China's industrial robot manufacturer Shenzhen Inovance Technology Co., Ltd. (300124.SZ) is reportedly considering a secondary listing in Hong Kong. The company has initiated preliminary discussions with potential advisors regarding the share offering.
Typically, the size of such an IPO ranges from less than 5% to 10% of the company's market capitalization. As the considerations are still in the early stages, details including the scale and timing remain under discussion.
Shenzhen Inovance Technology has not yet responded to inquiries. The company is a leading enterprise in the industrial automation sector, with its core business spanning four major segments.
In general automation, its core products include frequency converters, servo systems, PLC/HMI, high-performance motors, sensors, machine vision, and other core industrial automation components, as well as industrial robot products. It holds a 28% market share in China's servo system sector, an 18.6% share in the medium and low-frequency transformer market, and a 27% share in SCARA robot sales, ranking first in China in all these areas.
For new energy vehicles, its core products comprise electric drive systems (including motors, motor controllers, and integrated electric drive units) and power supply systems (including DC/DC converters, OBC, and integrated power supply units).
In smart elevators, its core products include elevator control systems (integrated controllers/frequency converters), human-machine interfaces, door systems, control cabinets, cables and wiring harnesses, shaft electrical components, elevator IoT products, and comprehensive electrical supporting solutions.
In rail transportation, its core products cover planning and design, core components, vehicle manufacturing, and operation maintenance. Core components mainly include the body system, electrical system, steering system, traction system, and control system.
Financial reports show that for the first nine months of 2025, Inovance Technology achieved revenue of 31.663 billion yuan, a year-on-year increase of 24.67%. Net profit attributable to shareholders of the listed company was 4.254 billion yuan, up 26.84% year-on-year, while net profit attributable to shareholders after deducting non-recurring items was 3.888 billion yuan, an increase of 24.03% year-on-year, indicating an overall positive trend in profitability metrics.
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