The upcoming listing hearing for Shenzhen DOBOT Technology Co., Ltd., often referred to as the "first collaborative robotics stock," is scheduled for July 22nd before the Shenzhen Stock Exchange's listing committee. This hearing will determine whether the company can proceed with its IPO on the ChiNext board. Having already listed on the Hong Kong Stock Exchange in December 2024, a successful A-share listing would make DOBOT the first company in the intelligent robotics sector to achieve a dual listing on both the A-share and H-share markets. Preceding DOBOT's hearing, LJ Resources secured approval from the listing committee on July 7th. Amidst this wave of H-share companies seeking A-share listings, firms from hot sectors like pharmaceuticals and large language models listed in Hong Kong are accelerating their plans for the mainland markets. According to incomplete statistics, multiple Hong Kong-listed companies, including Duality Biologics, Zhipu AI, MiniMax, Gotion High-tech, and Everbright Environment, are currently in the queue for A-share listings.
DOBOT's Listing Committee Hearing Scheduled for July 22
After nearly three months in the IPO queue, DOBOT is approaching its next critical milestone. The Shenzhen Stock Exchange website indicates the company's ChiNext board IPO hearing is set for July 22nd.
It is reported that DOBOT issued H-shares and listed on the Hong Kong Stock Exchange on December 23, 2024. As of the market close on July 17th, its Hong Kong share price was HK$23.22, with a total market capitalization of approximately HK$10.22 billion.
According to its prospectus, DOBOT is a leading intelligent robotics company, with its main business encompassing the research, development, production, and sales of collaborative robots and embodied intelligent robots. The company ranked first globally in collaborative robot sales volume for 2025. Its IPO application was accepted by the exchange on April 27, 2026.
Regarding financial performance, DOBOT has not yet achieved profitability. From 2023 to 2025, the company reported operating revenues of approximately 287 million yuan, 375 million yuan, and 493 million yuan, respectively. Corresponding net profits attributable to shareholders were approximately -103 million yuan, -95.36 million yuan, and -83.54 million yuan. Net profits attributable to shareholders after deducting non-recurring gains and losses were approximately -120 million yuan, -108 million yuan, and -124 million yuan, respectively.
Furthermore, DOBOT forecasts its operating revenue for the first half of 2026 to be between 300 million and 330 million yuan, representing a year-on-year increase of 94.65% to 114.12%. It expects a net loss attributable to shareholders ranging from -120 million to -90 million yuan, indicating a widening loss compared to the same period last year. The forecast for net profit after deducting non-recurring items is a loss between -170 million and -140 million yuan, also representing an increased loss year-on-year.
DOBOT provided three explanations for the widening net loss in the first half of the year. First, the company has significantly expanded its embodied intelligence research and development team and related project investments since 2025, accelerating the recruitment of talent in this field. Second, to capitalize on the global robotics market growth and further explore market potential, the company strategically increased its sales team staffing. Third, exchange rate fluctuations led to higher foreign exchange losses year-on-year, coupled with an increase in share-based payment expenses.
In its prospectus, DOBOT acknowledged that the company expects to achieve profitability by 2028.
For this ChiNext board listing attempt, DOBOT plans to raise approximately 1.2 billion yuan. After deducting issuance expenses, the funds are intended for investment in a multi-legged robot R&D and industrialization project, a humanoid robot technology enhancement project, a marketing capability improvement project, and to supplement working capital.
Wave of H-Share Companies Returning to A-Share Market
While the trend of A-share companies listing in Hong Kong remains strong, a concurrent wave of Hong Kong-listed companies seeking "return" listings on the A-share market is also gaining momentum. Besides DOBOT, several other Hong Kong-listed firms, including LJ Resources, Zhipu AI, MiniMax, and Gotion High-tech, have disclosed plans for A-share listings.
As the first "H-Share to A-Share" IPO project on the Shanghai and Shenzhen main boards following the full implementation of the registration-based system, LJ Resources' IPO journey has attracted significant market attention. The company also became the first "H-Share to A-Share" firm to pass the listing committee review this year.
The Shenzhen Stock Exchange website shows that LJ Resources' main board IPO passed the listing committee review on July 7, 2026, and entered the registration phase on July 10th. LJ Resources listed on the Hong Kong Stock Exchange in December 2022. The company operates in the nickel industry chain, with business covering upstream nickel resource procurement, nickel product trading, and the production and sales of nickel products.
Furthermore, companies in the biopharmaceutical sector are also accelerating their A-share market plans. Duality Biologics, a global innovative biopharmaceutical company focused on antibody-drug conjugates (ADCs), listed on the main board of the Hong Kong Stock Exchange on April 15, 2025. Just over a year after its Hong Kong listing, the company's STAR Market IPO application was accepted on June 12, 2026, and entered the inquiry stage on July 3rd of the same year.
The pace of A-share listings for large language model (LLM) companies has noticeably accelerated. MiniMax and Zhipu AI, which listed in Hong Kong in early 2026, have successively announced plans for A-share listings. MiniMax disclosed in an announcement on the evening of May 31st that it had hired professional advisors to provide consulting services on whether the company meets the listing requirements for the STAR Market and had signed a tutoring agreement. The company officially initiated its A-share IPO tutoring process on May 29th of this year.
Following MiniMax, Zhipu AI announced on the evening of June 1st that it proposed to apply to the relevant Chinese regulatory authorities for the issuance of A-shares and to apply to the Shanghai Stock Exchange for the listing and trading of these A-shares on the STAR Market. The proposed number of A-shares to be issued would represent 2% to 8% of the company's total share capital after the A-share issuance. Currently, the company's A-share IPO tutoring status has been updated to "tutoring work completed."
The listing enthusiasm among LLM companies is partly driven by supportive policies. On June 17th, at the 2026 Lujiazui Forum, Wu Qing, Chairman of the China Securities Regulatory Commission, mentioned expanding the scope of the fifth set of listing criteria on the STAR Market to include the artificial intelligence field, actively supporting the listing of high-quality AI large model companies.
An investment banking source who wished to remain anonymous commented that after years of registration-based system reform, the A-share market has developed a valuation system more favorable to sectors representing new quality productive forces. This system has not only incubated several globally competitive hard-tech benchmark companies but can also match technology innovation companies focused on the domestic market with valuation levels more aligned with their growth attributes, preventing them from being undervalued by the market due to short-term performance fluctuations.
Additionally, the A-share IPO tutoring work for both Everbright Environment and Gotion High-tech has commenced.
Specifically, Gotion High-tech, led by Cao Fang, sister of Cao Dewang, recently initiated its A-share listing tutoring, aiming for the ChiNext board. Information shows that Gotion High-tech listed on the Hong Kong Stock Exchange on April 14, 2025. It is a lithium-ion battery manufacturer primarily focused on the R&D, production, and sales of power battery products, energy storage battery products, and aviation battery products.
Everbright Environment has also started its A-share listing tutoring. The company focuses on three main areas: solid waste, water-related services, and clean energy. Its main businesses include waste-to-energy and co-processing, biomass comprehensive utilization, hazardous and solid waste disposal, new energy, environmental remediation, water environment comprehensive management, equipment manufacturing, waste classification, integrated sanitation services, resource recycling, "zero-waste city" construction, green technology R&D, ecological environment planning and design, and environmental protection industrial parks.
Financing expert Xu Xiaoheng pointed out that after Hong Kong-listed companies return to the A-share market, they can not only access more local industrial resources, policy support, and talent but also continuously supplement cash flow through more flexible and efficient refinancing tools. This allows them to directly invest raised funds into local R&D and industrial projects.
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