Chinese robotics platform Amicro Technology delivered an exceptional debut on the Hong Kong Stock Exchange (HKEX), rising approximately 83% on its first trading day. According to Bloomberg Technology, shares opened at HK$13.62, representing a 37.6% premium from the IPO price of HK$9.90, before reaching an intraday high of HK$17.92 by midday. The company raised HK$709.7 million (approximately US$91 million) by selling 71.69 million shares, with total trading volume reaching HK$178.57 million across 12.5 million shares.
The dramatic price surge was primarily driven by exceptional retail investor demand, with the retail tranche being 13.95 times oversubscribed compared to the institutional book at only 1.05 times covered. As reported by Finimize, approximately 3.58 million shares (around 5% of the offer) went to Hong Kong retail investors, creating a situation where a few thousand excited buyers were chasing a very small pile of shares. This retail frenzy, combined with the company's recognizable customer list and Xiaomi connection, contributed significantly to the stock's exceptional performance on listing day.
Founded in 2014, Amicro Technology specializes in dedicated system-on-chip (SoC) semiconductors, sensors, algorithms, and full-stack software solutions for intelligent mobile robots. The company's core business centers on robot vacuums, having sold more than 3.5 million intelligent mobile robot solutions in 2025. According to the company's prospectus, Amicro claims to be the first to launch a dedicated SLAM chip for real-time localization and mapping, with its chips used by cleaning-robot brands including Xiaomi, SEB, and Anker. The company has also expanded beyond vacuums to include lawn mowers, drones, industrial vision, and humanoids, renaming itself from Amicro Semiconductor to Amicro Technology in 2025.
Despite the strong debut performance, Amicro Technology reported a net loss of RMB155 million for 2025 on revenue of approximately RMB407 million. The company's prospectus indicates it expects another net loss in 2026, highlighting the challenges of scaling from a loss-making supplier of components to consumer gadgets. The company's Xiaomi connection adds credibility, with Xiaomi holding about 19.6% of a fund that indirectly owns 80% of the general partner. However, the strong retail demand raises questions about whether the 80% premium above the lukewarm institutional pricing justifies the current valuation for a loss-making company in the competitive robotics market.
The strong performance of Amicro Technology occurred alongside the debut of memory product maker Hoisin Electronics Co., which opened flat, indicating that the robotics theme has some underlying strength. Cleaning robots represent a proven market, and Amicro is embedded within it through its established customer relationships. However, the challenge remains in scaling from the current cleaning robot focus to humanoid or industrial revenue large enough to justify the doubled share price. The company's rebranding from Amicro Semiconductor to Amicro Technology in 2025 appears to have resonated with investors, particularly retail buyers in Hong Kong who continue to show strong appetite for robotics and AI-related investments.
