Woan Robotics starts IPO today, secures over HKD 700 million subscriptions from 9 cornerstone investors, raising over HKD 1 billion
The Hong Kong IPO market is experiencing a strong recovery. Nicolas Aguzin, CEO of HKEX, stated that the Hong Kong IPO market has welcomed over 100 listed companies so far in 2025, raising a total of more than HKD 270 billion, reclaiming the top spot in global IPO fundraising for the first time in six years, with a year-on-year increase of 210%.
Today, "the first AI embodied home robot stock" Woan Robotics (Shenzhen) Co., Ltd. (Stock Code:$ONEROBOTICS(6600.HK)) officially launched its global IPO and is scheduled to list on the Main Board of the Hong Kong Stock Exchange on December 30, with Guotai Junan and Huatai International acting as joint sponsors. The offering plans to issue a total of 22,222,300 shares globally, with an offering price ranging from HKD 63.0 to HKD 81.0 per share, and a maximum net fundraising of approximately HKD 1.7 billion.
Woan Robotics has a strong lineup of cornerstone investors, with nine cornerstone investors subscribing to a total of over HKD 700 million, accounting for 50% of the offering. Hillhouse is the largest cornerstone investor, with other star investment institutions such as Cithara, Infini, China Orient, Wind Sabre, Yield Royal, and Sage also participating.
As a pioneer and deep cultivator in the field of AI embodied robots, Woan Robotics' products mainly focus on enhanced execution robots, perception and decision-making systems, with enhanced execution robots including flexible skill robots and enhanced mobile robots. Through this compositional product strategy, Woan Robotics has built a comprehensive AI embodied ecosystem that brings advanced automation capabilities to everyday home environments. The company has built its core competitiveness with three AI embodied technologies: robot positioning and environment construction technology, AI machine vision control technology, and distributed neural control network technology.
Driven by innovative concepts, Woan Robotics has continued to launch a number of innovative products that lead market trends, including the world's first AI tennis robot Acemate in May and the world's first locally deployed large-model AI companion robot Kata Friends in September this year.
Acemate can autonomously move to complete ball receiving and returning by integrating AI visual recognition, high-dynamic interaction, and real-time decision-making systems, marking the first time embodied intelligence has been applied to professional sports scenarios and ushering in a new era of sports robots.
The world's first AI tennis robot Acemate was named one of Time magazine's Best Inventions of 2025
As an autonomous thinking and moving home pet companion robot, Kata Friends aims to provide families seeking zero-burden emotional companionship with an alternative to live pets. It builds a multimodal perception system through visual recognition systems, auditory systems, and tactile sensors, and achieves deep companionship and interaction with users through edge computing-driven embedded large models and emotional interaction engines.
AI companion robot Kata Friends
At the same time, the company plans to launch its first humanoid home robot H1, designed specifically for real home scenarios, in January 2026. As a lightweight robot, H1 aims to solve complex household chores that existing home robot systems cannot effectively handle. Key application scenarios for H1 are expected to include: clothing sorting and organizing, post-meal dishwashing and storage, and meal preparation assistance.
Woan Robotics' products are sold in more than 90 countries and regions worldwide, mainly in Japan, Europe, and North America, and have won widespread recognition from the market and customers with stable product performance and innovative solutions. Among them, the company has ranked first in Japan's AI embodied home robot system industry for three consecutive years since 2022. Woan Robotics has a solid user base, with over 3.5 million registered users on the SwitchBot App and more than 10.8 million connected devices.
Woan Robotics' prospectus discloses that 66.5% of the net proceeds from the IPO will be used to continuously enhance R&D capabilities to further develop key technologies and products related to its AI embodied home robot system, focusing on robot positioning technology, AI machine vision control technology and edge computing technology, VLA model-based humanoid household robot technology, etc., as well as building a high-standard robot data collection factory specifically for iterating and optimizing the VLA model; other proceeds will be used to expand sales channels and regional coverage and enhance global brand awareness; and for general working capital and corporate purposes.
According to Frost & Sullivan, as AI technology better meets the demand for personalized home solutions, the market size of the global AI embodied home robot system industry is expected to continue growing. From 2024 to 2029, the market size of the global AI embodied home robot system industry is expected to grow at a compound annual growth rate of 64.2%, reaching RMB 70.7 billion by 2029. The penetration rate of AI embodied home robot systems in the global market is expected to reach 16.2% by 2029. As an industry leader, Woan Robotics will gain a larger market share in the industry's rapid development.
Over the past three years, the company has delivered strong financial performance, with steady growth in both revenue and gross margin. The company's revenue CAGR from 2022 to 2024 was 49.0%, and the revenue CAGR from DTC channels was 73.3%. Notably, the company achieved significant growth in profitability, with overall gross margin increasing from 34.3% in 2022 to 50.4% in 2023 and 51.7% in 2024, and a gross profit CAGR of 83.1% from 2022 to 2024. The company's adjusted EBITDA also improved significantly, turning positive for the first time in 2023, with a YoY increase of 348.6% from 2023 to 2024, reflecting improved operational efficiency and progress toward sustainable profitability.
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