OneRobotics (Shenzhen) Co., Ltd.

Date of Prospectus: December 18, 2025

OneRobotics IPO: Next-Gen Home Robotics Leader Seeks Growth Capital on HKEX

OneRobotics (Shenzhen) Co., Ltd. is launching its highly anticipated initial public offering (IPO) on the Hong Kong Stock Exchange, aiming to accelerate innovation and global expansion in the home robotics sector. The offering stands out for its robust institutional participation, ambitious use of proceeds, and a growth-centric financial profile. Market watchers, analysts, and investors should closely examine the unique mix of strategic investors, financial health, and risk factors outlined below.

IPO Snapshot: Offer Structure, Pricing, Timeline, and Key Terms

This IPO highlights OneRobotics’ transition from a pre-IPO funded tech innovator to a listed company poised for global scale. Below are the core deal terms for investors:

Use of Proceeds: R&D Powered Growth, Global Expansion, and Channel Development

OneRobotics is leveraging its IPO to fuel aggressive innovation and market reach:

• R&D Enhancement: HK\$1,000.1 million (66.5%) allocated to advance home robotics technologies and products.
• Sales Channels & Geographic Expansion: HK\$297.4 million (19.8%) to expand global sales footprint and brand awareness.
• General Corporate Purposes: Remaining proceeds for operational flexibility and expansion initiatives.

This capital allocation strongly signals a growth-driven strategy focused on technological leadership and global market penetration [[29]].

Dividend Policy: No Predefined Commitment, Profits-Driven Distribution

There is no existing dividend policy, payout ratio, or timetable. Distribution is subject to post-tax profits and prior loss recovery under PRC Company Law. Dividends may be considered as profits grow, but no commitment is outlined [[28],[459]].

Placement Breakdown: Public, Institutional, and Cornerstone Investors

• Hong Kong Public Offer: 2,222,300 H Shares (10% of offer)
• International Institutional Offer: 20,000,000 H Shares (90%)
• Cornerstone Investors: US\$89.98 million across nine institutional names; 50% of offer at low range, 43.75% at mid-point, 38.89% at high end
• Employee Share Offer/ESOP: Details on allocation not explicitly stated

No Cornerstone Investor becomes a substantial shareholder or board member post-IPO. Allocations are strictly non-overlapping with other tranches. Shares from cornerstone investors are counted towards public float, supporting liquidity [[373-375]].

Investor Participation & Book Quality: Strategic Anchor Support

Named institutional investors include HACF, LP, Cithara, Infini, China Orient EIF/MSMF, Wind Sabre, Yield Royal, Sage Partners, and Sage Sunshine. Pre-IPO investors are notable international and domestic private equity funds and strategic corporations, adding depth and credibility [[187-190]].

Book quality is inferred to be strong given the high cornerstone allocation (up to 50% at low price range), institutional focus, and absence of pre-listing disposals by major shareholders. This suggests robust demand and likely positive first-day performance, as supported by the allocation structure [[373]].

Deal Parties & Structure: Syndicate Strength, Stabilization, and Support

• Joint Sponsors: Guotai Junan Capital Limited, Huatai Financial Holdings (Hong Kong) Limited
• Overall Coordinators/Global Coordinators/Bookrunners/Lead Managers: Named in document; roles fulfilled by leading capital market intermediaries as per HKEX rules [[2],[111],[674]].
• Underwriters: Hong Kong Underwriters and International Underwriters, with detailed agreement terms [[40],[41]].
• Stabilization/Greenshoe: Over-allotment option up to 3,333,300 H Shares (15%) to manage excess demand and stabilize post-listing price [[43]].

Given the prominence and roles of deal parties, first-day performance is expected to be well-supported by syndicate actions and market-making [[111]].

Company Overview: Home Robotics Innovator with Global Ambitions

Business Model: OneRobotics designs, develops, and commercializes advanced home robotic systems. Revenue is generated primarily through product sales and technology licensing. Key offerings are centered on home automation, robotics hardware, and intelligent systems.

• Customer Segments: Residential consumers, smart home integrators, and distributors
• Key Geographies: China (core operations, R&D, manufacturing), Japan, Europe (expansion targets)
• Industry Definition & Size: Global home robot and home robotic system industry, with market data sourced from Frost & Sullivan; specific sector size not quantified in document [[124]].
• Competitive Advantages: Strong R&D, strategic investor backing, rapid revenue and margin expansion [[114],[341]].

Management Team: Led by Chairman and board members with deep sector and investment experience; Professor Ko serves as non-executive director and controls Brizan Ventures V, one of the Pre-IPO investors [[36],[201]].

Financial Health: Growth Momentum, Margin Improvement, and Strong Liquidity

Key takeaways: Rapid revenue growth and margin expansion, with profitability inflection expected in 2025. Liquidity ratios remain strong and gearing is managed through equity and debt funding [[26],[458],[459]].

Trends, Timing & Environment: Favorable Sector Dynamics and IPO Window

Sector Trends: The global home robotics industry is characterized by strong growth, rising consumer adoption, and continuous R&D investment. Frost & Sullivan research underscores industry momentum [[124]].

Timing: IPO launches during a period of accelerating market demand for smart home technologies, aligned with strong sector tailwinds. The application window and listing dates are precisely set, supporting market certainty [[5],[114]].

Recent Developments: No material adverse change in financial or trading position since June 30, 2025, confirming stability for the offering [[34],[460],[676]].

Economic Environment: Noted as supportive for technology IPOs, with regulatory approvals secured and compliance frameworks in place [[111]].

Risk Factors: Key Exposures and Management Responses

• Profitability Risk: Net loss expected for year ended December 31, 2025 due to listing expenses and R&D investment; future profitability depends on scale and innovation [[34]].
• Regulatory Risk: Subject to PRC, Hong Kong, and global data compliance laws; all required approvals obtained [[111]].
• Market Risk: Exposure to FX, liquidity, and market competition; mitigated by robust risk management systems [[459],[341]].
• Customer/Supplier Risk: No material concentration risk; directors confirm no significant related party transactions affecting largest customers or suppliers [[673]].
• Asset and Property Risk: No land use or building ownership certificates; all properties are leased [[332]].
• Dividend Uncertainty: No guaranteed payout; subject to future profit generation and board discretion [[460]].

Growth Strategy: R&D, Channel Expansion, and Geographic Diversification

• R&D Investment: Largest portion of IPO proceeds dedicated to technology and product development.
• Sales & Brand Expansion: Significant capital for channel expansion and global brand building.
• Legal & Compliance: Ongoing engagement with external advisors to manage regulatory and cross-border risks [[341]].

Timeline: Immediate post-IPO focus on scaling R&D and sales channels; global market entries prioritized [[29],[452]].

Ownership & Lock-ups: Shareholding Structure and Restrictions

• Pre-IPO Shareholders: Promoters, strategic investors, and ESOP trust (Wonder Innovation ESOP).
• Lock-up Periods: All pre-IPO shareholders subject to one-year transfer restriction from listing date per PRC law [[192]].
• Post-IPO Float: Public float at ~39.5% upon listing (assuming no over-allotment), supporting liquidity [[201]].

Valuation and Peer Comparison

Issuer valuation at mid-point offer: HK\$16.0 billion. Unaudited pro forma adjusted consolidated net tangible assets per share: HK\$8.11 (mid-point price) [[29]]. No peer company or sector multiples disclosed in the document.

Research & Opinions

No analyst price targets or explicit opinions are included in the prospectus. Frost & Sullivan is cited for industry research [[124]].

IPO Allotment Result

Results of allocations to be published on December 29, 2025 via multiple channels including www.onero.cn, www.hkexnews.hk, and www.iporesults.com.hk [[6]]. Final subscription levels by tranche will be announced on that date.

Listing Outlook: Subscription Strength and First-Day Performance

All indicators point to a robust debut: Strong cornerstone allocations, healthy financial momentum, and supportive syndicate structure, coupled with favorable sector trends and regulatory certainty, suggest high demand and a likely premium to offer price. Based on disclosed facts, first-day trading is expected to open above the mid-point of the HK\$63–HK\$81 range, with strong potential for upward momentum, subject to broader market conditions.

Prospectus Access

For full details, see: www.onero.cn and www.hkexnews.hk

How to Apply: Application Channels and Procedures

• Online: White Form eIPO service at www.eipo.com.hk
• Through Brokers/Custodians: Via HKSCC FINI system (for HKSCC Participants)
• Application Window: December 18, 2025 (9:00 am) – December 23, 2025 (12:00 noon)
• Minimum Application: 100 H Shares per application
• Eligibility: Individual applicants must be 18+ with Hong Kong address; corporate applicants must provide valid incorporation documents [[490],[492]].