The stock of SEER TECH (06106), a company that went public less than a month ago, has been experiencing a consistent decline in its share price.
As of today's market close, shares of SEER TECH were trading at HK$60, representing a drop of 13.54% from the previous session. At this closing price, the company's market capitalization stands at approximately HK$6.63 billion.
The initial public offering price for SEER TECH was set at HK$101.60 per share. The company issued 10.497 million shares globally, raising a total of HK$1.066 billion. After deducting listing expenses of HK$71.2 million, the net proceeds from the offering amounted to HK$995 million.
Based on today's closing share price, the stock has now fallen approximately 41% below its IPO price.
The cornerstone investors for SEER TECH included HHLR Advisors (affiliated with Hillhouse), Yuanbao Family Office Limited, 3W Fund Management Limited, GF Fund Management Co., Ltd., Ruihua (International) Investment Co., Ltd., Zhonghe Capital, Yishao Capital, and Nova Kerry.
Among these, HHLR Advisors and Yuanbao Family Office each subscribed to US$15 million (approximately HK$118 million) worth of shares. GF Fund subscribed to US$6 million (about HK$47.01 million), while Ruihua Investment subscribed to US$5 million (around HK$39.17 million). Zhonghe Capital and Yishao Capital each subscribed to US$3 million (roughly HK$23.5 million), and Nova Kerry subscribed to US$2 million (approximately HK$15.67 million).
This means that HHLR Advisors and Yuanbao Family Office are each facing an unrealized loss of about US$6.15 million (approximately RMB 41.62 million) on their investments.
SEER TECH issued an announcement today stating that the overall coordinator, on behalf of the international underwriters, did not exercise the over-allotment option during the stability period. The over-allotment option lapsed on Saturday, July 18, 2026.
SEER TECH is an intelligent robotics company with a control system at its core. Leveraging its technology and market position in this 'robot brain' control system, it integrates global supply chain resources to provide customers with one-stop solutions for robot development, acquisition, and use.
According to its prospectus, SEER TECH reported revenues of RMB 249 million, RMB 339 million, and RMB 442 million for the years 2023, 2024, and 2025, respectively. Gross profit for those years was RMB 122 million, RMB 156 million, and RMB 209 million, with gross margins of 49.2%, 45.9%, and 47.4%.
In 2025, revenue from robots accounted for RMB 300 million, or 67.9% of total revenue. Revenue from robot controllers was RMB 85.17 million, representing 19.3% of the total.
Following the IPO, Zhao Yue holds a 15.43% stake. Shanghai Xian Yi holds 13.99%, Shanghai Xian San holds 7.2%, Shanghai Xian Wu holds 4.36%, Shanghai Xian Liu holds 3.01%, and Shanghai Xian Qi holds 3.86%. Zhao Yue collectively controls 47.86% of the company's shares.
Other significant shareholders include Zhuhai Yinshan with 12.9%, Ningbo Huili Daoqin with 8.74%, Ecovacs Robotics (Suzhou) with 5.83%, Tianjin Dehui with 4.84%, Hangzhou Yuanqiao with 4.03%, Nanjing SAIF with 2.11%, SAIF Yian with 1.18%, Hangzhou Haolan with 1.06%, SAIF Rainforest with 0.35%, Jiaxing Tengyuan with 0.21%, and Hongtai Investment with 1.38%.
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