Robot-chip maker Amicro raises $90.5M in below-range Hong Kong IPO
What's the deal? Zhuhai-based Amicro Technology priced its Hong Kong IPO at US$1.2 per H share, raising US$85.8M in gross proceeds. The maker of navigation chips and modules for cleaning and service robots began trading on November 12, 2026 under stock code 2065, valuing it at about US$544M.
Why below range? The US$1.2 price sits under the US$1.26 midpoint of its US$1.12–US$1.4 offer range. Demand was lopsided: the Hong Kong retail tranche was 13.95 times subscribed, triggering a claw-back, while the international tranche drew just 1.05 times coverage across 50 placees.
Who's backing it? Cornerstone investors Digital HorizonDealroom has a profile for this one. Try Dealroom → and Compro Lighting took 9,900,000 shares between them. Digital Horizon is a close associate of existing shareholder Guangdong SummitView IC. The filing warns of highly concentrated ownership, which could swing the share price even on small volumes.
What's the endgame? Amicro listed via Chapter 18C, the specialist-technology route, as it cannot meet standard profit tests. It plans to spend about 70% of net proceeds on software, hardware, and robot-dedicated AI chips. It says its solutions are used by eight of the world's top 10 cleaning-robot makers, including Xiaomi, iRobot, and Ecovacs.
What could go wrong? The company remains loss-making. Revenue rose to US$55.9M in 2025, but it lost US$21.3M that year, with losses widening to US$9.17M in the four months to April 30, 2026. It warns operating losses may continue for the foreseeable future.
The signal: The deal tests appetite for smaller robotics suppliers in a crowded pipeline. Hong Kong listings have raised about $51.9 billion in 2026, but recent reporting flags cautious demand and more abandoned deals. Amicro joins robotics peers such as Excelland, with bigger names like Alibaba's T-Head preparing to tap the same investors.
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