Chinese robot-sensor maker launches Hong Kong IPO amid US vacuum ban

Shenzhen Camsense Technologies, a maker of spatial sensors for robotic vacuum cleaners, launched a Hong Kong initial public offering (IPO) that aims to raise about HK$680 million (US$86.7 million), despite headwinds from Washington’s recent import ban on foreign-made vacuum robots. “The export and procurement for our existing client products remain normal, with potential disruption limited to new product development schedules,” Camsense co-founder Zhou Kun said about the ban’s impact. “We have maintained close communication with clients. Currently, our research and development progress and order intake remain unaffected.” In late July, the US Federal Communications Commission (FCC) added foreign-produced “advanced robotic devices”, including robotic vacuum cleaners, to its so-called Covered List, blocking new models from obtaining the equipment authorisation required for US import and sale. Camsense plans to sell 11.58 million shares at HK$58.85 each, according to a stock exchange filing on Tuesday. The shares are scheduled to start trading on September 30. Carmaker BYD and Shanghai-listed Jiaxing Zmax Optech, both Camsense suppliers, were the deal’s cornerstone investors, together taking up HK$110 million, or 16 per cent of the base share sale, with a six-month lock-up period, the prospectus showed. It plans to use proceeds from the IPO for research and development, to enhance its manufacturing capabilities and for working capital and general corporate purposes. China’s robotic vacuum cleaner industry has expanded rapidly, with leading brands such as Ecovacs Robotics, Dreame Technology and Beijing Roborock Technology selling products globally. As a maker of lidar (light detection and ranging) and line laser sensors – components machines use to sense their surroundings – Camsense has benefited from this momentum. The Shenzhen-based company had no direct sales to the US, but several clients sold vacuum cleaners and other devices containing its sensors there, according to its prospectus. To diversify its revenue, Camsense said it plans to expand into robots for yard work and pool cleaning, as well as humanoid robots. The company has delivered samples to multiple manufacturers and received intent orders from two pool robot makers and one yard robot manufacturer, Zhou said. China International Capital and Guosen Securities (HK) Capital are the joint sponsors.