--- title: "[HK IPO] Geekplus-W, warehouse robotics concept but with losses and large market cap" type: "Topics" locale: "zh-CN" url: "https://longbridge.com/zh-CN/topics/31396826.md" description: "Geek+ is a leader in the global Autonomous Mobile Robot (AMR) market. We provide a series of AMR solutions designed to empower warehouse fulfillment and industrial handling scenarios, improving supply chain efficiency while reducing reliance on manual labor. According to CIC data, we have become the world's largest warehouse fulfillment AMR solution provider by revenue in 2024, maintaining this leading position for six consecutive years. The company began its IPO on June 30, with an offer price of HKD 16.8 per share and 200 shares per lot..." datetime: "2025-07-02T12:46:54.000Z" locales: - [en](https://longbridge.com/en/topics/31396826.md) - [zh-CN](https://longbridge.com/zh-CN/topics/31396826.md) - [zh-HK](https://longbridge.com/zh-HK/topics/31396826.md) author: "[小散老俞](https://longbridge.com/zh-CN/profiles/3011188.md)" --- > 支持的语言: [English](https://longbridge.com/en/topics/31396826.md) | [繁體中文](https://longbridge.com/zh-HK/topics/31396826.md) # [HK IPO] Geekplus-W, warehouse robotics concept but with losses and large market cap Geek+ holds a leading position in the global Autonomous Mobile Robot (AMR) market. We offer a series of AMR solutions designed to empower warehouse fulfillment and industrial handling scenarios, improving supply chain efficiency while reducing reliance on manual labor. According to CIC data, we have become the world's largest warehouse fulfillment AMR solution provider by revenue in 2024, maintaining this leading position for six consecutive years. The company began its IPO on June 30, with an offer price of HKD 16.8, 200 shares per lot, a minimum subscription of HKD 3,393.89, a market cap of HKD 16.572 billion, and an issuance of 140 million shares. It belongs to the transportation industry and has a greenshoe option. The sponsors are Morgan Stanley and CICC. Morgan Stanley's IPO projects have a first-day rise rate of 76.92% in the past two years, while CICC's is 55.55%. The overall performance is decent. There are four cornerstone investors, including Xiong'an Intelligent Robot Co., Ltd., Arc Avenue, Eastspring Investments, and Hong Kong Yige Co., Ltd. The cornerstones subscribed to a total of USD 91.3 million, accounting for 30.4% of the total issuance, which is a moderate proportion. Driven by global trade expansion, the rise of e-commerce, and increasing demand for environmental sustainability, the global warehouse automation solutions market has experienced significant growth. The market expanded from RMB 300.8 billion in 2020 to RMB 471.1 billion in 2024, with a compound annual growth rate (CAGR) of 11.9%. This growth is expected to continue, with the market projected to reach RMB 804 billion by 2029, with a CAGR of 11.3%. As global companies continue to invest in automation to improve operational efficiency, reduce errors, and support sustainable practices, the demand for advanced warehouse automation technologies and solutions is expected to increase significantly. According to CIC data, the global AMR solutions market remains relatively fragmented, with the top four players accounting for only about 23.5% of the market share by revenue in 2024. This fragmentation is largely due to rapid technological advancements and diverse application requirements across industries such as e-commerce, manufacturing, and logistics, leading to a variety of solutions. In this competitive environment, Geek+ has grown into one of the world's largest AMR solution providers by revenue in 2024. The company's revenue from 2022 to 2024 was RMB 1.452 billion, RMB 2.143 billion, and RMB 2.4 billion, respectively, with a year-on-year growth of 12.42% in 2024;net losses from 2022 to 2024 were RMB -1.567 billion, RMB -1.127 billion, and RMB -832 million, respectively, with a 26.2% narrowing of losses in 2024. Based on the median offer price, the market cap is HKD 16.572 billion, with an issuance of HKD 2.352 billion, representing 14.19% of the total. Cornerstones locked in 30.4%, leaving a float of HKD 1.637 billion, which is quite large. The current subscription multiple is 19.74times, indicating decent subscription interest, though it has exceeded the 15x threshold for clawback. **Subscription Strategy:** Geek+ holds a leading position in the global AMR market, ranking second in the industry. The sponsors are Morgan Stanley and CICC, with decent track record. Four cornerstone investors subscribed to USD 91.3 million, accounting for 30.4% of the total issuance, which is moderate. The company is still in the red, but losses are narrowing. The float is quite large at HKD 1.637 billion, and the current subscription multiple is 19.74times, indicating decent subscription interest, though it has exceeded the 15x threshold for clawback. The robotics concept is appealing, so interested friends can participate cautiously, while cautious friends may skip it. I plan to skip it! My views are personal and do not constitute investment advice. The stock market is risky; invest with caution! Follow me: Retail Investor Lao Yu$GEEKPLUS-W(02590.HK) ### 相关股票 - [GEEKPLUS-W (02590.HK)](https://longbridge.com/zh-CN/quote/02590.HK.md)