Chinese automation equipment maker RoboTechnik Intelligent Technology fell sharply in its Hong Kong trading debut on Tuesday, sliding as much as 9.8 per cent below its initial public offering price as investors became more selective toward artificial intelligence and robotics-related stocks.
The company’s shares dropped to HK$393.20 from an offer price of HK$436, after opening at HK$419.60. The stock was last down 8.5 per cent at HK$398.80.
RoboTechnik raised HK$5.18 billion, about $660 million, from the share sale, making its debut one of several closely watched listings as Hong Kong’s IPO market continues to recover.
The broader market also weakened on Tuesday, with the Hang Seng Index falling 0.6 per cent and the Hang Seng TECH Index declining 1.2 per cent.
RoboTechnik was among four companies that began trading in Hong Kong on the day, offering investors a fresh test of demand for new listings following a strong rebound in the city’s IPO market.
Data from LSEG showed that Hong Kong IPOs, including secondary listings, have raised $46.54 billion so far this year, representing a 94.3 per cent increase from the same period a year earlier.
However, the mixed debut performances showed that investors are becoming more cautious about technology-related offerings, particularly those linked to artificial intelligence, robotics and semiconductor infrastructure.
“I don’t think the IPO market has the same punch as before,” said Dickie Wong, executive director of research at uSMART Securities.
Wong attributed the softer demand partly to US-China tensions surrounding AI and semiconductor technology, as well as concerns that valuations in some AI-related sectors have become excessive.
He said investors were now paying greater attention to valuations and recent share-price performance rather than buying stocks simply because they were linked to popular technology themes.
RoboTechnik manufactures equipment used in photovoltaic cell production and assembly, as well as testing systems for silicon photonics devices used in optical connections for data centres and artificial intelligence infrastructure.
The company sold 11.88 million Hong Kong shares in its base offering. Cornerstone investors, including Temasek, Sunpeak Asset and IvyRock, agreed to purchase about $232.4 million worth of shares, according to the company’s prospectus.
RoboTechnik plans to use the proceeds from the listing to fund research and development, increase production capacity and speed up deliveries.
The company also intends to expand its global sales and service operations, while setting aside funds for potential acquisitions and working capital.
Despite the weak market debut, RoboTechnik reported a significant improvement in its financial performance during the first half of 2026.
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Its net profit stood at 6.3 million yuan, compared with a 12.2 million yuan loss in the same period a year earlier.
Revenue surged 145.1 per cent to 608.1 million yuan, driven mainly by stronger sales of equipment used in silicon photonics assembly and testing.
Other companies making their Hong Kong debuts on Tuesday also recorded mixed performances.
Shenzhen Kinwong Electronic, a Chinese printed circuit board manufacturer, opened 7 per cent below its HK$69.88 offer price at HK$65 after raising HK$5.1 billion. Its shares later recovered and were last up 9.5 per cent at HK$76.55.
Specialty chemicals and semiconductor materials maker Red Avenue New Materials Group opened 9.1 per cent lower at HK$40 against its HK$44 offer price after raising about HK$3 billion.
Robotics technology company Direct Drive Tech, however, opened 4.1 per cent higher at HK$22.48, compared with its HK$21.60 offer price, after raising HK$1.08 billion.
The mixed performances come as Hong Kong seeks to maintain momentum in its IPO market while investors become increasingly selective about new technology listings.
About the Author
Cecilia Attah is a tech analyst with a degree from Benue State University. She covers tech news and startups at TechRegard with a focus on how technology is transforming Africa and shaping the global landscape.
