Congratulations to Geekplus, a global leader in intelligent robotics, on its Hong Kong IPO! Gaorong Ventures co-led the first round.

On July 9, Geekplus (stock code: 02590.HK), a global leader in intelligent robotics, successfully listed on the Main Board of the Hong Kong Stock Exchange. This marks Geekplus as the first listed company in the global AMR warehouse robotics market, creating a capital markets milestone for the industry worldwide and opening a new chapter for the company's technology commercialization and scale expansion. Geekplus priced its shares at HK$16.80 apiece, achieving a market capitalization of HK$22.19 billion.

As one of Geekplus's earliest institutional investors, Gaorong Ventures co-led the company's Series A round in 2016 and continued to participate in subsequent funding rounds. This also marks Gaorong Ventures' fourth Hong Kong IPO exit in 2025, following Bloks, Mirxes, and Saint Bella.

This IPO is the largest H-share listing by a robotics company to date, and the largest non "A+H" tech company IPO in Hong Kong this year.

The offering drew strong market demand, with the Hong Kong public offering oversubscribed by 133.62 times and the international placement 30.17 times oversubscribed — ranking among the top three highest international placement multiples in Hong Kong this year and setting a record for the highest international placement multiple in Hong Kong's tech sector. Sovereign wealth funds, numerous international long-only funds, technology-focused funds, and hedge funds all participated actively. The cornerstone investor lineup brought together global capital giants, top-tier venture capital firms, state-backed investors, and industry leaders, demonstrating the capital markets' strategic consensus on the robotics sector and recognition of Geekplus's commercial capabilities and technological value.

Yong Zheng, Founder, Chairman and CEO of Geekplus, said in his remarks: "Since its founding, Geekplus has focused on reconstructing the efficiency paradigm of global supply chains through robotic intelligence. This listing on international capital markets represents a new starting point for us to achieve dual-wheel drive of capital and technology. Going forward, Geekplus will actively embrace the vast market opportunities brought by the industry's rapid development, using technological innovation as our engine to steadily expand our global strategic footprint, making robots the new infrastructure of the new era, and creating a smarter, more efficient, and greener intelligent future for the world."

World's Largest AMR Robotics Solutions Provider for Six Consecutive Years

According to CIC Research, Geekplus has ranked as the world's largest warehouse fulfillment AMR robotics solutions provider for six consecutive years, distinguished by its outstanding technology and commercialization capabilities. The company offers the industry's most comprehensive and extensive range of solutions, with the largest customer base and broadest global operations in the sector.

As of 2024, Geekplus's business footprint covered more than 40 countries and regions worldwide, serving over 800 major global customers with deep penetration in 3PL (third-party logistics), retail e-commerce, and other sectors. In 2024, 72.1% of Geekplus's AMR solutions revenue came from markets outside mainland China.

Geekplus's comprehensive strengths continue to translate into stronger customer stickiness and repurchase momentum. The company's overall customer repurchase rate reached approximately 74.6% in 2024, with key customer repurchase rate hitting 84.3%.

In 2024, the company achieved revenue of RMB 2.409 billion, making it the highest-revenue company among listed robotics companies on the Hong Kong stock market. From 2021 to 2024, the revenue compound annual growth rate reached 45%, maintaining rapid growth. Annual order value increased from RMB 1.59 billion in 2021 to RMB 3.14 billion in 2024, with signed customer orders steadily rising.

From 2021 to 2024, gross profit surged from RMB 80 million to RMB 840 million, representing a compound annual growth rate of 118.5%. Overall gross margin climbed significantly to 34.8% in 2024, demonstrating the company's gross margin structure optimization and operational efficiency improvements.

Continuous R&D Investment

Comprehensive Robotics Solutions

With globally leading technological capabilities, Geekplus has become a new benchmark for Chinese innovation breaking through in global technology competition. The company's self-developed large-scale multi-robot mixed scheduling system supports parallel collaborative operations of over 5,000 units in a single warehouse, backed by extensive real-world deployment experience — forming a core technological moat for handling complex scenarios in ultra-large warehouses.

In terms of product strategy, Geekplus has launched comprehensive robotics solutions tailored to different warehouse scenarios, with all robots capable of collaborative scheduling under a unified software platform, building integrated robotics solutions covering the full process of transport, picking, sorting, and replenishment.

The Robotics Industry Wave Has Just Begun

Driving the Arrival of a New Intelligent Era

Looking at longer-term technology evolution trends, general-purpose warehouse robots are accelerating to become core infrastructure in the global logistics automation system. With the rise of embodied intelligence technology, their application boundaries continue to expand, and companies with leading technological capabilities are positioned to capture substantial incremental opportunities.

Looking ahead, Geekplus will continue to uphold its vision of "becoming a great robotics company," delving deep into the frontier of robotics technology and working hand in hand with all stakeholders to drive the world toward a new intelligent era through the power of robotics.

Right: Yong Zheng, Founder, Chairman and CEO of Geekplus; Left: Xin Wang, Managing Director of Gaorong Ventures

Xin Wang, Managing Director of Gaorong Ventures, said: "Congratulations to Geekplus on its successful Hong Kong listing! Congratulations to Yong Zheng and the team! Geekplus has won the trust of numerous international leading customers through its deep understanding of warehouse logistics scenario requirements, leading robotics technology, comprehensive product matrix, and strong global commercialization capabilities, with its brand influence growing steadily. The wave of the robotics industry has just begun. As embodied intelligence technology continues to deepen, more scenarios will surely be unlocked in the future, with enormous room for growth. We fully believe that the Geekplus team will leverage its strengths, continue to innovate, and ride the momentum upward. We wish Geekplus an even brighter future!"