Shenzhen DOBOT Corp Ltd (02432.HK) has approved a proposal to pursue an initial public offering of A shares on the Shenzhen Stock Exchange’s ChiNext market. The board endorsed the plan at its 13 March 2026 meeting and will table 11 related resolutions at an extraordinary general meeting (EGM) scheduled for 2 April 2026.
Key terms of the proposed A-share offering • Size: Up to 48.88 million new A shares—11.11% of current share capital and 10.00% post-issue. • Over-allotment: Option to place an additional 15%, lifting the maximum to 56.22 million shares (11.33% post-issue). • Pricing: To be set via book-building or other methods approved by regulators. • Listing venue: ChiNext Market, Shenzhen Stock Exchange; target market capitalisation ≥ RMB 5 billion and revenue ≥ RMB 300 million for the last fiscal year. • Underwriter/Sponsor: Guotai Haitong Securities; Auditor: Ernst & Young Hua Ming; PRC Legal Adviser: AllBright Law Offices.
Intended use of proceeds (net RMB 1.20 billion) 1. Multi-legged Robot R&D and industrialisation: RMB 550 million (45.83%). 2. Humanoid Robot technology enhancement: RMB 250 million (20.83%). 3. Marketing capability expansion: RMB 100 million (8.33%). 4. Supplementary working capital: RMB 300 million (25.00%).
Shareholding impact • Current issued shares: 439.96 million. • Post-offering (no over-allotment): 488.84 million. • Post-offering (full over-allotment): 496.17 million. Public shareholders now hold over 60% of issued shares, comfortably above the Hong Kong Listing Rule minimum of 25%; compliance is expected to continue after the A-share listing.
Corporate governance actions The EGM will also vote on: – Authorising the board to manage all IPO-related matters. – A three-year price-stabilisation plan, dividend return policy, and measures to mitigate earnings dilution. – Amendments to the Articles of Association to update the business scope, notably removing value-added telecommunications services from licensed activities. – Adoption or revision of seven governance policies, including rules for general meetings, board procedures, and use of proceeds.
Management change Wang Yong has stepped down as Board Secretary but remains CFO, Deputy GM and Joint Company Secretary. Ni Yaoqing (age 32), formerly a vice-president and A-share sponsor representative at China International Capital Corporation, becomes the new Board Secretary effective 13 March 2026.
Recent equity financing 1. July 2025: Placed 19.10 million H shares at HK$54.30 each, raising HK$1.02 billion net. 2. November 2025: Placed 16.66 million H shares at HK$46.80 each, raising HK$771.00 million net.
Next steps Shareholders of record on 27 March 2026 may vote at the 2 April 2026 EGM. The A-share IPO remains subject to shareholder approval, CSRC registration and market conditions. Investors are advised to exercise caution when dealing in DOBOT’s H shares.
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