Excelland Robotics has launched a global offering as it moves toward a Main Board listing on the Hong Kong Stock Exchange under Chapter 18C. The commercial service robot developer expects its H shares to begin trading on September 9 under stock code 3231. The offering comprises 45 million H shares at an indicative price range of HKD 14.45 to HKD 19.55 per share.
Company Overview and Market Position
Founded in 2013, Excelland designs, manufactures and deploys commercial service robots for indoor and outdoor environments. The company operates five robot product families alongside its Yoware vision model platform, covering delivery, cleaning and unmanned retail applications. As of March 31, 2026, its robots had served more than 5,100 customers worldwide, with cumulative sales exceeding 114,600 units and annual customers rising from 1,793 in 2023 to 3,358 in 2025.
Business Model and Customers
Excelland serves customers through direct product sales, robot-as-a-service and equipment leasing. Revenue from robot-as-a-service reached approximately RMB 49.9 million in 2025, about 5.3 times its 2023 level and 15.7 percent of total revenue. Its robots are deployed in hotels, restaurants, office buildings, shopping malls, hospitals, and industrial and business parks.
IPO Structure and Pricing
Excelland is offering 45 million H shares globally, with 2.25 million shares reserved for the Hong Kong public offering and 42.75 million shares for the international offering. The offer price range is HKD 14.45 to HKD 19.55 per share, with Silver Nile Global Investments serving as sole sponsor. Based on the midpoint offer price of HKD 17.00 per share, the company expects to raise approximately HKD 685.7 million, or USD 87.4 million, in net proceeds.
Cornerstone Investors
The IPO has brought in two cornerstone investors with strategic ties to major technology and consumer platforms. SensePower Management, an indirect wholly owned subsidiary of SenseTime, subscribed for USD 2 million, while CYGG Holding, a wholly owned subsidiary of 58.com, subscribed for USD 1 million. At the midpoint offer price, their combined subscription represents about 3.09 percent of the offer shares.
Financial Performance
Excelland generated revenue of RMB 244 million in 2023, RMB 267 million in 2024 and RMB 318 million in 2025. Revenue for the first three months of 2026 reached RMB 76.5 million, up 5.7 percent year on year. Gross margin improved from 6.9 percent in 2023 to 14.3 percent in 2024 and stood at 13.9 percent in 2025, while net losses narrowed from RMB 251 million in 2023 to RMB 111 million in 2025.
Use of Proceeds
Excelland plans to allocate about 48.5 percent of its net IPO proceeds to research and development, including expanded indoor and outdoor applications and core technologies. Another 30 percent is earmarked for business expansion and strategic acquisitions, while about 7 percent will support sales and marketing. The remaining funds include 4.5 percent for bank loan repayment and 10 percent for working capital and general corporate purposes.
Market Opportunity
According to Frost and Sullivan, the total addressable market for commercial service robot products and solutions in China was RMB 78.9 billion in 2025, compared with an existing market size of RMB 2.2 billion. That implies a penetration rate of approximately 2.9 percent. Excelland holds 508 granted patents and has 268 patent applications under review in areas such as visual perception, autonomous navigation and motion control.
Excelland Robotics is positioning itself to capture a larger share of China's commercial service robot market as it prepares for its expected September 9 trading debut. The listing is supported by cornerstone investors and a spending plan that prioritizes research and development. Investors will be watching whether the company can sustain revenue growth and continue narrowing losses.