Benmo Technology (06731) has launched its public offering for the period running from September 21 to September 24, 2026, planning to globally distribute 50 million H shares. The Hong Kong public offering accounts for approximately 5.0% of the total, while the international placement covers the remaining 95.0%. The offer price is fixed at HK$21.60 per share, with each board lot comprising 100 shares. Trading of the H shares is expected to begin on the Stock Exchange at 9:00 a.m. on September 29, 2026.
The company operates as a robotics technology firm with direct-drive technology at its core. Its primary business in China involves the sale of robot power modules, with robot sales as a secondary focus. The company functions across two distinct industry segments: the consumer robot power module sector in China, which represents a 26.3% share of the broader robot power module industry, and the domestic wheeled-foot and bipedal-wheeled robot sector, an area constituting less than 1.0% of China's overall robotics market.
According to data from Frost & Sullivan, based on 2025 revenue figures, the company ranks eighth in China's consumer robot power module industry with a 2.4% market share. However, within the direct-drive power module segment for consumer robots—a niche making up 3.9% of the larger consumer robot power module market—it holds the leading position with a commanding 61.1% share. In the robotics sector, the company is ranked fourth in China's wheeled-foot robot industry (4.7% market share) and second in the bipedal-wheeled robot category (18.6% market share) for 2025.
The D1 robot, launched in October 2025, marks a significant milestone as the world's first commercially available modular bipedal-wheeled robot with integrated components. Additionally, the company stands among a select few global robotics firms capable of achieving swarm control for wheeled-foot robots, a capability that enables multiple robots to operate as a unified collective system.
Assuming the over-allotment option remains unexercised and based on the HK$21.60 offer price, the global offering is projected to generate net proceeds of approximately HK$982.5 million. Of this amount, roughly 50.0% is allocated to enhancing research and development capabilities in key robotics technologies, supporting ongoing technical and product advancement. Another 20.0% will be directed toward deepening partnerships with industry players, broadening the sales network, and strengthening brand recognition. A further 20.0% is designated for improving production capacity and efficiency to keep pace with rapid business growth, while the remaining 10.0% will serve working capital and general corporate purposes.
The company has also secured cornerstone investor agreements, under which these investors have committed to subscribe for—or arrange for their designated entities to subscribe for—a specified number of offer shares at the offer price, subject to certain conditions, totaling approximately HK$472 million. The cornerstone investors include Hong Kong Science and Technology Innovation Leader One Investment Co., Ltd. and JSC International Investment Fund SPC (acting for and on behalf of JSC International Investment Fund SPC – Shenghai SP).