Huayan Robotics closed its IPO on March 25, five days after opening the offering, as it moved toward a March 30 listing on the main board of the Hong Kong Stock Exchange.

The company plans to issue 80,785,000 shares in the IPO, including 4,039,400 shares in Hong Kong and 76,745,600 shares internationally. At an offer price of HKD 17 (USD 2.2) per share, Huayan is set to raise up to HKD 1.4 billion (USD 179.1 million), implying a valuation of more than HKD 9 billion (USD 1.2 billion).

Investors in the deal include Hillhouse Capital, Morgan Stanley, GF Fund Management, and Vertex Ventures, with aggregate subscriptions totaling USD 98.4 million.

Founded in 2017 and registered in Guangdong, Huayan develops and sells industrial collaborative robots, or cobots, and core motion components. Its products are used in consumer electronics, automotive, semiconductors, medical, metal processing, and logistics. It also makes precision motion components for humanoid robots, embodied intelligence systems, and cobot applications.

Huayan was formerly known as Han’s Robot before rebranding in 2025.

According to Huayan, its customer base includes companies in high-end manufacturing, semiconductors, new energy, and medical testing.

On the financial side, revenue rose from RMB 109 million (USD 15.8 million) in 2022 to RMB 175 million (USD 25.3 million) in 2023 and RMB 310 million (USD 44.9 million) in 2024, representing a compound annual growth rate (CAGR) of 68.4%. In the first three quarters of 2025, revenue increased 36.2% year-on-year to RMB 281 million (USD 40.7 million), from RMB 206 million (USD 29.8 million) in the same period of 2024. Huayan said it turned profitable in 2024.

The company also said it was China’s largest exporter of cobots by overseas revenue in 2024. Overseas revenue accounted for 26.2% of total revenue in 2022, 26.5% in 2023, and 50.2% in 2024, before easing to 37.9% in the first three quarters of 2025. Huayan said it has established a presence in Europe and the Americas.

Huayan attributes part of its product development to its work in motors and servo drives. Its founding team has more than 20 years of experience developing core motion components. The company also said it is the only cobot maker in China that sells core motion components externally, reflecting its ability to design and manufacture those parts in-house.

Huayan has also developed its HRC embodied intelligence control platform, which it said supports coordination across perception, decision-making, and execution. The company said the platform supports product development and adaptation for different customer requirements and use cases.

Its cobots cover payloads of 3–60 kilograms. Huayan said the products can achieve repeatability of up to 0.015 millimeters and end-effector speeds of up to 8.5 meters per second under a 50-kilogram load.

The company said its collaborative robot technologies can be applied to humanoid robots and that it is already supplying joint modules to several humanoid robot makers.

According to Frost & Sullivan, the global market for humanoid robot components reached RMB 3.5 billion (USD 506.9 million) in 2024 and is forecast to grow at a CAGR of 59.5% from 2024 to 2029. Huayan said the market still faces two main constraints: dependence on imported core joint modules, which account for more than 60% of total costs, and weak alignment between motion control algorithms and hardware, which can contribute to higher failure rates.

Huayan said its work in torque motors, servo drives, joint modules, and collaborative robot deployment gives it a base for serving that market. The company also said it is the only domestic player with integrated R&D capabilities across those areas.

The company added that it plans to continue refining its products for the humanoid robot market, with R&D focused on frameless torque motors, humanoid joint modules, and robotic arms designed for more complex motion requirements.

The collaborative robot market is also expanding. Frost & Sullivan said the global cobot market grew from RMB 2.5 billion (USD 362 million) in 2020 to RMB 7.5 billion (USD 1.1 billion) in 2024, a CAGR of 32%, and is projected to reach RMB 35 billion (USD 5.1 billion) by 2029, with a CAGR of 37.4%.

In China, the cobot market rose from RMB 600 million (USD 86.9 million) in 2020 to RMB 2.2 billion (USD 318.6 million) in 2024, a CAGR of 38.8%, and is expected to reach RMB 12.4 billion (USD 1.8 billion) by 2029, with a CAGR of 43.5%.

This article was adapted based on a feature originally published on IPO Zaozhidao. KrASIA is authorized to translate, adapt, and publish its contents.

Note: HKD, RMB figures are converted to USD at rates of HKD 7.82 = USD 1 and RMB 6.91 = USD 1 based on estimates as of March 26, 2026, unless otherwise stated. USD conversions are presented for ease of reference and may not fully match prevailing exchange rates.