Excelland Robotics Shares More Than Double in Hong Kong Debut After HK$650 Million IPO

HONG KONG — Excelland Robotics (Wuxi) Co. Ltd. closed at HK$35 ($4.47) in its Hong Kong trading debut Sept. 9, 142.2% above its initial public offering price, after raising funds to develop its technology and pursue overseas growth.

The commercial service robot maker’s shares opened at HK$35 on Sept. 9 and rose as high as HK$38.06 during the session before returning to the opening price at the close, according to Hong Kong market reports. Excelland trades on the Hong Kong Stock Exchange under stock code 3231.
Founded in 2013 and based in Wuxi, China, Excelland sells robots for delivery, cleaning and unmanned retail. Its business also includes AI vision systems, robotics-as-a-service and equipment leasing.

The company reported revenue of 317.7 million yuan ($44.6 million) in 2025, up 19% from a year earlier, according to EqualOcean. Its net loss narrowed to about 110.8 million yuan. Hardware sales remained its largest revenue source, while robotics-as-a-service generated 15.7% of annual revenue.

During the IPO, the company sold 45 million shares for HK$14.45 each. The offering generated gross proceeds of HK$650.2 million and estimated net proceeds of HK$576.6 million.

Demand differed sharply between the two parts of the IPO. The Hong Kong public offering was subscribed 140.02 times, while the international offering was subscribed only 0.99 times. Following a reallocation, local investors received 2.78 million shares, or 6.18% of the offering, and the international tranche accounted for the remaining 42.22 million.

The exchange filing also warned that ownership was concentrated among a relatively small number of shareholders. That means the price could move substantially even when comparatively few shares change hands, a material qualification to the first-day gain.

Excelland said it had sold more than 114,600 robots to over 5,100 customers by March 31. That cumulative figure includes its domestic business and gives little indication of its position overseas. Disclosed international shipments included 37 cleaning robots sent to South Korea and two robots supplied to a Thai distributor.

The company’s plans to expand abroad will require more than product shipments, including local installation, maintenance and customer support. It remains unprofitable, and the undersubscribed international tranche suggests “overseas investor demand was considerably weaker than the enthusiasm shown by Hong Kong retail investors.