---
title: "SEER TECH lists on the Hong Kong stock market, can it support a 24 times PS?"
type: "News"
locale: "en"
url: "https://longbridge.com/en/news/290766003.md"
description: "On June 24th, SEER TECH was officially listed on the Hong Kong Stock Exchange. The company's issue price was HKD 101.6, and it closed up 4.33% on the first day, with a total market capitalization reaching HKD 11.7 billion and a net fundraising amount of approximately HKD 995 million. This IPO was oversubscribed, with Hillhouse Capital and 8 other institutions participating as cornerstone investors. Based on the closing market value, the company corresponds to a PS of approximately 24.3 times for 2025, with valuation levels comparable to those of Yuandong Robotics and UBTECH, and higher than those of companies like Jizhijia, reflecting the market's premium recognition of \"growth-oriented intelligent robots.\""
datetime: "2026-06-25T02:28:15.000Z"
locales:
  - [zh-CN](https://longbridge.com/zh-CN/news/290766003.md)
  - [en](https://longbridge.com/en/news/290766003.md)
  - [zh-HK](https://longbridge.com/zh-HK/news/290766003.md)
---

# SEER TECH lists on the Hong Kong stock market, can it support a 24 times PS?

**21st Century Business Herald Reporter Chen Guici**

On June 24, Shanghai SEER TECH Co., Ltd. (referred to as "SEER TECH", stock code: 06106.HK) officially listed on the Hong Kong Stock Exchange.

SEER TECH opened at HKD 101.6 on the same day, flat with the issue price; by the close, the stock price was HKD 106, up 4.33% from the issue price, with a total market capitalization reaching HKD 11.7 billion.

This IPO issued 10.497 million shares at an issue price of HKD 101.6, raising a total of approximately HKD 1.066 billion. After deducting listing-related expenses, the net fundraising amount was approximately HKD 995 million, with the shares sold in this IPO accounting for 9.5% of the company's total share capital post-listing.

The public offering portion was subscribed 5,934.56 times, triggering the replenishment mechanism, with a 5% winning rate for one board lot (50 shares), and the international placement recorded a subscription of 21.29 times.

In terms of cornerstone investors, eight institutions participated in the subscription, including Hillhouse's HHLR Advisors, Yuanbao Family Office Limited, 3W Fund Management Limited, GF Fund Management, Ruifa Investment, Zhonghe Capital, Yishao Capital, and Nova Kerry, collectively covering 43.34% of the issuance, corresponding to approximately 4.12% of the company's total share capital, with a lock-up period of 6 months.

Based on the market capitalization at the close on June 24, SEER TECH corresponds to a PS of approximately 24.3 times for 2025. In the dark trading the day before listing, the company briefly fell below the issue price, with an intraday maximum decline of over 20%, and an overall fluctuation of 49.21%, indicating that there is still some divergence in the market regarding its valuation level. On the first day of listing, the stock price showed a trend of opening flat, rising, and then retreating, ultimately closing up 4.33%.

**From an industry comparison perspective, the current valuation of the Hong Kong stock market's robotics sector still shows significant differentiation. SEER TECH's PS is in the same tier as Yuandong Robotics (approximately 21 times PS) and UBTECH (approximately 22 times PS); while companies like Geek+ (approximately 4.5 times PS) and Estun (approximately 7.4 times PS) are in a relatively lower range.**

This differentiation essentially reflects the market's pricing differences for different directions in the robotics industry chain: the former leans towards "growth-oriented intelligent robots" with higher valuation premiums; the latter leans towards "industrial manufacturing equipment" with relatively lower valuations.

**SEER TECH's positioning is as a platform-based intelligent robotics company centered on control systems.** Its core competitive advantage lies in its self-developed robotic control system (the robot brain), which forms the foundation supporting its business. The company develops and sells robots, controllers, software, and accessories According to the prospectus and data from ZhiShi Consulting, SEER TECH ranks seventh in the global industrial intelligent robot market and third in China based on revenue in 2025, with market shares of 1.1% and 2.5%, respectively. In the field of robot controllers, it ranks first in both global and Chinese sales, with market shares reaching 24.8% and 45.2%, respectively.

Currently, SEER TECH serves over 2,100 system integrators and end customers worldwide, covering more than 20 industrial segments, including computers, 3C, automotive, automation equipment, new energy, semiconductors, engineering machinery, and biomedicine.

However, from a financial performance perspective, SEER TECH is still in its growth phase, with revenue continuing to grow but not yet achieving breakeven. The revenues for 2023, 2024, and 2025 are projected to be CNY 249 million, CNY 339 million, and CNY 442 million, respectively, with a three-year compound growth rate of 33.2%. During the same period, the company has recorded net losses of CNY 47.7 million, CNY 42.3 million, and CNY 47.1 million, with no sign of a profitability turning point.

It is worth mentioning that by the end of 2025, the company's intangible assets will total only CNY 1.87 million, and R&D expenditures are fully expensed in the current period without capitalization. The R&D expenditure for 2025 is CNY 79.17 million.

Currently, SEER TECH's revenue mainly comes from robots integrated with the SRC series robot controllers, with this revenue showing a continuous growth trend. Additionally, the second largest portion of its revenue comes from the sales of robot controllers. By 2025, the revenue from robot controllers is expected to account for 19.3% of total revenue, while robot revenue will account for 67.9% of total revenue.

In terms of gross margin, SEER TECH's gross margins for 2023, 2024, and 2025 are 49.2%, 45.9%, and 47.4%, respectively. By business segment, the gross margin for robot controllers is 79.8%, for software is 89.3%, while the gross margin for complete robots is 38.4%, and for accessories is 15.7%.

**This structure reflects that the company has established high gross margin control systems and software capabilities, but current revenue is still primarily from complete robots, and the business model is still in the stage of growing towards platformization.**

The current valuation level of approximately 24 times PS reflects the market's forward-looking pricing of SEER TECH as a "platform-type intelligent robot company." In the Hong Kong stock market's robotics sector, this valuation is already at a relatively high range.

The continuation of its valuation premium mainly depends on three points: first, the continuous strengthening of platform capabilities, which means improving the penetration rate of the company's controllers across various industries, driving scale expansion and revenue structure optimization; second, the effectiveness of expanding into overseas markets, which determines its global growth potential; third, the ability to continuously realize revenue growth

### Related Stocks

- [06106.HK](https://longbridge.com/en/quote/06106.HK.md)
- [02432.HK](https://longbridge.com/en/quote/02432.HK.md)
- [09880.HK](https://longbridge.com/en/quote/09880.HK.md)
- [02590.HK](https://longbridge.com/en/quote/02590.HK.md)
- [002747.CN](https://longbridge.com/en/quote/002747.CN.md)
- [02715.HK](https://longbridge.com/en/quote/02715.HK.md)

## Related News & Research

- [Seer Robotics rides 24-hour market swing in Hong Kong debut](https://longbridge.com/en/news/290804793.md)
- [CMB International leads XianGong Intelligent HK$ 1.07 billion Hong Kong IPO](https://longbridge.com/en/news/290654311.md)
- [From Telegram Bot to Full-Fledged Platform: 001k.bot Launches Web Dashboard](https://longbridge.com/en/news/290436418.md)
- [Score 1 for AI. Law firm staffed by bots wins a case in an English court.](https://longbridge.com/en/news/290727886.md)
- [China’s robot rush: Morgan Stanley raises 2026 forecast to 50,000 units](https://longbridge.com/en/news/290683620.md)