Company Name: Estun Automation Co., Ltd

Date of Prospectus: February 27, 2026

Estun Automation Co., Ltd Hong Kong IPO: Pricing, Cornerstone Investors, Financials, and Market Outlook

Estun Automation Co., Ltd, a leading player in China’s industrial robotics market, launches its Hong Kong IPO with robust financials, strategic cornerstone investor placements, and a clear growth trajectory. This comprehensive analysis covers the IPO’s price range, investor allocations, sector outlook, risk factors, and how to apply, delivering actionable insights for investors and market watchers.

IPO Snapshot

Estun Automation Co., Ltd is offering H Shares in its Hong Kong IPO with the following terms:

• IPO Symbol: Not specified
• Offer Price Range: HK\$15.36 to HK\$17.00 per H Share
• Total Offer Size: 96,780,000 H Shares (subject to over-allotment option)
• Post-IPO Outstanding Shares: 963,798,453 (excluding treasury shares)
• Expected Market Capitalization: Exceeds HK\$4 billion at midpoint price
• Offer Structure: Hong Kong Public Offering: 9,678,000 H Shares; International Offering: 87,102,000 H Shares (subject to reallocation and over-allotment option)
• Over-allotment Option (Greenshoe): Up to 14,517,000 additional Offer Shares, representing no more than 15% of Offer Shares initially offered

Offer Price Range, Proceeds, and Use of Funds

Offer price is set between HK\$15.36 and HK\$17.00 per H Share. At the midpoint (HK\$16.18), estimated net proceeds are HK\$1,626.2 million to HK\$1,804.3 million depending on final pricing and exercise of the over-allotment option.

Use of proceeds:

• R&D Initiatives: ~HK\$297.2 million (20%) for next-generation industrial robotics technologies
• Production Capacity Expansion: ~HK\$297.2 million (20%) to scale manufacturing
• Strategic Investments: ~HK\$297.2 million (20%) in business expansion and investments
• Global Service & Digitization: ~HK\$148.6 million (10%) for global service capabilities and digitized management systems
• Debt Repayment: ~HK\$148.6 million (10%) to partially repay loans
• Working Capital/Corporate Purposes: ~HK\$148.6 million (10%) for general corporate purposes

This allocation signals a growth-driven strategy, focusing on R&D, capacity, and international expansion, while also improving balance sheet strength.

Placement and Issuance Breakdown

• Public Offering: 9,678,000 H Shares (10% of total)
• International Offering: 87,102,000 H Shares (90% of total), including cornerstone allocations
• Cornerstone Investors: Subscribed for up to 34,048,600 H Shares (at low-end price), accounting for 33.40% of Offer Shares and 3.34% of issued share capital at the midpoint price
• Employee Options: 2025 Share Option Scheme in place; dilution and impact disclosed with aggregate numbers

Investor Participation and Book Quality

Cornerstone investor participation is substantial, with seven named institutions committing US\$66.91 million, accounting for over 33% of the total Offer Shares. No preferential rights beyond guaranteed allocation at final Offer Price are granted.

No pre-listing disposals or sales by early shareholders are disclosed. The high cornerstone allocation and diversified names indicate strong institutional backing, suggesting robust book quality and potential first-day performance.

Deal Parties and IPO Structure

• Sole Sponsor: Huatai Financial Holdings (Hong Kong) Limited
• Joint Global Coordinators: Multiple, including Huatai Financial Holdings (Hong Kong) Limited, GF Securities (Hong Kong) Brokerage Limited, CMB International Capital Limited, BOCOM International Securities Limited, ABCI Securities Company Limited, ICBC International Securities Limited, BOCI Asia Limited, Futu Securities International (Hong Kong) Limited, Livermore Holdings Limited, TradeGo Markets Limited, Huaan Securities (Hong Kong) Brokerage Limited
• Underwriters: All above-named banks fully underwrite the Hong Kong Public Offering
• Stabilization/Greenshoe: Up to 15% over-allotment option; stabilization manager may maintain a long position in H Shares during the 30-day stabilization period post-listing

The presence of multiple major bookrunners and a fully underwritten deal structure supports potential listing-day performance.

Company Overview

Estun Automation Co., Ltd is China’s leading domestic industrial robotics company, ranked first by shipment volume in the first half of 2025, surpassing foreign brands. The company is sixth globally and in China by revenue, holding 1.7% global and 2.0% domestic market shares in 2024.

• Business Model: Offers industrial robots, intelligent manufacturing systems, and core motion control components
• Revenue Streams: Robotics solutions, intelligent systems, core components
• Customer Segments: Industrial manufacturing companies, smart factories, automation clients
• Geographies: Primarily China, with global expansion underway

Industry Definition: China’s industrial robotics market, with rapid growth and global expansion

Brand Strength: Recognized as the top domestic provider in shipment volume and sixth in revenue globally in 2024

Management Team: Names and roles are listed, with directors and senior management experienced in robotics and automation. Full details are available in the dedicated section.

Industry Trends, IPO Timing, and Market Environment

Sector Trends: China’s industrial robotics sector is growing rapidly, driven by domestic demand, manufacturing upgrades, and automation trends.

• Historical demand drivers: Manufacturing automation, smart factory adoption, and government support for robotics
• Seasonality: Not specifically addressed

IPO Timeline:

• Offer Opens: 9:00 a.m., Friday, February 27, 2026
• Application Deadline: 11:30 a.m., Wednesday, March 4, 2026
• Price Determination Date: On or before 12:00 noon, Thursday, March 5, 2026
• Allocation Announcement: At or before 11:00 a.m., Friday, March 6, 2026
• Listing Date: Expected within the timetable; exact date not specified

Market Environment: The company’s sector is characterized by strong growth, favorable government policies, and increasing automation demand. Macro indicators and official forecasts cited in the document reinforce positive momentum.

Recent Developments: Estun achieved a historic breakthrough in H1 2025, surpassing foreign brands in shipment volume and retaining top domestic ranking.

Favorable market conditions for this IPO are inferred based on robust sector growth, strong institutional interest, and the company’s market leadership.

Risk Factors

Key risks disclosed include:

• Third-party contract performance risk
• Management and key personnel retention risk
• Business strategy execution risk
• IP and confidentiality protection risk
• Quality control effectiveness
• Market volatility (interest rates, FX, commodity prices)
• Capital market risks
• Regulatory compliance risks
• Litigation risk
• Risks from related-party transactions, customer concentration, and supplier dependence

Quantified exposures are not specified for most risks, but due diligence confirms no material adverse changes up to the prospectus date.

Growth Strategy

Estun Automation’s growth strategy includes:

• R&D investment in next-generation robotics technologies (~20% of proceeds)
• Capacity expansion and scaling production (~20% of proceeds)
• Strategic investments and international expansion (~20% of proceeds)
• Global service and digitization (~10% of proceeds)
• Debt reduction and working capital (~20% combined)
• 2025 Share Option Scheme for employee incentives; dilution and earnings impact disclosed

Concrete timelines: Immediate application of proceeds post-listing; further details in the section “Future Plans and Use of Proceeds”.

Ownership and Lock-ups

• Pre-IPO Shareholding: Not numerically disclosed
• Post-IPO Shareholding: Cornerstone investors collectively hold ~3.3% of issued capital at midpoint price; public float meets/exceeds regulatory requirements
• Promoter/Controlling Shareholders: Subject to 6-month lock-up from listing date, plus additional 6 months with no disposal of shares exceeding 50% of their holdings
• Company Lock-up: 6-month restriction on new share issuance, except for capitalizations, the IPO, or other allowed events
• Employee Incentive Schemes: 2025 Share Option Scheme and 2025 Restricted Share Scheme

Valuation and Peer Comparison

No specific peer companies’ financial metrics are disclosed. Estun’s own metrics include:

• 2024 Revenue: RMB4,008.8 million
• 2024 Market Share: 1.7% global, 2.0% China (revenue-based ranking)
• Top market position among domestic players

Peer comparison tables are omitted as figures are not disclosed.

Research and Opinions

Frost & Sullivan provides industry rankings and market share data; no price targets or buy/sell recommendations are included.

IPO Allotment Result

Allocation results will be published on www.estun.com and www.hkexnews.hk no later than 11:00 p.m. on Friday, March 6, 2026. Investors can check individual allocation on www.iporesults.com.hk (search by ID) or call +852 2862 8555 for results from March 9 to March 12, 2026.

Listing Outlook

Based on strong cornerstone participation, market leadership, favorable sector growth, and a fully underwritten deal by prominent banks, Estun Automation Co., Ltd’s IPO appears attractive for investors seeking exposure to China’s robotics sector.

Given the robust book quality and high institutional demand, first-day trading is likely to be strong, potentially opening above the offer price range of HK\$15.36–HK\$17.00, barring adverse market conditions.

Prospectus Access

The prospectus is available at: www.estun.com and www.hkexnews.hk

How to Apply

Application Channels:

• Apply online via White Form eIPO service at www.eipo.com.hk
• Apply through HKSCC EIPO channel via broker or custodian (HKSCC Participant) using FINI system

Application Window:

• Start: 9:00 a.m., Friday, February 27, 2026
• End: 11:30 a.m., Wednesday, March 4, 2026

Eligibility: Applicants must be 18 years or older, have a Hong Kong address (for White Form eIPO), and be outside the United States or meet Regulation S criteria.

No physical channels are provided for public applications.