverse change in business, financials, or regulatory environment since May 31, 2025.

Sector Trends: Growing adoption of AI and robotics in hospitality, with digitalization and operational efficiency driving demand. The company expects to continue experiencing high R&D and marketing expenses, with a slight net loss increase in 2025 due to listing costs and strategic investments.

Economic Environment: The company confirms a stable macro and regulatory backdrop during the offer period.

Conclusion: Market conditions during this IPO window appear favorable for an innovative, high-growth technology offering.

Key Risk Factors

• Early-Stage Commercialization: At an early commercialization stage with ongoing net losses.
• Intellectual Property Risks: Potential future risks if IP is not adequately protected.
• Financial Condition: Negative net operating cash flows, no distributable reserves as of May 2025.
• Market and Regulatory Risks: Listing status depends on compliance with Chapter 18C and market capitalization requirements.
• Share Price Volatility: Specialist Technology Companies may see high volatility and inflated valuations.
• No Dividend Commitment: No guarantee of dividend payments post-IPO.

Growth Strategy: Expansion and Innovation Pipeline

• R&D Investment: 60% of proceeds dedicated to AI and robotics innovation
• Commercial Expansion: 30% allocated to scaling sales, marketing, and international reach
• Potential M&A/Collaboration: Future fundraising or acquisition activity possible as business expands
• Product Development: UP Series and Gogo Series robots; continued enhancement of AI digitalization offerings

Ownership and Lock-Ups

• Post-IPO Shareholding: 68,718,182 Shares (assuming no Over-allotment Option exercised)
• Major Shareholders: Ms. Zhi and Yunji Angel Management are controlling shareholders post-IPO
• Pre-IPO ESOP: 6.37% of issued shares, 77 participants, full lock-up for 12 months post-listing
• Pathfinder SIIs and Sophisticated Independent Investors: Over 20% post-IPO holding, subject to disposal restrictions for 12 months

Valuation and Peer Comparison

Offer Price: HK\$95.60 per Share, implying post-IPO market capitalization of HK\$6,569 million.

P/B Ratio: Pro forma net tangible assets per share HK\$13.79; P/B ratio is approximately 6.93x.

Peer Comparison: No peer metrics or sector performance tables are disclosed in the prospectus.

Research and Opinions

Industry analysis commissioned from Frost & Sullivan, but no analyst price targets or opinions disclosed in the prospectus.

IPO Allotment Results

Final subscription levels by tranche are not disclosed in the prospectus.

Listing Outlook: Subscription Appeal and Trading Range

Based on disclosed facts: The combination of strong anchor investors, robust pre-IPO rounds, large R&D allocation, and stabilization features points to a well-supported IPO. With specialist technology sector status and high market capitalization, the offering is likely to attract significant investor interest and may see strong first-day trading in a range above the offer price.

Estimated First-Day Range: Inferred as likely to be above HK\$95.60, given institutional confidence and tight lock-up structure.

Prospectus Access

Prospectus available at: www.hkexnews.hk and www.yunjichina.com.cn

How to Apply for Hong Kong Offer Shares

• Application Channels: HK eIPO White Form service (www.hkeipo.hk), HKSCC EIPO channel via brokers/custodians
• Application Window: October 8, 2025 (9:00 a.m.) to October 13, 2025 (12:00 noon)
• Eligibility: Must be 18 or older, outside the U.S., and possess a Hong Kong address (for White Form)
• Steps: Complete electronic application, pay offer price and associated fees and levies

No printed prospectus available; download and print from the company or exchange website if needed.