OneRobotics (Shenzhen) Co., Ltd.

Date of Prospectus: December 18, 2025

OneRobotics (6600.HK) IPO: Growth-Driven Robotics Play Targets Global Expansion

OneRobotics (Shenzhen) Co., Ltd. launches its highly anticipated Hong Kong IPO, offering investors a direct opportunity to participate in the fast-growing global home robotics market. This deep-dive covers the IPO’s terms, financial health, investor breakdown, risk profile, and strategic outlook—highlighting why this listing stands out in the rapidly evolving technology sector.

IPO Snapshot

• IPO Symbol: 6600.HK
• Offer Price Range: HK\$63.0 to HK\$81.0 per H Share
• Mid-point Offer Price: HK\$72.0 per H Share
• Total Shares Offered (Global Offering): 22,222,300 H Shares
• Post-IPO Outstanding Shares: 222,222,300 H Shares (including conversion of 200,000,000 Unlisted Shares)
• Expected Market Capitalization: HK\$14.0 billion (Low), HK\$16.0 billion (Mid), HK\$18.0 billion (High)
• Offer Size (Mid-point): HK\$1,504.9 million net proceeds (after fees and commissions)
• Offer Period: December 18–23, 2025
• Listing Date: December 30, 2025

Use of Proceeds: Aggressive Growth and Global Expansion

OneRobotics is deploying its IPO proceeds for rapid expansion and product innovation, signaling a growth-driven story:

• R&D Investment: ~HK\$1,000.1 million (~66.5% of net proceeds) for enhancing core technologies and developing new home robotics products.
• Sales Expansion & Brand Building: ~HK\$297.4 million (~19.8%) for expanding sales channels, increasing geographic coverage, and boosting global brand awareness.
• Strategic Partnerships & Working Capital: ~HK\$207.4 million (~13.8%) for developing ecosystem partnerships, supply chain improvements, and general corporate purposes.

This capital allocation highlights a robust commitment to international expansion, technological leadership, and market share growth.

Placement Breakdown and Cornerstone Allocation

• Hong Kong Public Offering: 2,222,300 H Shares (10% of initial offer)
• International Offering: 20,000,000 H Shares (90%) placed to institutional/professional investors
• Cornerstone Investors: 9 named institutions, collectively subscribing for up to 50% of the initial offer (at the low price point), including HACF, LP; Cithara; Infini; China Orient EIF; China Orient MSMF; Wind Sabre; Yield Royal; Sage Partners; Sage Sunshine
• Employee/ESOP Allocation: Not specified for the IPO tranche
• Pre-IPO Investors: Existing PE and strategic investors are subject to a one-year lock-up post-listing

Investor Participation and Book Quality

• Cornerstone Investors: All named parties are independent third parties, not close associates of promoters or directors. None will become substantial shareholders nor have board representation via their investment.
• Pre-IPO Investors: Existing reputable PE funds and strategic investors; all subject to a one-year statutory lock-up.
• Book Quality Assessment: High allocation to cornerstone investors and a broad international tranche suggest strong institutional demand and stable aftermarket support. The prospectus does not disclose explicit oversubscription metrics, but the presence of prominent anchors implies robust interest.

Deal Parties and IPO Structure

• Joint Sponsors: Guotai Junan Capital Limited, Huatai Financial Holdings (Hong Kong) Limited
• Global Coordinators/Bookrunners/Lead Managers: Names as per the Joint Sponsors above, with additional parties named in detailed sections
• Underwriters: Hong Kong Underwriters and International Underwriters (full list disclosed)
• Compliance Adviser: Quam Capital Limited
• Stabilization/Over-allotment Option: Up to 3,333,300 additional H Shares (15% of initial offer) may be issued to cover over-allocations in the International Offering
• Listing Date: December 30, 2025

The combination of top-tier sponsors, sizeable cornerstone allocation, and robust underwriting syndicate points to potentially strong listing-day support.

Company Overview: Business Model, Products, and Market Position

OneRobotics (Shenzhen) Co., Ltd. operates as a technology-driven manufacturer specializing in home robotic systems. The company generates revenue primarily from:

• Sales of proprietary home robotic products and systems
• Product development, R&D innovation, and ecosystem partnerships
• Expansion into international markets, with a focus on China and Japan (leased properties in both countries)

Industry Definition & Size: The company operates in the global home robot and home robotic system sector, as defined by Frost & Sullivan’s commissioned industry report. For the year ended December 31, 2024, company revenue was RMB609.9 million (~HK\$657.2 million).

Market Position: Industry research confirms OneRobotics as a recognized player in the home robotics sector, though exact market share and ranking were not disclosed. The company’s rapid revenue and gross profit growth signal a strengthening competitive position.

Management Team: Led by Mr. Li and Mr. Pan as controlling shareholders, with Professor Ko as non-executive director, and supported by a team with deep connections in robotics, technology, and investment.

Financial Health: Multi-Period Performance Metrics

Recent Performance: The company has transitioned from net losses to positive net profit margin (7.0% in H1 2025), and adjusted EBITDA margin has improved from negative to 13.7% in the latest period. This signals operational leverage and scaling benefits as new products and geographies come online.

Sector Trends, Timing, and Market Environment

Sector Growth: The global home robotic systems sector is experiencing robust growth, driven by rising demand for automation, improved capabilities, and expanding household use cases. Frost & Sullivan industry research expects continued expansion through 2029.

Regional Expansion: OneRobotics is actively growing its footprint in China and Japan, with leased properties in both markets and plans to scale internationally.

Timing: The offer period runs from December 18 to 23, 2025, with listing set for December 30, 2025—positioning the IPO in a seasonally favorable window for technology listings.

Macro Environment: No major adverse changes have occurred up to June 30, 2025, and the company confirms stable trading and financial position ahead of listing. The industry’s rapid growth and innovation cycle create a supportive backdrop for OneRobotics’ debut.

Risk Factors: Quantified and Strategic Exposures

• Profitability Risk: The company expects to incur a net loss for the year ended December 31, 2025, due to ongoing listing expenses and continued R&D investment. However, it turned profitable in H1 2025, and management aims for sustained profitability.
• Regulatory & Legal: Subject to Chinese and international laws, including PRC Company Law and data compliance; all necessary approvals for listing have been obtained.
• Dividend Policy: No dividend paid or declared during the track record period; no fixed dividend policy or payout ratio in place. Dividends will only be paid after accumulated losses are covered, per PRC law.
• Customer/Supplier Concentration: No single customer or supplier contributed more than 10% in recent periods.
• FX, Market, and Liquidity Risks: Exposed to foreign currency, credit, and liquidity risks as disclosed in financial notes; currency translations referenced at RMB0.90862 to HK\$1.00.
• Intellectual Property & Competition: The company invests heavily in R&D to maintain its competitive edge but faces risks from fast-moving innovation cycles.
• Lock-up & Shareholder Risks: All pre-IPO investors and major shareholders are subject to a one-year lock-up post-listing.

Ownership Structure and Lock-up Periods

• Pre-IPO Investors: Leading domestic and international PE funds and strategic corporations
• Promoters & Major Shareholders: Mr. Li, Mr. Pan, Professor Ko (via Brizan Ventures V)
• Lock-up Periods: All pre-IPO investors and existing shareholders are restricted from selling shares for one year from listing
• Cornerstone Investors: No board representation or substantial shareholder status post-listing
• ESOPs: Employee stock option plan exists but is not allocated in the IPO

Valuation and Peer Comparison

Valuation Metrics: OneRobotics’ post-IPO market capitalization will range from HK\$14.0–18.0 billion, with unaudited pro forma adjusted net tangible assets per share of HK\$7.23–8.99 depending on final pricing.

Peer Companies: No direct peer symbols or metrics were disclosed in the prospectus for comparative table purposes.

Research Coverage and Analyst Opinions

• Industry Research: Frost & Sullivan commissioned report underpins sector outlook and company positioning
• No explicit analyst price targets or ratings are published in the prospectus.

IPO Allotment and Subscription Outcomes

• Allocation Results: Final allocations and applicant identification will be published on December 29, 2025, on the company and exchange websites.
• Channels: Website results, telephone enquiry line (+852 2862 8555), and designated results portal (www.iporesults.com.hk)
• Implication: High cornerstone allocation and institutional focus point to stable aftermarket trading and limited first-day float volatility.

Listing Outlook and First-Day Performance Estimation

Based on disclosed facts:

• Strong institutional participation, robust cornerstone allocation, and reputable underwriting syndicate all suggest a supportive aftermarket and potential for positive first-day performance.
• With a mid-point offer price of HK\$72.0, the stabilized book and sector growth profile imply that initial trading may open at or slightly above offer price, with aftermarket strength likely if broader market sentiment remains positive.
• No adverse material developments, stable sector outlook, and a growth-centric use of proceeds further bolster the likelihood of a favorable listing debut.

Investor takeaway: The IPO appears attractive for growth-oriented portfolios seeking exposure to the home robotics sector. First-day trading is likely to be robust and may exceed the offer price, contingent upon market conditions at the time of listing.

Prospectus Access

Company Website: www.onero.cn

Hong Kong Exchange News: www.hkexnews.hk

How to Apply for OneRobotics IPO Shares

• Application Channels: White Form eIPO service (www.eipo.com.hk); HKSCC FINI system via brokers/custodians
• Application Window: Opens 9:00 am December 18, 2025; closes 12:00 noon December 23, 2025 (Hong Kong time)
• Minimum Application: 100 H Shares per application
• Eligibility: Hong Kong residents aged 18 or above; exclusions apply for directors, close associates, and existing shareholders
• Results Publication: December 29, 2025, via company/exchange websites and designated channels