--- title: "Market value of HKD 11.2 billion! ECOVACS, backed by IDG, has gone public with its smart robot IPO" type: "News" locale: "en" url: "https://longbridge.com/en/news/290633309.md" description: "The intelligent robot company SEER TECH was listed on the main board of the Hong Kong Stock Exchange on June 24, with an issue price of HKD 101.6, raising a net amount of approximately HKD 995 million. Institutions such as Hillhouse Capital and ECOVACS participated in the investment. The total market value on the first day was approximately HKD 11.2 billion, but it fell over 11% in the dark market. The company had a revenue of 442 million yuan last year, with a net loss of 47.066 million yuan" datetime: "2026-06-24T02:25:49.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/290633309.md) - [en](https://longbridge.com/en/news/290633309.md) - [zh-HK](https://longbridge.com/zh-HK/news/290633309.md) --- # Market value of HKD 11.2 billion! ECOVACS, backed by IDG, has gone public with its smart robot IPO ECOVACS, the smart robot company backed by IDG, has landed on the Hong Kong stock market. On June 24, the smart robot open platform Shanghai SEER TECH Co., Ltd. (hereinafter referred to as SEER TECH) officially listed on the main board of the Hong Kong Stock Exchange, with an issue price of HKD 101.6, raising a total of HKD 1.066 billion, with a net fundraising amount of approximately HKD 995.4 million. In this IPO, the company attracted cornerstone investors such as HHLR Advisors under Hillhouse Capital, Yuanbao Family Office, 3W Fund, GF Fund, Ruifa Investment, and Zhonghe Capital. Among them, both HHLR Advisors and Yuanbao Family Office subscribed for USD 15 million. In the dark market yesterday, SEER TECH fell over 11%, meaning that cornerstone investors like Hillhouse are facing unrealized losses. Today, SEER TECH opened at the issue price, with a total market value of approximately HKD 11.227 billion. 36-year-old Zhao Yue has over a decade of experience in robot system architecture and deep learning algorithms. He led the Zhejiang University team to win the RoboCup robot soccer competition world championship twice in 2013 and 2014 as captain. He has led the development of the SRC series controllers and holds 36 invention patents. In October 2015, Zhao Yue, along with four classmates who previously competed together, founded SEER ROBOTICS, which received investments from Youzu Interactive, Qianchen Investment, and ECOVACS. In April 2020, he started SEER TECH, partnering with his familiar entrepreneurial partners—Ye Yangsheng and Wang Qun (both of whom were core team members who won the RoboCup robot soccer competition world championship). It is worth mentioning that Zhao Yue is the spouse of Ding Xia, the strategic market head and executive director of SEER TECH, and a relative of Ye Yangsheng, the co-founder and head of product development and executive director. According to information, Ding Xia joined SEER TECH in December 2021 after serving as the investment director at ECOVACS and general manager of the X-MAN accelerator, gaining rich experience in capital operations and commercialization in the robotics industry. Perhaps related to this connection, the SEER ROBOTICS and SEER TECH founded by Zhao Yue both received investments from ECOVACS. ECOVACS' status as a shareholder in SEER TECH stems from the convertible bond agreement and Series A financing agreement signed at the company's establishment. Similar Series A financing investors also include Yishan Capital under Prologis, Huachuang Capital, and Huiyin Investment. In March 2021, IDG Capital invested CNY 36 million in SEER TECH through Tianjin Dehui (of which CNY 4 million was for equity transfer), becoming the exclusive investor in the A+ round financing; in December of the same year, SEER TECH received approximately CNY 167 million in Series B investment from Sequoia Capital, IDG Capital, and Haolan Capital; in May 2025, SEER TECH completed CNY 70 million in Series C financing, with a post-investment valuation of approximately CNY 3.27 billion As of the last actual feasible date, Zhao Yue, Chairman, Executive Director, and Zhao Yue of SEER TECH, directly holds approximately 17.05% of the company's shares and controls about 35.84% of the voting rights through multiple employee incentive platforms, including Shanghai Xianyi, ultimately owning about 52.89% of the voting rights of the company, forming a controlling shareholder group. After the IPO, Zhao Yue directly holds 15.43% of the shares and controls a total of 47.86% of the company's equity. In addition, Yinshi Capital holds 14.25%, making it the largest external institutional shareholder of SEER TECH; Huachuang Capital follows closely, holding 9.65% through Ningbo Huilidao Qin; ECOVACS holds 6.45%; IDG Capital holds 5.35% through Tianjin Dehui; and Sequoia Capital holds a total of 4.26%. After the IPO, the shareholding percentages of the aforementioned investors decreased to 12.9%, 8.74%, 5.83%, 4.84%, and 3.85%, respectively. Leveraging the accumulation during the period of Xianzhi Robotics, SEER TECH adopts a "technology + platform" dual-flywheel business model, meeting customer customization needs while achieving scalable deployment across industries. Based on the "robot brain"—the control system's technology and market position, it integrates global supply chain resources to provide customers with one-stop solutions for robot development, acquisition, and usage. Its revenue mainly comes from the sale of integrated SRC series robot controllers, robots, robot controllers and accessories, software, etc. Additionally, SEER TECH provides customers with infrastructure and toolchains such as the Nebula System, Roboshop, and Robocare. SEER TECH has established a wide and geographically diverse customer base, with over 2,000 integrators and end customers across more than 35 countries and regions. To date, over 2,000 robot models have been deployed through the company's platform, covering more than 20 sub-industries, including 3C, automotive, automation equipment, new energy, semiconductors, engineering machinery, and biomedicine. According to ZhiShi Consulting, based on 2025 revenue, SEER TECH ranks seventh in the global industrial intelligent robot market and third in the Chinese market, with market shares of 1.1% and 2.5%, respectively. Based on the number of industrial intelligent robots supplied by companies equipped with related robot controllers, SEER TECH ranks second globally and second in China, with market shares of 7.7% and 14.6%, respectively. Based on robot controller sales, SEER TECH ranks first globally and first in China, with market shares of 24.8% and 45.2%, respectively. According to multiple prospectuses, from 2022 to 2025, SEER TECH's revenue is approximately 184 million, 249 million, 339 million, and 442 million yuan, respectively; gross profit is approximately 86.289 million, 122 million, 156 million, and 209 million yuan, with gross profit margins of 46.8%, 49.2%, 45.9%, and 47.4%, respectively; net losses are approximately 32.26 million, 47.704 million, 42.308 million, and 47.066 million yuan, with adjusted net losses of approximately 30.748 million 20.907 million, 10.631 million, 2.865 million yuan. From 2023 to 2025, SEER TECH's R&D expenses are approximately 39.317 million, 63.749 million, 71.311 million, and 79.168 million yuan, accounting for 21.3%, 25.6%, 21.0%, and 17.9% of annual revenue, respectively. As of the end of 2025, SEER TECH's cash and cash equivalents are approximately 154 million yuan. In this IPO, the funds raised by SEER TECH will be used over the next five years to advance research and development of technology and infrastructure; to build a multifunctional center that integrates R&D, operations, assembly, and testing functions; for acquisitions and investments in the upstream and downstream of the robotics industry chain; and to establish a global sales system, among other purposes ### Related Stocks - [06106.HK](https://longbridge.com/en/quote/06106.HK.md) - [603486.CN](https://longbridge.com/en/quote/603486.CN.md) - [002174.CN](https://longbridge.com/en/quote/002174.CN.md) ## Related News & Research - [CMB International leads XianGong Intelligent HK$ 1.07 billion Hong Kong IPO](https://longbridge.com/en/news/290654311.md) - [Seer Robotics rides 24-hour market swing in Hong Kong debut](https://longbridge.com/en/news/290804793.md) - [From Telegram Bot to Full-Fledged Platform: 001k.bot Launches Web Dashboard](https://longbridge.com/en/news/290436418.md) - [Score 1 for AI. 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