Mech-Mind debuts as Hong Kong’s first ‘embodied intelligence eye-brain-hand’ stock

The company, which serves more than 100 Fortune Global 500 companies, derives over half its revenue overseas, and counts Baillie Gifford among its cornerstone investors

By Teri Yu

Intelligent robot-component supplier Mech-Mind Robotics Technologies Co. Ltd. (9615.HK) made its Hong Kong trading debut on Tuesday at an offer price of HK$107.70 per share, raising approximately HK$2.35 billion ($300 million).

The listing was backed by cornerstone investors including century-old Scottish asset manager Baillie Gifford, Chinese insurance asset-management leader Taikang Life, Wall Street quantitative trading firm Jane Street, BYD’s industrial investment arm Golden Link, and institutions such as Invus, Ghisallo, Ruihua, NGS Super Fund and E Fund.

Founded in 2016, Mech-Mind, whose name means “robot’s brain,” provides embodied AI infrastructure. Rather than building robot bodies, it supplies the “eyes, brains and hands” that give robots their intelligence and mobile abilities.

Its Mech-Eye industrial 3D cameras capture high-precision point-cloud data; its software platform, built around the Mech-GPT multimodal large model, handles perception, semantic understanding, task planning and motion control; and its Mech-Hand five-finger dexterous hands perform grasping and assembly. Together, the three form a closed loop from sensing to decision-making to execution in factories, warehouses and other operational settings.

The company has shipped more than 29,000 units worldwide to date, serving over 100 Fortune Global 500 companies, including CATL, BYD, Toyota, Midea and Foxconn, across more than 50 typical application scenarios. Third-party research cited in its listing documents ranks Mech-Mind first globally in the market for AI + 3D vision-guided non-specialty intelligent robot components, with 22.1% of the market by revenue in 2025. Its global shipment share topped 27% — more than its next four largest rivals combined.

Its revenue rose to 388.8 million yuan ($54.3 million) in 2025 from 268.8 million yuan in 2024 and 180.8 million yuan in 2023, averaging 46.6% annual growth over the two-year period. Its gross margin rose to 64.6% in 2025 from 51.1% a year earlier and 39.1% in 2023, while its gross profit climbed to 251.1 million yuan from 70.6 million yuan two years earlier.

The company’s losses are narrowing as its business scales. Mech-Mind’s adjusted net loss fell to 109 million yuan in 2025 from 334 million yuan in 2023. Its 2025 operating loss was smaller than that year’s R&D spending of 113 million yuan, suggesting the core business was nearing break-even before R&D costs. Existing customers accounted for 61% of revenue in 2023, rising to 78% in 2025 and 86% in the first quarter of 2026, while average deployments per customer climbed from 7.2 units to 13.2.

Revenue for the first quarter of 2026 rose 73.1% year on year to 106.9 million yuan, while its loss narrowed 19.5% to 56.8 million yuan.

Mech-Mind has targeted the global market since its founding, with 16 business centers covering major industrial hubs such as Tokyo, Seoul, Chicago and Munich. Its overseas revenue jumped to 195.5 million yuan in 2025 from 97.7 million yuan in 2024 and 58.6 million yuan in 2023, growing at an average of 82.7% annually, and accounting for a majority 50.3% of total revenue last year — up from 32.4% in 2023. The company now serves more than 900 overseas customers across 50 countries and regions.

Mech-Mind said it will allocate about 31.8% of the IPO proceeds to R&D, and another 29.4% to global expansion and commercialization. The remainder will fund a broader product portfolio and application scenarios, expanded production capacity, improved operational efficiency, and be used for general working capital.

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