March 9 marked a notable day for new listings on the Hong Kong Stock Exchange.
Three companies—Youlesai Sharing, Zhaowei Electromechanical, and Estun Automation—debuted simultaneously, creating what the market termed a "triple launch" of new Hong Kong stocks. However, trading diverged quickly on the first day: Youlesai Sharing and Estun Automation both fell below their issue prices, while Zhaowei Electromechanical saw a modest gain, emerging as the only one of the three to hold its offering price.
Amid this subdued start in the capital markets, Estun Automation, an industrial robotics firm based in Nanjing, became a key topic of discussion.
On that day, Estun Automation's H-shares officially began trading in Hong Kong. The company set its issue price at HK$15.36 per share, opening flat at the same level in early trading before declining rapidly. The stock ultimately closed at HK$12.9, down 16.02% from the offering price. For a robotics company that had just completed a dual-platform "A+H" listing structure, this debut came as something of a surprise.
Although facing short-term pressure in the capital markets, Estun Automation is no stranger to China's robotics industry. Founded in 1993 and headquartered in Nanjing's Jiangning District, the company is widely regarded as one of the "Four Little Dragons" of domestic industrial robotics. Its operations span automation core components, motion control systems, industrial robots, and smart manufacturing systems.
After listing on the Shenzhen Stock Exchange in 2015, the company's Hong Kong IPO marks the completion of its dual-platform "A+H" structure. For Nanjing, a major manufacturing hub, this represents not only another local enterprise accessing international capital markets but also a significant milestone for the city's robotics sector.
Behind the company lies an entrepreneurial journey spanning more than three decades.
Estun Automation's founder, Wu Bo, serves as chairman and chief strategy officer. With nearly four decades of experience in the industry, Wu began his career as a lecturer at Nanjing Forestry University before joining Jiangsu Provincial Machinery & Equipment Import & Export Corporation. During a period of rapid expansion in China's manufacturing ties with the world, he gained exposure to the automation equipment sector.
In 1993, Wu established Nanjing Estun Industrial Automation Co., Ltd., which later became the foundation of the Estun group. Starting with automation equipment, the company gradually expanded into motion control and industrial robotics, eventually building an industrial structure that now ranges from core components to integrated smart manufacturing systems.
As the company grew, a generational transition also took shape.
In 2013, Wu Bo's son, Wu Kan, joined the firm, beginning his involvement in the business as a marketing manager. Over the next seven years, he gained experience across multiple roles within the company. In 2020, Wu Bo handed over the position of general manager to his son, shifting his own focus to strategy and technology. Since then, Wu Kan has served as vice chairman and general manager, overseeing the company's strategic implementation and operational management.
Another young executive has also risen within Estun Automation's corporate governance structure. Xiao Tingting, who joined the firm in 2022, advanced through several roles in just three years—from head of the securities investment department to securities affairs representative, before being appointed board secretary in 2025, taking on key responsibilities for the company's capital market activities.
The emergence of this new generation of management coincided with the company's capital market initiatives. From its A-share listing to its recent Hong Kong IPO, Estun Automation has been steadily expanding its business and capital platforms into broader markets.
However, recent operating results show a period of fluctuation. From 2022 to 2024, the company reported revenues of 3.88 billion yuan, 4.65 billion yuan, and 4 billion yuan, respectively. Net profit attributable to shareholders shifted from 166 million yuan in 2022 and 135 million yuan in 2023 to a loss of 810 million yuan in 2024.
Against this backdrop, the Hong Kong listing is seen as a critical step for the company to continue advancing its technology R&D and global expansion.
Estun Automation's current business structure comprises three main segments: industrial automation products, robotics and smart manufacturing systems, and industrial digitalization products. The company aims to provide comprehensive solutions spanning automation, intelligence, and digitalization.
As the bell rang at the Hong Kong exchange, the company not only upgraded its capital platform but also positioned itself more firmly on the global stage of robotics competition.
For Wu Bo, this may represent another milestone in his entrepreneurial journey of over three decades—from university lecturer to founder of a robotics enterprise, and now passing the baton to the next generation of leaders. He has witnessed the rise of China's industrial automation sector from its early days.
For Nanjing, the listing carries symbolic significance. Beyond new energy vehicles and software, robotics is increasingly becoming a vital component of the city's manufacturing landscape.
The first-day stock volatility may be just a brief episode in the capital markets. The longer narrative still belongs to this Nanjing-based company striving to advance further in the global industrial robotics arena.
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