--- title: "National Development Fund and Lenovo jointly bet on Raifu Harmonic, valued at 1.5 billion, sprinting for Hong Kong stock IPO" type: "News" locale: "en" url: "https://longbridge.com/en/news/288268965.md" description: "Zhejiang Laifu Harmonic Drive Co., Ltd. has submitted its Hong Kong stock offering prospectus, with CMB International as the sole sponsor. The company mainly focuses on harmonic reducers, with sales from January to April 2026 increasing by 114.2% year-on-year to 133,900 units. Previous financing led by the National Development Fund has valued it at 1.5 billion yuan. As a core component supplier for humanoid robots, it has obtained overseas issuance and listing filing and is about to conduct a listing hearing" datetime: "2026-06-01T12:00:11.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/288268965.md) - [en](https://longbridge.com/en/news/288268965.md) - [zh-HK](https://longbridge.com/zh-HK/news/288268965.md) --- # National Development Fund and Lenovo jointly bet on Raifu Harmonic, valued at 1.5 billion, sprinting for Hong Kong stock IPO **"The Science and Technology Innovation Board Daily" June 1st news (Reporter Xu Cihao)** The Hong Kong Stock Exchange may welcome a harmonic reducer company. According to the Hong Kong Stock Exchange's official website, Zhejiang Laifu Harmonic Drive Co., Ltd. (hereinafter referred to as Laifu Harmonic), a high-precision harmonic reducer manufacturer, recently submitted its prospectus, with CMB International as the sole sponsor. Previously, the China Securities Regulatory Commission's website released a notice regarding the "full circulation" filing for the overseas issuance and domestic unlisted shares of Zhejiang Laifu Harmonic Drive Co., Ltd. This means that Laifu Harmonic has met the preliminary requirements for the Hong Kong listing hearing and may soon conduct a listing hearing on the Hong Kong Stock Exchange. **Last year's revenue was 261 million yuan** Laifu Harmonic is a core supplier of precision transmission components for domestic robots, with main products covering harmonic reducers, joint modules, robotic arms, and automation workstations. Its core products are widely used in humanoid robots and industrial robots. In terms of technological evolution, Laifu Harmonic continues to extend downstream in the industrial chain. In 2022, it started the research and development of robotic joint modules; in 2023, breakthroughs were made in the development of FS and FH series products, with high-pressure joint modules achieving commercialization simultaneously; in 2024, low-pressure joint modules will officially be launched in the market, further deepening the layout of core components for humanoid robots; in 2025, dual rigid wheel harmonic reducers will achieve commercialization, continuously improving the core product matrix. In terms of shipment volume, by the end of 2025, Laifu Harmonic is expected to have sold over 870,000 harmonic reducers, with cumulative sales exceeding 1 million units. Notably, from the first quarter of 2026 to April, the company's harmonic reducer sales surged from 62,500 units in the same period last year to 133,900 units, a year-on-year increase of 114.2%. According to a report by ZhiShi Consulting, as of December 31, 2025, Laifu Harmonic is one of only two manufacturers in China that have delivered harmonic reducers for humanoid robots and entered the mass production stage. By shipment volume in 2025, Laifu Harmonic ranks second among Chinese robotic harmonic reducer providers, with a market share of 21.4%. However, the product prices show a significant differentiation trend. According to the prospectus, the average selling price of the company's harmonic reducers decreased from 802 yuan in 2023 to 724 yuan in 2024, and further down to 573 yuan in 2025. In this regard, Laifu Harmonic explained in the prospectus that this is mainly due to the increased sales proportion of small-sized, high-cost-performance products, while the company actively adjusted prices to seize market share. In contrast, the average price of high-value-added joint modules rose sharply from 2,010 yuan in 2023 to 7,074 yuan in 2025, with the core reason for the price increase being product iteration and upgrades, including new components such as drivers, braking systems, protective casings, and waterproof cables, which improved both product cost and performance. In terms of financial data, Laifu Harmonic's operating revenues were 95 million yuan, 108 million yuan, and 261 million yuan, with corresponding net losses of 169 million yuan, 169 million yuan, and 171 million yuan, respectively. The scale of net losses has expanded alongside revenue, but the net loss rate has narrowed from approximately 178% in 2023 to about 65% in 2025, indicating a clear trend of reduced losses In this regard, Laifu Harmonics explained in its prospectus that the main reason is that the downstream market is still in the early stages of growth, with demand gradually being released; to respond to explosive demand, it has made capacity investments in advance, high-intensity R&D investments, and accounting treatment for equity redemption rather than operational losses. **National Development Fund and Lenovo Jointly Bet on Post-90s Returnees** According to the prospectus, the company was established in 2013, jointly initiated by Shengzhou Xinhua Bearing Co., Ltd., Professor Yuan Anfu from Nanjing University of Information Science and Technology, and Wang Changmao, Chairman of Zhejiang Lvhua Ecological Technology Co., Ltd. At the time of establishment, their respective shares were 51.00%, 40.00%, and 9.00%. The company's core management member, Zhang Jie, is 34 years old and has an overseas educational background, graduating from New Jersey Institute of Technology in the United States, where he obtained a master's degree in mechanical engineering management and an MBA. Public information shows that Shengzhou Xinhua Bearing Co., Ltd. is a wholly-owned enterprise of Zhang Jie's mother and was also a core shareholder during the company's founding stage. Zhang Jie officially joined the company's operations in May 2015, serving as Vice President and Sales Manager, participating in the company's market business expansion; in September 2017, he was promoted to Executive Director and Chairman, fully coordinating the company's strategic planning, business layout, and overall management, becoming the core leader of the company's development. From the pre-IPO equity structure, Zhang Jie directly holds 4.13% of the company's shares, while indirectly holding shares through Laifu Investment and Jieyang Information, controlling a total of 32.67% of the company's equity, making him the actual controller of the company. In terms of financing, Laifu Harmonics has been active in capital operations since its establishment, completing a total of 7 rounds of financing, including leading capital such as Lenovo, Northern Light Venture Capital, and Zijin Mining's subsidiary Rushan Capital. The company's most recent financing round took place in October 2022, which was the F round of financing. This round was led by the National Development Fund for Manufacturing Transformation and Upgrading, with Shanghai Hongyu Aviation Fund participating. After this round of financing, the overall valuation rose to 1.5 billion yuan. Among external shareholders, Northern Light Venture Capital holds 11.35%, making it the largest external shareholder, while the National Development Fund holds 10%; the National Small and Medium Enterprises Fund holds 7.47%; Lenovo holds 5.65%; and Zijin Mining holds 6.96% through Rushan Huian ### Related Stocks - [00992.HK](https://longbridge.com/en/quote/00992.HK.md) - [LNVGY.US](https://longbridge.com/en/quote/LNVGY.US.md) - [03968.HK](https://longbridge.com/en/quote/03968.HK.md) - [600036.CN](https://longbridge.com/en/quote/600036.CN.md) - [02899.HK](https://longbridge.com/en/quote/02899.HK.md) - [601899.CN](https://longbridge.com/en/quote/601899.CN.md) - [80992.HK](https://longbridge.com/en/quote/80992.HK.md) ## Related News & Research - [Lenovo completes issue of USD 2 billion zero-coupon convertible bonds due 2033](https://longbridge.com/en/news/290815927.md) - [Legend Holdings’ Lenovo Raises US$2 Billion via 2033 Convertible Bonds and Retires Part of 2029 Issue](https://longbridge.com/en/news/290841334.md) - [From Telegram Bot to Full-Fledged Platform: 001k.bot Launches Web Dashboard](https://longbridge.com/en/news/290436418.md) - [HSS Researchers Identify Hidden Mechanism Driving Joint Tissue Growth in Rheumatoid Arthritis](https://longbridge.com/en/news/290863322.md) - [Delivery robot startup Robot.com is betting its next act on workplace humanoids](https://longbridge.com/en/news/290448611.md)