Microintelligence opens Hong Kong IPO to raise up to HKD 800 million

Microintelligence opened memberships for its Hong Kong IPO on October 20, looking for to raise roughly HKD 800 million (USD 101.9 million) as it broadens making use of expert system in commercial production. The offering closes on October 23, with trading set up to start on October 28.

The business prepares to provide 37,275,800 H shares, consisting of 3,727,600 shares in the Hong Kong public offering and 33,548,200 shares in the worldwide offering. At a deal rate of HKD 16.63 (USD 2.1) to 21.46 per share, it might raise roughly HKD 800 million at the top of the variety, leaving out the overallotment choice.

Chairman and CEO Zhang Zhiqi stated Microintelligence intends to speed up the adoption of AI in factories and enhance its efficiency. Its standardized architecture covers cloud computing, edge computing, and gadgets, allowing its embodied smart commercial robotics (EIIR) to view their environments, find out, make choices, and carry out jobs.

The robotics create information throughout operation. Professional corrections, job execution records, and producing procedure understanding are arranged into training datasets to fine-tune the business’s AI designs, which are then incorporated into items released in factories. Its acquisition of Agilebot included robotic hardware and low-level movement control abilities, making it possible for Microintelligence to incorporate understanding and model-based decision-making with physical control and execution.

Microintelligence stated it has actually collected more than 23 terabytes of annotated commercial information, consisting of over 1.6 billion records. The information originate from real production procedures and making jobs and are utilized to train and enhance its designs. According to China Insights Consultancy, a lot of commercial embodied intelligence robotics business held less than 5 terabytes of such information in 2024. Microintelligence’s bigger dataset might provide it a benefit in design advancement, although its industrial worth depends upon how efficiently the information enhance efficiency.

In tandem with improvements in physical AI, Microintelligence’s EIIR items have actually developed from devices developed for private procedures into workstations efficient in dealing with numerous jobs. Their applications have actually broadened from private assembly line to surrounding procedures and other markets, enabling consumers to attend to various production requirements through a single service provider.

Abilities at first established for the computer systems, interactions, and customer electronic devices (3C) sector have actually because been used to brand-new energy and vehicle production. In the very first 5 months of 2026, brand-new energy represented 47.2% of profits, with section profits increasing 75% year-on-year (YoY). Automotive production contributed 41.8% of income, with section profits increasing 57.7% YoY.

According to its prospectus, Microintelligence has actually advertised automobile applications that integrate smart evaluation with grinding, filling and dumping, or surface area repair work. In the brand-new energy sector, it has actually incorporated assessment with grinding or arranging and protected big orders for applications integrating evaluation with loading and discharging.

As its EIIR items have actually ended up being more capable, they have actually represented a growing share of Microintelligence’s profits. Brand-new orders contribute to its job pipeline, while client prepayments are tape-recorded as agreement liabilities. The business acknowledges earnings after tasks pass approval checks, while much faster collection of receivables can assist transform acknowledged sales into running capital.

Microintelligence’s income increased from RMB 434 million (USD 64.9 million) in 2023 to RMB 796 million (USD 119 million) in 2025, representing a substance yearly development rate (CAGR) of 35.4%. Earnings reached RMB 424 million (USD 63.4 million) in the very first 5 months of 2026, up 22.6% YoY.

EIIR income grew from RMB 114 million (USD 17 million) in 2023 to RMB 453 million (USD 67.7 million) in 2025, representing a CAGR of 99.3%. Its contribution to overall income increased from 26.3% to 57% over the duration. In the very first 5 months of 2026, EIIR profits reached RMB 260 million (USD 38.9 million), accounting for 61.4% of the overall.

The business protected roughly RMB 530 million (USD 79.2 million) in brand-new tasks throughout the very first 5 months of 2026, up about 49% YoY. Jobs in development amounted to approximately RMB 666 million (USD 99.6 million) at the end of May, a boost of about 118% YoY. Agreement liabilities reached RMB 94.9 million (USD 14.2 million), up 93.6% from completion of 2025. Together, brand-new orders, continuous jobs, and client prepayments offer presence into prospective future income, topic to task conclusion and consumer approval.

Microintelligence likewise reported success and favorable operating capital. Its changed net revenue reached RMB 33.84 million (USD 5.1 million) in the very first 5 months of 2026, up 41.5% YoY, while net money produced from running activities amounted to RMB 12.69 million (USD 1.9 million).

According to IPO ZaozhidaoMicrointelligence ranked initially in China’s commercial embodied intelligence robotics market by 2025 profits, with a market share of 20%.

Microintelligence’s factory releases provide a procedure of the business worth of its AI designs. Production information support design enhancements, while orders, income, collections, success, and capital supply indications of company efficiency. The business’s prepared usage of IPO profits for R&D and abroad growth might extend its innovation into more commercial settings, although its capability to scale will depend upon transforming brand-new implementations into continual earnings and money generation.

This short article was adjusted based upon a function initially composed by Stone Jin and released on IPO Zaozhidao. KrASIA is licensed to equate, adjust, and release its contents.

Keep in mind: HKD, RMB figures are transformed to USD at rates of HKD 7.85=USD 1 and RMB 6.69=USD 1 based upon price quotes since October 22, 2026, unless otherwise specified. USD conversions are approximate and, where proper, rounded for ease of referral. They might not completely match dominating currency exchange rate.