Huayan Robotics Technology Co., Ltd.

Date of Prospectus: March 19, 2026

Huayan Robotics Technology Launches Landmark Hong Kong IPO: In-Depth Analysis for Investors

Huayan Robotics Technology is making a high-profile entry to the Hong Kong Stock Exchange, seeking to capitalize on the surging demand for collaborative robotics in industrial automation. This IPO comes at a pivotal moment for the sector, with strong cornerstone backing, robust financials, and a clearly articulated growth strategy. Here’s a comprehensive breakdown of what investors, analysts, and market watchers need to know.

IPO Snapshot

IPO Symbol: 1021
Offer Price: HK\$17.00 per H Share
Total Offer Size: 80,785,000 H Shares (subject to over-allotment and Offer Size Adjustment Options)
Post-IPO Outstanding Shares: 531,479,980 Shares
Expected Market Capitalization: HK\$9,035.2 million
Application Window: Opens 9:00 a.m., March 20, 2026; closes 12:00 noon, March 25, 2026
Expected Listing Date: March 30, 2026

Growth-Driven Use of Proceeds

All net proceeds from the Pre-IPO investments have been utilized for general operations and business development, signaling a growth-centric story. The company’s forward plans include continued investment in R&D, capacity expansion, and scaling business operations—all drivers of future revenue and market share growth. No significant deleveraging or debt repayment allocation is noted.

Placement and Issuance Breakdown

Public Offering (Hong Kong): 4,039,400 H Shares (approx. 5%)
International Offering: 76,745,600 H Shares (approx. 95%)
Cornerstone Placement: 45,265,800 H Shares (56% of the offer, 8.5% of post-IPO share capital)
Employee/ESOP: No specific allocation disclosed in the offer section.

Dividend Policy

No explicit dividend policy, payout ratio, or timetables are disclosed. As of September 30, 2025, Huayan Robotics reported no distributable reserves, indicating that dividends are not an immediate priority as the company focuses on growth and expansion.

Cornerstone and Institutional Investors

Strong cornerstone participation underscores institutional confidence. The cornerstone tranche accounts for 56% of the offer (8.5% post-IPO capital), with prominent names including HHLRA, GF Fund, MSIP, Samson Group, Haojun Investment, Eternal Summer, Shrewd Pioneer, Richfirm, and VVC Technology. Each cornerstone investor’s allocation and their percentage of the offer are detailed below.

Cornerstone allocations may be adjusted to comply with public float and regulatory requirements. The presence of these anchor investors is a strong positive signal for book quality and potential first-day performance.

Deal Parties and Offering Structure

Joint Sponsors, Global Coordinators, Bookrunners, and Lead Managers:

• China International Capital Corporation Hong Kong Securities Limited
• Deutsche Securities Asia Limited

Other Notable Parties:

• Ernst & Young (Reporting Accountant)
• King & Wood Mallesons (PRC Legal Advisor)
• Frost & Sullivan (Industry Consultant)
• Ashurst (US export control and OIR legal advisor)

The offering includes both an Over-Allotment Option (up to 15% of the initial offer) and an Offer Size Adjustment Option (up to 12,117,600 additional shares). These mechanisms offer flexibility to accommodate excess demand and support post-listing trading, potentially supporting listing-day performance.

Business Model and Industry Overview

Huayan Robotics is a specialist technology company focused on collaborative robots (“cobots”) and core motion components for industrial automation. Cobots represent a rapidly growing segment designed for safe, precise automation in environments requiring human-robot collaboration.

2024 global cobot market size: RMB7.5 billion.
Huayan Robotics is positioned as a key player in this high-growth segment, leveraging R&D, engineering talent, and strategic partnerships.

Revenue Streams: Primarily from the sale of cobots and related motion components to industrial clients. The company commands a robust, diversified customer base across China and internationally, focusing on advanced manufacturing automation solutions.

Financial Health and Performance

Cash and cash equivalents (Sep 2025): RMB101.2 million
Total equity (Sep 2025): RMB528.1 million
Total liabilities (Sep 2025): RMB152.1 million

Financial highlights include rapid revenue growth (77% YoY in 2024), margin expansion, and a swing to profitability in 2024, although 2025 is expected to see a net loss due to increased administrative and R&D expenses related to share-based payments and listing costs.

Market Position, Brand, and Competitive Edge

Huayan Robotics is recognized as a leading collaborative robotics company in China, with a strong technology and engineering team, and solid partnerships with both domestic and international clients. The company’s ability to innovate in precision automation and core robotics technology underpins its competitive positioning.

Management Team

The prospectus lists both the Board of Directors and senior executive team, though individual biographies are not detailed in this summary. The Directors collectively accept full responsibility for the accuracy and completeness of the information presented.

Sector Trends, Timing, and Market Environment

The IPO is timed to capture robust demand in industrial automation and robotics, with the global cobot market valued at RMB7.5 billion in 2024. The sector is characterized by rapid adoption, digital transformation, and increasing integration of human-robot collaboration in manufacturing.

The offering period is March 20–25, 2026, with listing scheduled for March 30, 2026. The company notes stable macroeconomic and political conditions, and supportive government policies for high-tech manufacturing as key tailwinds.

Risk Factors

Major risks include:

• High volatility and valuation risks associated with specialist technology companies;
• Potential need for additional capital, which could dilute shareholders;
• Uncertainties in regulatory approvals and timely completion of the offering;
• Operational risks such as reliance on key customers, suppliers, and technical talent;
• Exposure to fluctuations in interest rates, FX, and macroeconomic conditions;
• No dividend commitment and lack of distributable reserves as of the latest reporting period.

Growth Strategy

Huayan Robotics will drive growth through ongoing R&D, expansion into new markets, and scaling manufacturing capabilities. The company has a strong pipeline of new product development and plans to leverage cornerstone investor expertise for business expansion.

Ownership and Lock-Ups

Pre-IPO Investors: Held 60.56% pre-IPO, to drop to 51.35% (or 48.95% if options exercised) post-IPO.
Cornerstone Investors: Will own 8.5% of the company post-IPO.
Lock-up/ESOP: The company and controlling shareholders are subject to standard lock-up periods post-listing. All special rights granted to Pre-IPO investors (e.g., redemption rights, liquidation preferences) have been irrevocably terminated before listing.

Valuation and Peer Comparison

Market capitalization at IPO price: HK\$9,035.2 million
Unaudited pro forma adjusted net tangible asset per share: HK\$3.56

No peer valuation table or direct peer symbols are disclosed. The prospectus does not provide P/E, P/B, or other comparative multiples or sector performance tables.

Research Coverage & Analyst Opinions

No explicit analyst recommendations, price targets, or third-party research opinions are disclosed.

IPO Allotment Results

Results of allocations are scheduled for publication at 11:00 p.m., March 27, 2026, via www.hkeipo.hk/IPOResult and www.tricor.com.hk/ipo/result, using a “search by ID” function. Detailed allotment results will be made available for investors to check their status.

Listing Outlook and Inferred First-Day Trading Prospects

The combination of large cornerstone allocations, blue-chip institutional participation, and a flexible offer structure with stabilization options suggests high-quality book-building and strong first-day support. With robust revenue growth, improving margins, and a clear growth trajectory, Huayan Robotics appears well-positioned for a healthy debut, barring unforeseen macro or sector shocks.

Based solely on disclosed facts, the IPO appears attractive for growth-oriented investors, with a likely strong opening and potential for outperformance relative to the offer price, supported by cornerstone demand and sector tailwinds.

Prospectus Access

The full prospectus and related documents are available at:
www.hkexnews.hk
www.huayan-robotics.com

How to Apply

Application Channels: HK eIPO White Form service (www.hkeipo.hk) or via the HKSCC EIPO channel through designated brokers or custodians using the HKSCC’s FINI system.
Eligibility: Applicants must be 18 or older and have a Hong Kong address (for eIPO White Form).
Application Period: March 20, 2026, 9:00 a.m. to March 25, 2026, 12:00 noon.
Results Announcement: March 27, 2026, 11:00 p.m.