TLDR: Yunji Technology, an AI-powered robotics firm, is slated to list on the Hong Kong Stock Exchange on October 16, 2025, under Chapter 18C. The company, backed by major investors including Tencent, Alibaba, and Lenovo, aims to raise approximately HK$660 million (US$85 million) to fuel its research and development in embodied AI and expand its market presence in the burgeoning robotics service industry.
Beijing Yunji Technology Co. Ltd. (02670.HK), a prominent player in AI-powered robotics and service automation, is poised for its official listing on the Hong Kong Stock Exchange on October 16, 2025. This highly anticipated initial public offering (IPO) positions Yunji Technology as a significant contender in the rapidly evolving ’embodied AI’ sector, drawing substantial backing from tech behemoths such as Tencent, Alibaba, Lenovo Group, Qiming Venture Partners, Ctrip, and Feidian. The company’s listing is seen by market observers as a notable trend in the Hong Kong technology sector, potentially becoming the ‘first stock in the robotic service intelligent agent sector’ under the reformed Chapter 18C listing regulations.
Yunji Technology officially launched its global share offering on October 8, 2025, with the offering period concluding on October 13. The company plans to issue 6.9 million H-shares at an offer price of HK$95.60 per share. This includes a 5% allocation for public offering in Hong Kong (approximately 345,000 shares) and 95% for international placement (approximately 6.555 million shares), along with a 15% over-allotment option. The IPO is expected to raise net proceeds of approximately HK$590 million, or around US$85 million if the over-allotment option is exercised.
Yunji Technology specializes in the design, production, and sale of service robots and integrated functional modules, alongside providing AI-based digital system services. Its product portfolio includes the ‘UP series’ of multi-functional robots, intelligent control modules, and the proprietary AI-driven operating system, YJ-ROS. These solutions are widely deployed across various service scenarios, including hotels, healthcare institutions, commercial buildings, and factories. The hospitality sector remains a cornerstone of its revenue, contributing 83% of the company’s total revenue in 2024.
Financially, Yunji Technology reported revenues of approximately RMB 161 million in 2022, RMB 145 million in 2023, and RMB 245 million in 2024, demonstrating a significant year-on-year growth of 68.6% in 2024. For the first five months ending May 31, 2025, revenue stood at approximately RMB 88.33 million. Despite a net loss of 180 million yuan in 2024, which narrowed by about 30% compared to the previous year, the company achieved a gross profit of RMB 106 million in 2024, with a gross margin of 43.5%. The Chinese robotics service industry market reached RMB 3.7 billion in 2024, with Yunji holding a leading market share of 6.3%.
The company has undergone eight rounds of financing, attracting a stellar list of investors. Post-listing, assuming the over-allotment option is not exercised, Tencent will hold 8.18% of Yunji’s shares, Alibaba 2.65%, Lenovo Capital 3.8%, and Trip.com 2.42%. The net proceeds from the IPO are earmarked for strategic growth initiatives: approximately 50% will be allocated to research and development and product upgrades of core AI technologies, 30% for market expansion and brand building in China and overseas, and the remaining 20% for working capital and general corporate purposes.
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This IPO comes at a critical juncture for Yunji, which faces a redemption liability of 1.87 billion yuan against cash and cash equivalents of only 105 million yuan in 2024. The company’s four-year financing gap, with its last financing in December 2021 at a post-investment valuation of 4.08 billion yuan, underscores a period of capital market caution. However, the increasing clarity of industrial opportunities in humanoid robots and embodied intelligence, coupled with expiring gambling agreements from previous financings, has propelled Yunji to pursue this listing, leveraging the renewed interest and strategic investments from its high-profile backers.
