Asia Pac ECM and Index Rebal, Shenton Research

Ke Yan, CFA, FRM

Asia Pac ECM and Index Rebal

Asia Pac IPO & Placement Research, China Biotech

Shenton Research

Shenton Research is an independent Asia Pacific equity specialist. Our quantitative research covers index rebalancing flows, alongside exchange data analytics accross Asia Pacific. On the equity capital markets side, we focus on Asia Pacific ECM, especially biotech and TMT. Our lead analyst is frequently cited by international media.

Equity Capital Markets

<ul>
<li>Hai Robotics, a warehouse picking robot solution provider, has filed its prospectus with the HKEX. GS and CITIC are the joint sponsors.</li>
<li>We look at the company's core segments: the distribution domain and the manufacturing domain.</li>
<li>We then look at the company's financial profile, loss-making status, pre-IPO valuation and investor backing.</li>
</ul>


Hai Robotics, a warehouse picking robot solution provider, has filed its prospectus with the HKEX. GS and CITIC are the joint sponsors.
We look at the company's core segments: the distribution domain and the manufacturing domain.
We then look at the company's financial profile, loss-making status, pre-IPO valuation and investor backing.


Hai Robotics (海柔创新) Pre-IPO: Tearsheet

HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

<ul>
<li>The core of Hai Robotics' business model is an integrated ACR solution provider.Unlike companies merely sell standard hardware, it offers a complete set of services including "robot hardware+software platform+scenario-based solutions".</li>
<li>Although the losses have narrowed, whether Hai can shift from "engineering customization" to "standardized productization" is crucial. Since there’re still non-standard customization work, the turning point of profitability is uncertain.</li>
<li>Valuation could be higher than peer. A comfortable range is RMB15-20 billion, which not only provides reasonable returns for early investors, but also leaves a safety margin for secondary market</li>
</ul>


The core of Hai Robotics' business model is an integrated ACR solution provider.Unlike companies merely sell standard hardware, it offers a complete set of services including "robot hardware+software platform+scenario-based solutions".
Although the losses have narrowed, whether Hai can shift from "engineering customization" to "standardized productization" is crucial. Since there’re still non-standard customization work, the turning point of profitability is uncertain.
Valuation could be higher than peer. A comfortable range is RMB15-20 billion, which not only provides reasonable returns for early investors, but also leaves a safety margin for secondary market


Pre-IPO Hai Robotics - Challenges Remain Despite Solid Business Model

APAC IPOs & Placements, Aequitas Research

Kajal Jain

APAC IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/hai-robotics-co-ltd" target="_blank" data-smartkarma-citation="entities:36470:1" rel="noopener">Hai Robotics (1920608D CH)</a> (HRIG) plans to raise around US$100m in its upcoming Hong Kong IPO. The deal will be run by GS and Citic. </li>
<li>HRIG is a global leader in warehouse automation, providing integrated solutions that combine robotics, hardware, software, and comprehensive support services to improve efficiency, productivity, and performance across warehouse operations worldwide.</li>
<li>As per CIC, HRIG was the world’s largest autonomous case handling robots (ACR) solution provider in FY24, with a market share of over 30%, by both revenue and shipment volume.</li>
</ul>



Hai Robotics (1920608D CH) (HRIG) plans to raise around US$100m in its upcoming Hong Kong IPO. The deal will be run by GS and Citic. 
HRIG is a global leader in warehouse automation, providing integrated solutions that combine robotics, hardware, software, and comprehensive support services to improve efficiency, productivity, and performance across warehouse operations worldwide.
As per CIC, HRIG was the world’s largest autonomous case handling robots (ACR) solution provider in FY24, with a market share of over 30%, by both revenue and shipment volume.


Aequitas: Hai Robotics Innovation Group Pre-IPO Tearsheet

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

<ul>
<li>Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.</li>
<li>On the IPO front, <a href="https://www.smartkarma.com/entities/fractal-analytics-ltd" target="_blank" data-smartkarma-citation="entities:45676:1" rel="noopener">Fractal Analytics </a>didn't do much at listing. </li>
<li>On the placement front, it was a quiet week given the CNY holidays.</li>
</ul>


Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.
On the IPO front, Fractal Analytics didn't do much at listing. 
On the placement front, it was a quiet week given the CNY holidays.


Aequitas ECM Weekly (23 February 2026)- Nexchip, MeiG, Indo-Mim, Shiprocket, Contact Energy

Covering IPOs, Healthcare and Technology Stocks

Andrei Zakharov

Algosun Global

Private Capital Markets

<ul>
<li>Founded in 2016 by Richie Chen and Shengdong Xu, HAI Robotics is a pioneer in ACR systems and warehouse automation robotics unicorn.  </li>
<li>HAI Robotics offers flexible automation solutions to improve efficiency while reducing costs. The company’s vision is to utilize robotics to create and deliver value to each factory and warehouse. </li>
<li>China is the hub for the production of AMRs and ACRs, easing the workforce shortage, improving operational efficiency, saving additional storage, and handling a wide range of SKUs. </li>
</ul>


Founded in 2016 by Richie Chen and Shengdong Xu, HAI Robotics is a pioneer in ACR systems and warehouse automation robotics unicorn.  
HAI Robotics offers flexible automation solutions to improve efficiency while reducing costs. The company’s vision is to utilize robotics to create and deliver value to each factory and warehouse. 
China is the hub for the production of AMRs and ACRs, easing the workforce shortage, improving operational efficiency, saving additional storage, and handling a wide range of SKUs. 


HAI Robotics: The Pioneer and Leader in ACR Robot Market

China

Hai Robotics Co. Ltd. produces and sells robots. The Company manufactures and sells haipick robots and other products. Hai Robotics markets its products primarily throughout China with limited overseas.

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Hai Robotics (1920608D CH)

Hai Robotics (海柔创新) Pre-IPO: Tearsheet

Hai Robotics has filed its prospectus with the HKEX. In this tearsheet, we look at the company's business and operating profile, its industry...

Ke Yan, CFA, FRM

Pre-IPO Hai Robotics - Challenges Remain Despite Solid Business Model

Hai Robotics offers integrated ACR solutions with hardware, software, scenario-based services. Transitioning to standardized products is key for...

Xinyao (Criss) Wang

Aequitas: Hai Robotics Innovation Group Pre-IPO Tearsheet

Hai Robotics Innovation Group Co. Ltd. (HRIG) plans to raise around US$100m in its upcoming Hong Kong IPO. The deal will be run by GS and Citic.

Kajal Jain

Aequitas ECM Weekly (23 February 2026)- Nexchip, MeiG, Indo-Mim, Shiprocket, Contact Energy

Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.

Sumeet Singh

HAI Robotics: The Pioneer and Leader in ACR Robot Market

HAI Robotics is a fast-growing warehouse robotics startup based in Shenzhen, China. The company has raised $300M+ in equity financing and could...

Andrei Zakharov

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Hai Robotics (海柔创新) Pre-IPO: Tearsheet

Hai Robotics has filed its prospectus with the HKEX. In this tearsheet, we look at the company's business and operating profile, its industry...

Ke Yan, CFA, FRM

Pre-IPO Hai Robotics - Challenges Remain Despite Solid Business Model

​Hai Robotics offers integrated ACR solutions with hardware, software, scenario-based services. Transitioning to standardized products is key for...

Xinyao (Criss) Wang

Aequitas: Hai Robotics Innovation Group Pre-IPO Tearsheet

Hai Robotics Innovation Group Co. Ltd. (HRIG) plans to raise around US$100m in its upcoming Hong Kong IPO. The deal will be run by GS and Citic.

Kajal Jain

Aequitas ECM Weekly (23 February 2026)- Nexchip, MeiG, Indo-Mim, Shiprocket, Contact Energy

Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.

Sumeet Singh

HAI Robotics: The Pioneer and Leader in ACR Robot Market

HAI Robotics is a fast-growing warehouse robotics startup based in Shenzhen, China. The company has raised $300M+ in equity financing and could...

Andrei Zakharov

Hai Robotics offers integrated ACR solutions with hardware, software, scenario-based services. Transitioning to standardized products is key for...