Youibot (3231.HK) tumbled more than 8% in Monday's session in Hong Kong to HK$38.20, extending a pullback after the robotics company rallied 218% in its debut week. Shares fell to an intraday low of HK$37.46, with turnover of roughly HK$17.05 million. The broader robotics sector also retreated on the day.
The company listed on September 9 under Hong Kong's Chapter 18C special technology framework at an offer price of HK$14.45, rocketing 153% on its first trading day. The rally quickly reversed, as shares sank more than 12% in a single session last Thursday.
Analysts have raised concerns about Youibot's fundamentals. Nearly 70% of cumulative revenue has come from low-priced vending robots, hardware gross margins stand at just 8.3%, and the company has posted losses for three consecutive years. It remains heavily dependent on hotel-sector clients and a narrow base of shareholder-customers. Alibaba Group is its largest external investor, with SenseTime and 58.com as cornerstone investors.