According to the Zhitong Finance App, Benmao Technology (06731) will raise shares from September 21, 2026 to September 24, 2026. It plans to sell 50 million H shares globally. The Hong Kong public sale accounts for about 5.0%, and the international sale accounts for about 95.0%. The offer price will be HK$21.60 for each offered share. Each lot is 100 shares. H shares are expected to start trading on the Stock Exchange at 9:00 a.m. on September 29, 2026.
According to reports, the company is a robotics company with direct drive technology as its core capability. The company is mainly engaged in the sale of robot power modules in China, followed by the sale of robots. The company operates in the following industries: (i) the Chinese consumer robot power module industry, which is a market segment accounting for 26.3% of the Chinese robot power module industry; (ii) the Chinese wheel foot and Chinese double wheel foot robot industry are segments accounting for less than 1.0% of the Chinese robot industry.
Robot power module. According to Frost & Sullivan, in terms of revenue in 2025, the company (i) ranked 8th in the consumer robot power module industry in China, with a market share of 2.4%; (ii) ranked first in China's consumer robot direct drive module industry (market segment accounting for 3.9% of China's consumer robot power module industry), with a market share of 61.1%.
robot. In terms of revenue in 2025, the company (i) ranked fourth in the Chinese wheel foot robot industry with a market share of 4.7%; (ii) ranked second in the Chinese double wheel foot robot industry, with a market share of 18.6%. Launched in October 2025, the D1 robot is the world's first commercially-launched fully modular two-wheeled robot. The company is also one of the few companies in the global robotics industry that can achieve group control in wheel foot robots. Group control refers to the ability of multiple robots to operate as a unified whole.
Assuming that the over-allotment rights were not exercised, and based on the offer price of HK$21.60 per share, the net proceeds from the global sale would be approximately HK$982.5 million. Of this, approximately 50.0% of the net proceeds will be used to enhance the company's R&D capabilities in key robotics technology to support the company's technology and product development. Approximately 20.0% of the net proceeds will be used to deepen cooperation with industry partners, expand sales networks, and further strengthen brand awareness. Approximately 20.0% of the net proceeds will be used to improve the company's production capacity and efficiency to support the company's rapid business growth. Approximately 10.0% of the net proceeds will be used for working capital and general corporate purposes.
In addition, the company has entered into a Cornerstone Investment Agreement with Cornerstone Investors, according to which Cornerstone Investors have agreed to subscribe at the offer price or induce their designated entities to subscribe for the relevant number of shares to be purchased for a total amount of approximately HK$472 million, subject to certain conditions. Cornerstone investors include: Hong Kong Science and Technology Innovation Leader No.1 Investment Co., Ltd., JSC International Investment Fund SPC (for and on behalf of JSC International Investment Fund SPC — Shenghai SP).