---
title: "On the first day of listing, SEER TECH's dark market fell by 7%, with a surge in the quantity of its core product, the robotic brain, leading to a price collapse"
type: "News"
locale: "en"
url: "https://longbridge.com/en/news/290712472.md"
description: "SEER TECH was listed on the Hong Kong Stock Exchange on June 24, with the stock price rising 4.33% on the first day to HKD 106. Previously, it had a 7.28% drop in the dark market. The company's static price-to-sales ratio and price-to-book ratio are the highest in the industry. Although it claims to have the highest sales of controllers globally, its core product has seen a decline in price despite an increase in volume over the past three years, with its revenue share dropping to 19.3%, and the company has yet to turn a profit, with over 80% of its revenue coming from integrator clients"
datetime: "2026-06-24T14:29:08.000Z"
locales:
  - [zh-CN](https://longbridge.com/zh-CN/news/290712472.md)
  - [en](https://longbridge.com/en/news/290712472.md)
  - [zh-HK](https://longbridge.com/zh-HK/news/290712472.md)
---

# On the first day of listing, SEER TECH's dark market fell by 7%, with a surge in the quantity of its core product, the robotic brain, leading to a price collapse

On June 24, SEER TECH (6106.HK) officially listed and began trading on the Hong Kong Stock Exchange. The company opened flat at an issue price of HKD 101.60 per share, briefly surged during the day before retreating, and ultimately closed at HKD 106 per share. It is evident that SEER TECH's stock price performance on its first day of listing was weak, only rising 4.33% from the issue price.

On the previous day (June 23), licensed brokers on the Hong Kong Stock Exchange independently established an over-the-counter matching market (i.e., dark pool trading, which is only open the night before the official listing of new shares, specifically for trading newly listed shares that have been allocated but not yet listed, and is a legal supplementary trading venue, serving as a sentiment indicator before the new shares are listed). The dark pool trading data from Huatai shows that SEER TECH faced some selling pressure during the day, dropping to a low of HKD 80 per share, and ultimately closed with a 7.28% discount rate, corresponding to HKD 94.20 per share.

Based on the closing price on the first day, which corresponds to a total market capitalization of HKD 11.7 billion, SEER TECH's static price-to-sales ratio reached 23.94 times, far exceeding that of industrial robot companies such as Jidongjia (2590.HK), Kailesi Technology (2729.HK), and Yifei Technology (6871.HK). Moreover, it has the highest static price-to-book ratio of 71 times among companies in the Wind Level 3 software industry in the Hong Kong stock market.

SEER TECH founder and CEO Zhao Yue delivered a speech at the listing event on the first day. (Image source: company public account)

From the current operational situation, **although SEER TECH claims that its robot controller sales will rank first in the world by 2025, it cannot avoid the fact that, in the absence of profitability, its core product, the robot controller, has seen a decline in price despite an increase in volume over the past three years, and its contribution to revenue has dropped from 26.5% to 19.3%. Moreover, over 80% of the company's revenue comes from integrator clients who can switch suppliers at any time, making it seem unworthy of the label "the first stock of robot brains."**

On June 11, a reporter from Southern Metropolis Daily sent an interview request to SEER TECH regarding related issues, but no response had been received by the time of publication.

> **Core product sees volume increase but price collapse, revenue contribution is less than 20%**

The prospectus shows that SEER TECH is an intelligent robot company centered on robot control systems. The so-called robot control system is the "brain" of the robot, including the controller built into the robot and the software deployed on cloud servers.

The controller is responsible for the core functions of perception, positioning, intelligent decision-making, and motion control of the robot body, ultimately operating through a layered technical framework that integrates vision, language, action, reinforcement learning, end-to-end navigation, and simultaneous localization and mapping. By controlling various sensors and actuators, it ultimately achieves autonomous operation of the intelligent robot body SEER TECH stated in its prospectus that its self-developed control system technology is a key differentiating factor in its business.

As of the end of 2025, the company's SRC series controllers will be compatible with over 400 types of components, serving as the "brain" of robots. Additionally, **the company also stated in the prospectus that its robot controller sales for 2023, 2024, and 2025 are expected to reach 2,553 units, 4,055 units, and 7,924 units respectively, with a compound annual growth rate of 76.18%. By 2025, its sales will rank first globally, capturing a market share of 24.8%.**

**As a result, SEER TECH has been labeled as the "first stock of robot brains."**

However, the prospectus also shows that from 2023 to 2025, the revenue generated from sales of robot controllers will be 66.059 million yuan, 57.413 million yuan, and 85.165 million yuan respectively, with a compound annual growth rate of only 13.54%. In 2024, despite a sales volume increase of 58.83%, the sales revenue actually declined by 13.09%.

This is due to a significant drop in the selling price of the core product, the robot controller. The prospectus indicates that **from 2023 to 2025, the average selling price of SEER TECH's robot controllers will be 25,900 yuan/unit, 14,200 yuan/unit, and 10,700 yuan/unit, a decrease of 58.69% over the past three years.** During the same period, the gross margin for these products fell from 85.2% to 79.8%.

It is noteworthy that **the significant price reduction of robot controllers has only driven a substantial increase in sales volume, causing SEER TECH's revenue share from robot controllers to decline from 26.5% to 19.3% over the past three years, now below 20%.**

The prospectus shows that SEER TECH's largest business over the past three years has been the complete robot business, with corresponding revenue proportions of 59.8%, 69.5%, and 67.9%. In terms of product details, SEER TECH offers a selection of over 1,000 robot models equipped with SRC series controllers, covering various types such as wheeled humanoid robots, multi-legged robotic dogs, lifting robots, intelligent forklifts, high-lift intelligent forklifts, counterbalance intelligent forklifts, material handling robots, cleaning robots, and all-terrain robots, focusing on industrial deployment of AMRs (including mobile robotic arms) and humanoid robots.

> **The stock rose 4.33% on its first day of trading, but fell 7.28% in the dark market.**

Similar to the robot controller products, **over the past three years, SEER TECH's robot products have also experienced an increase in volume but a decrease in price, with the selling price dropping from 121,000 yuan/unit to 94,700 yuan/unit, and sales volume doubling from 1,229 units to 3,168 units.** Unlike robot controller products, SEER TECH's robot products have had a maximum gross margin of only 38.4% over the past three years.

This may explain why SEER TECH's revenue increased from 249 million yuan to 442 million yuan over the past three years, while its net profit showed losses of 47.704 million yuan, 42.308 million yuan, and 47.066 million yuan, with the scale of losses not shrinking alongside revenue growth.

It is also noteworthy that, according to the classification of downstream customer types, 82.9% of SEER TECH's revenue in 2025 will come from integrator customers, while only 17.1% will come from end customers.

This may explain why SEER TECH's robot controller products are sold at a reduced price. From an industry perspective, companies like Geek+ and Estun (2715.HK) have chosen to independently develop controllers, while SEER TECH's controller products may be more reliant on integrators for end sales, relatively lacking bargaining power in the end application market, making it difficult to maintain high gross margins in the long term.

As of the close on June 24, among the listed companies in the Hong Kong industrial robot sector, based on the latest closing total market value and estimated price-to-sales ratio (PS) for 2025 revenue scale, Geek+, Yifei Technology, Kairuisi Technology, and Estun all have PS ratios below 15 times.

However, under the same estimation criteria, SEER TECH's PS is as high as 23.94 times, far exceeding the aforementioned comparable listed companies.

Wind data shows that, based on the closing market value on June 24, SEER TECH's price-to-book ratio (PB) is as high as 71 times, the highest in the Wind Level 3 software industry where the company is located, far exceeding the second-ranked Wuxi Life (8148.HK, with a PB of 21.65 times under the same estimation criteria).

Behind the high valuation, SEER TECH's listing duration is far shorter than that of the other three comparable listed companies in the industry.

It should be noted that June 24 was the first day of SEER TECH's trading on the Hong Kong Stock Exchange.

On the first day of listing, SEER TECH opened flat at the issue price of HKD 101.60 per share, briefly surged during the day before retreating, and ultimately closed at HKD 106 per share, with a first-day increase of only 4.33%. This means that SEER TECH may already present a risk of overvaluation below the issue price, facing a certain risk of share price breaking below the issue price in the future.

It is important to note that as early as the day before the listing (June 23), licensed brokers on the Hong Kong Stock Exchange independently established an over-the-counter matching transaction (dark pool trading) for SEER TECH. This trading channel was only open the night before the new stock officially listed and specifically traded newly listed stocks that had been allocated, constituting a legal supplementary transaction in the market, but also serving as a window for observing market sentiment for SEER TECH before its listing.

The trading data from Huatai Dark Pool (dark pool trading reference benchmark) shows that SEER TECH's stock price faced certain selling pressure during the session, dropping to a low of HKD 80 per share, and ultimately closing with a 7.28% break below the issue price, corresponding to a stock price of HKD 94.20 per share

* * *

Written by: Nandu N Video Reporter Lei Xiaoyan

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