Excelland Robotics launched its global offering on August 31 as it moves toward a Main Board listing on the Hong Kong Stock Exchange. Trading is expected to begin on September 9.
The company is offering 45 million H shares globally, including 2.25 million shares in the Hong Kong public offering and 42.75 million shares in the international offering, representing about 5% and 95% of the total, respectively.
The offer price ranges from HKD 14.45–19.55 (USD 1.8–2.5) per share, with Silver Nile Global Investments serving as the sole sponsor. Based on the midpoint offer price of HKD 17 (USD 2.2) per share, Excelland expects to raise about HKD 685.7 million (USD 87.4 million) in net proceeds.
The IPO has brought in two cornerstone investors: SensePower Management, an indirect wholly owned subsidiary of SenseTime, and CYGG Holding, a wholly owned subsidiary of 58.com.
Before pursuing a public listing, Excelland completed more than ten funding rounds. Its shareholders include Legend Capital Management, Yunfeng Capital, Ele.me, iFlytek, BTG Homeinns Hotels, and H World Group.
Founded in 2013, Excelland develops, designs, manufactures, and deploys commercial service robots. It also provides computer vision model solutions for industry applications.
According to Excelland, it was among the earliest Chinese companies to develop and commercialize service robots and has deployed products across both indoor and outdoor environments.
Excelland currently has five robot product families alongside its Yoware vision model platform, covering applications including indoor and outdoor delivery, cleaning, and unmanned retail.
As of March 31, 2026, its robots had served more than 5,100 customers worldwide, with cumulative sales exceeding 114,600 units. The number of annual customers increased from 1,793 in 2023 to 3,358 in 2025.
The company has developed technology spanning chassis motion control, robot vision, multisensor fusion, and decision-making and planning algorithms. It says these systems allow its robots to navigate and operate autonomously across different commercial environments.
As of March 31, Excelland held 508 granted patents and had another 268 patent applications under review, all of which it said were developed in-house. They cover areas including visual perception, autonomous navigation, and motion control.
The company has also participated in drafting national and industry association standards related to commercial delivery and cleaning robots.
Its products are deployed across hotels, restaurants, office buildings, shopping malls, hospitals, and industrial and business parks. Excelland works with hotel operators including H World Group and BTG Homeinns Hotels and has also partnered with local services platforms on applications such as food delivery on university campuses.
Its business models include direct product sales, robot-as-a-service, and equipment leasing, giving customers different ways to adopt its products.
Revenue from robot-as-a-service reached about RMB 49.9 million (USD 7.4 million) in 2025, roughly 5.3 times its 2023 level. The segment accounted for 15.7% of total revenue that year.
Excelland generated revenue of RMB 244 million (USD 36.2 million), RMB 267 million (USD 39.6 million), and RMB 318 million (USD 47.2 million) in 2023, 2024, and 2025, respectively. Revenue for the first three months of 2026 reached RMB 76.5 million (USD 11.4 million), up 5.7% year-on-year.
Gross margin increased from 6.9% in 2023 to 14.3% in 2024 and was 13.9% in 2025.
The company remained loss-making, although its annual net loss narrowed from RMB 251 million (USD 37.3 million) in 2023 to RMB 151 million (USD 22.4 million) in 2024 and RMB 111 million (USD 16.5 million) in 2025.
Excelland plans to allocate about 48.5% of its net IPO proceeds to R&D, including expanding its products across more indoor and outdoor applications and developing its core technologies.
Another 30% is earmarked for business expansion and strategic acquisitions, while about 7% will go toward sales and marketing.
The company plans to use 4.5% to repay part of its bank borrowings, with the remaining 10% allocated to working capital and general corporate purposes.
The spending plan reflects the company’s attempt to expand beyond its existing deployments while continuing to invest in the technology underlying its robots.
According to Frost & Sullivan, the total addressable market for commercial service robot products and solutions in China was RMB 78.9 billion (USD 11.7 billion) in 2025, compared with an existing market size of RMB 2.2 billion (USD 326.6 million). That implies penetration of about 2.9%.
This article was adapted based on a feature originally written by Eric 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 7.84 = USD 1 and RMB 6.74 = USD 1 based on estimates as of September 3, 2026, unless otherwise stated. USD conversions are presented for ease of reference and may not fully match prevailing exchange rates.