Direct Drive Tech began taking orders for its IPO on September 21, with the offer period running through September 24. It plans to list on the Main Board of the Hong Kong Stock Exchange on September 29.
Direct Drive Tech plans to issue 50 million H shares in the IPO, comprising 2.5 million shares in the Hong Kong public offering and 47.5 million shares in the international offering. At an offer price of HKD 21.60 (USD 2.8) per share, it expects to raise HKD 1.08 billion (USD 137.7 million) before any exercise of the greenshoe option, which allows underwriters to sell additional shares if demand warrants.
The company has also brought in two state-backed entities as cornerstone investors, with combined subscriptions of HKD 472 million (USD 60.2 million). One is JSC International, which has previously participated as a cornerstone investor in listings by technology companies including Z.ai, Horizon Robotics, and OmniVision Group.
Before the IPO, Direct Drive Tech completed several financing rounds. Its investors include Shunxi Fund, Lenovo Capital and Incubator Group, Green Pine Capital Partners, MiraclePlus, 5Y Capital, SenseCapital, and Horizon Robotics, among others.
Beyond adding another robotics company to Hong Kong’s public market, the listing would give investors exposure to a relatively specialized segment of physical artificial intelligence hardware: robot drive systems.
Founded in 2020, Direct Drive Tech is developing robot drive systems that eliminate the need for reducers, mechanical components commonly used to adjust a motor’s speed and torque.
Reducers have long been a standard component of drive systems. But they can introduce mechanical losses, slow dynamic response, add structural complexity, increase maintenance requirements, and create additional potential points of failure.
At the same time, embodied intelligence, humanoid robots, and specialized equipment are placing greater demands on drive systems for flexibility, precision, and integration. These requirements are creating opportunities for alternative drive architectures.
Direct drive technology is one such approach. By eliminating the intermediate reducer and allowing the motor to drive the load directly, a system can potentially respond faster, move with greater precision, reduce energy losses, use fewer components, and simplify maintenance. Those characteristics could make the technology suitable for intelligent equipment that requires precise and responsive motion.
Direct Drive Tech has pursued a development model centered on validating the technology through its own robots.
The company began by developing complete robots and using its wheeled-legged models as test beds for its direct drive technology. It initially deployed its systems in demanding settings, including industrial inspection and specialized operations, where it could test and refine the technology under challenging operating conditions.
After validating the technology and reaching its required reliability standards, Direct Drive Tech began supplying direct drive power modules to external customers at scale. Higher-volume module production, in turn, helped lower unit costs and improve the cost competitiveness of its complete robots.
The model creates a feedback loop: complete robots serve as test beds, testing helps improve the modules, larger-scale module production lowers costs, and those gains can improve the competitiveness of the company’s complete robots.
Commercialization has accelerated alongside the technology.
According to Frost & Sullivan, as of June 30, 2026, Direct Drive Tech was the first and only company globally to have shipped more than 5 million direct drive robot power modules for consumer robots.
In the first half of 2026 alone, it shipped about 5.8 million direct drive robot power modules for use in more than 2.8 million robots across a range of applications.
Frost & Sullivan also ranked Direct Drive Tech first by revenue in China’s market for direct drive power modules used in consumer robots.
That growth is reflected in its financial results.
Direct Drive Tech generated revenue of RMB 17.5 million (USD 2.6 million) in 2023, RMB 79.8 million (USD 11.9 million) in 2024, and RMB 282 million (USD 42.0 million) in 2025, representing year-on-year growth of 355% in 2024 and 253% in 2025. Revenue exceeded RMB 200 million (USD 29.8 million) in the first half of 2026.
Its gross margin increased from 13.5% in 2023 to 20.7% in the first half of 2026. Over the same period, its adjusted net loss margin narrowed from more than 300% to 13.7%, showing a substantial reduction in losses relative to revenue.
Direct Drive Tech has also expanded its presence in complete robots. The source article describes it as one of the leading global makers of wheeled-legged robots.
Several of its wheeled-legged robot models have been deployed in China and overseas for scientific research and education, security inspection, data collection, short-distance transportation, and other applications.
Diablo, launched in 2021, has been described as the world’s first commercially launched two-wheeled-legged robot to use direct drive technology.
In 2023, Direct Drive Tech introduced Tita, a two-wheeled-legged robot with eight degrees of freedom. The company describes it as the first commercially launched wheeled-legged robot to support hot-swapping between dual batteries.
In 2024, it launched Titatit, which the company describes as the world’s first commercially launched connectable wheeled-legged robot.
In October 2025, the company introduced D1, a fully modular two-wheeled-legged robot.
This article was adapted based on a feature originally written by Stone Jin and 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 7.85 = USD 1 and RMB 6.71 = USD 1 based on estimates as of September 22, 2026, unless otherwise stated. USD conversions are approximate and, where appropriate, rounded for ease of reference. They may not fully match prevailing exchange rates.