Recently, according to disclosures on the HKEX website, Beijing Yunji Technology Co., Ltd. (hereinafter referred to as "Yunji Technology") has passed the listing hearing. This means Yunji Technology has become the first Chapter 18C Special Technology Company to pass the HKEX hearing this year and is also expected to become the "first stock of robot service intelligent agents."
As a core achievement of the HKEX listing system reform in 2023, Chapter 18C specifically opens a listing channel for special technology companies that do not meet traditional financial indicator tests. It covers five major areas, including new generation information technology and advanced hardware. To date, companies such as XtalPi, Black Sesame (000716), and Yuejiang have successfully listed via this chapter.
Founded in 2014, Yunji Technology is primarily dedicated to providing cutting-edge robot and intelligent agent services. Its product and service portfolio mainly includes robots and functional kits, which are the hardware and modular products forming the foundation of robot service intelligent agents, including YJ-Robots, YJ-AIoT Components, YJ Universal Tool Warehouse Modules, and Intelligent Control Modules; AI digital systems, including AI-driven robot basic services and intelligent agent applications.
According to Frost & Sullivan data, based on 2024 revenue in China's robot service intelligent agent market, Yunji Technology ranked first with a 6.3% market share; it also ranked first in the hotel scenario of China's robot service intelligent agent market in 2024 with a 13.9% domestic revenue share, exceeding the combined shares of the second to fifth places.
In 2024, the single-day peak number of simultaneous online robots for Yunji Technology exceeded 36,000 units. According to Frost & Sullivan data, among participants in the 2024 robot intelligent agent market possessing robots adaptable to three-dimensional multi-layer spaces, Yunji Technology ranked first globally in both the number of simultaneous online robots and the number of consumers served.
Currently, Yunji Technology's products have covered over 34,000 hotels globally, serving leading hotel groups such as Huazhu, Jinjiang, Ru Jia, New Century, and InterContinental. In 2024, it partnered with Meituan Waimai, providing a fully closed-loop delivery linkage service from "platform order placement - rider order acceptance - robot delivery to the room" to tens of thousands of hotels. The global single-day peak of simultaneous online robots exceeded 36,000 units, and the annual cumulative service count surpassed 500 million times.
Under the Chapter 18C framework, Yunji Technology's leading senior independent investors are Alibaba, Lenovo Capital, Tencent, Qiming Venture Partners, and Ctrip; the senior independent investors are Anhui Artificial Intelligence Company and Henan Science Investment. Furthermore, Yunji Technology's investors also include CITIC Securities, Everbright Control Zhongying, Haiyin Capital, Feidian Capital, Jinmao Capital, Lanting Capital, Ruizhu Capital, Taizhou Southeast Cultural Investment Fund, China Mobile Innovation Industry (300832) Fund, etc.
The prospectus shows that from 2022 to 2024, Yunji Technology's operating revenues were RMB 161 million, RMB 145 million, and RMB 245 million (Renminbi, same below), respectively. The corresponding net losses were RMB 365 million, RMB 265 million, and RMB 185 million, respectively. The corresponding adjusted net losses were RMB 234 million, RMB 120 million, and RMB 28 million, respectively.
Currently, in the HKEX Chapter 18C application queue, there are still several high-quality companies preparing to list. In terms of industry distribution, the queued companies cover frontier sectors such as artificial intelligence, autonomous driving, and virtual reality. Among them, XiDi Zhijia focuses on the field of autonomous commercial vehicles, and 51VR specializes in VR technology R&D, both possessing core technical barriers and industry application scenarios.
Recently, Senyi Intelligence submitted its prospectus to HKEX. As a leading medical artificial intelligence technology company, Senyi Intelligence is also the only enterprise in the global medical AI industry covering L1 to L4 stage solutions, possessing full-stack R&D capabilities from data infrastructure to algorithms and applications. The company has been deeply involved in the mainland Chinese healthcare industry for many years, primarily serving hospitals and medical groups. As of June 30, 2025, it had served over 750 hospitals, including more than 400 large hospitals. According to CIC data, by revenue in 2024, Senyi Intelligence was the largest provider of hospital medical AI solutions in China and the fourth largest provider of medical AI solutions for large hospitals globally.
Luoshi Robotics also formally submitted its listing application to HKEX at the end of September, potentially becoming the "first stock of full-series intelligent robots" in the Hong Kong stock market. According to its prospectus, Luoshi Robotics is the only company in China capable of mass-producing both industrial robots and collaborative robots simultaneously. Based on 2024 sales volume, its multi-joint robots ranked third among domestic Chinese manufacturers and seventh among global manufacturers. It is noteworthy that the robotics industry is currently in a period of investment focus, with market participants closely watching the progress of companies from technological R&D to practical implementation. Currently, Luoshi Robotics has established a full-chain technology and product system and has achieved mass production and commercial implementation.
