Listing Success | Frost & Sullivan Supports Zhuhai Yiwi Technology Co., Ltd. in Its Successful Listing in Hong Kong (2065.HK)

Zhuhai Yiwēi Technology Co., Ltd. (hereafter referred to as "Yiwēi Technology") is expected to be successfully listed on November 12, 2026. According to the prospectus, the company plans to offer a global offering of 71,687,000 H shares, of which 3,584,500 will be offered publicly in Hong Kong (accounting for approximately 5% of the global offering), and 68,102,500 will be offered internationally (accounting for approximately 95%). The indicative issue price range is HK$9.27 to HK$11.58 per share; based on the median issue price of HK$10.43 per share, the net proceeds from the global offering are expected to be approximately HK$672.7 million. The H shares are expected to be traded on the Hong Kong Stock Exchange starting November 12, 2026. The final issue price, issue outcome, and actual net proceeds will be subject to the company’s subsequent announcements.

According to the fund-raising plan disclosed in the prospectus, approximately 70% of the net proceeds calculated based on the median issue price are intended to strengthen the company’s advantages in software, hardware, and robot-specific AI SoC, focusing on embodied intelligence, advanced perception and execution; approximately 10% are intended to expand domestic and overseas markets, establish broader, higher-quality, and more sustainable customer relationships, and build a thriving developer ecosystem; approximately 10% are intended for synergistic strategic investments and acquisitions; and approximately 10% are intended for working capital and general corporate purposes.

During this listing process in Hong Kong, SULLIVAN, as an industry advisor, mainly undertakes the following tasks: assisting the issuer in conducting industry research surrounding intelligent mobile robot solutions and related technology areas, helping the issuer clarify target market positioning, analyze the industry market size and competitive landscape, and providing research basis for content such as the industry overview in the prospectus; at the same time, supporting the issuer and investment banks and other intermediary teams in engaging in discussions on industry-related issues, helping investors understand the industry ecosystem, technological evolution, and market development opportunities.

SULLIVAN continues to provide industry advisory services for companies listing in Hong Kong. According to the LiveReport Big Data (statistical data as of September 30, 2026), during the statistical period from January to September 2026 and over the past 12 and 36 months, SULLIVAN has provided listing industry advisory services for 76 (market share: 66%), 111 (market share: 68%), and 223 (market share: 69%) Hong Kong stock IPOs, ranking first in number and possessing rich industry experience, as well as communication experience with regulatory authorities, exchanges, investment and financing institutions, and various relevant entities.

The intelligent mobile robot solution is an integrated system that combines hardware, software, and algorithms to enable autonomous movement across scenarios, environmental interaction, and task execution—its core lies in providing the robot with perception, decision-making, and execution capabilities. Based on the perception method and technical approach, the industry is primarily divided into inertial navigation, single-modal, and multi-modal solutions.

Source: Frost & Sullivan Analysis

Source: Frost & Sullivan Analysis

In the single-modal robot solution market, the top five companies in 2025 had combined revenues of approximately RMB 4.45 billion, representing approximately 7.6% of the sub-market; Yiwei Technology ranked first with revenues of approximately RMB 1.28 billion.

Source: Vinson Analysis

In the multi-modal robot solution market, the top five companies in 2025 had combined revenues of approximately RMB 15.79 billion, representing approximately 51.7% of the sub-market; Yiwei Technology ranked third with revenues of approximately RMB 1.81 billion.

Source: Frost & Sullivan Analysis

With rising labor costs and the ongoing automation and digital transformation in the manufacturing, logistics, and service industries, enterprises' demand for the application of intelligent mobile robots continues to grow, driving an increase in industry shipments. As the application scope of robots expands, downstream customers also increase their demand for standardized functional modules and technical support. Meanwhile, new entrants lacking core technologies tend to rely on solution platforms to reduce the difficulty of technology development and application adaptation, further promoting the growth in demand for platform-based solutions.

As robot applications evolve from basic task execution to autonomous perception and intelligent decision-making, the market has higher requirements for core technologies such as SLAM, environmental perception, and dynamic obstacle avoidance. Advanced robots are gradually gaining the ability to perform dynamic task allocation, fault prediction, and autonomous decision-making, which helps to improve operational efficiency and reliability while promoting the development of intelligent mobile robot solutions toward higher technical value added.

The application scenarios for intelligent mobile robots are becoming increasingly diverse, and different sectors have differentiated requirements for product functions and technical capabilities. For example, household robots focus more on precise navigation and obstacle avoidance, while companion robots emphasize interaction and operation capabilities. To meet the differentiated needs of specific scenarios, enterprises need to continuously strengthen research and development investment and enhance product adaptability to meet specific sectoral demands, improve customer retention, and drive the advancement of products toward higher-end levels.

As robot application scenarios become increasingly complex, the limitations of a single sensor in environmental recognition and dynamic adaptation are gradually emerging, and the industry is accelerating its development toward multi-sensor fusion. By integrating various sensing technologies such as inertial sensors, vision, and lidar, real-time fusion of multi-source data can be achieved, which helps improve a robot's environmental perception and adaptability in complex, dynamic environments. Meanwhile, redundant design enhances system reliability and ensures the stable operation of robots in dynamic environments.

As the complexity of robot application scenarios continues to rise, the market demand for advanced algorithm models and stronger computing capabilities remains growing. Algorithm optimization can further enhance a robot's environmental perception, task allocation, and motion control capabilities, while stronger computing power provides support for real-time data processing, enabling robots to perform more efficient and precise autonomous operations.

The hardware architecture within the mobile robot category is gradually evolving toward generalization, thereby reducing the need for repetitive customization for specific application scenarios. Platform-based solution providers, by providing standardized hardware and combining it with software algorithm optimization, enable adaptation to different application contexts, which helps improve development efficiency, reduce costs, and support the scalable expansion of solutions.

As the industry’s technology system becomes more mature, enterprises are gradually transitioning from single-product suppliers to platform-based ecosystem builders. Through open interfaces and development toolchains, they attract robot manufacturers, developers, and industrial chain partners, enabling technology sharing, accelerating product innovation, and promoting industry standardization, ultimately forming an expandable and sustainable industrial ecosystem.

Driven by cost advantages, supply chain capabilities, and rapid response capabilities, domestic intelligent mobile robot companies are accelerating their global expansion. Through continuous R&D investment, product adaptation, and local customization, these companies can better meet market demands in different countries and regions and, through cooperation with international brands, distributors, and system integrators, extend the application scope of their products from the domestic market to the global market.

Intelligent mobile robot solutions involve multiple components such as chips, sensors, algorithms, software, and execution modules. Enterprises need to possess system-level integration and collaborative development capabilities for software and hardware. Differences in architecture and interfaces among different manufacturers and hardware modules may lead to redundant adaptation, reducing R&D efficiency and product usability. Establishing an integrated software and hardware technology system, enabling deep collaboration and continuous optimization among modules, is a key foundation for enterprises to achieve product reliability and technological iteration advantages.

Intelligent mobile robots must achieve accurate positioning, environmental recognition, and autonomous obstacle avoidance in complex, dynamic environments, requiring strong scenario understanding and algorithm development capabilities. Data accumulation from real-world applications helps to continuously optimize algorithm performance, particularly enhancing a robot’s ability to avoid obstacles and adapt in dynamic environments. Enterprises with long-term industry experience can form a continuous iteration mechanism based on practical application feedback, improving the scenario adaptability of solutions and building technical barriers.

The development and large-scale deployment of intelligent mobile robot solutions rely on deep collaboration across the entire industrial chain, involving chip, sensor, and other core component suppliers, as well as downstream robot manufacturers and end customers. Upstream collaboration ensures compatibility between different components, while downstream customer participation in product definition enhances the alignment of solutions with actual needs. Establishing a mature industrial ecosystem requires long-term investment and continuous cooperation, forming an important barrier to entry in the industry.