Chinese industrial robotics developer Changzhou Microintelligence has passed a Hong Kong Stock Exchange listing hearing, moving the company closer to a potential initial public offering in the city.
The company, founded in 2018, develops embodied industrial intelligent robots and integrated automation systems for factories. Its HKEX listing record shows that a post-hearing information pack was published on October 9, following an application proof filed in March.
Microintelligence has not disclosed the proposed offering size, price range or timetable. Passing the listing hearing is a procedural milestone and does not guarantee that the offering will proceed.
Industrial AI moves toward public markets
Microintelligence combines machine vision, artificial intelligence models, industrial data and automation equipment to perform manufacturing tasks that require perception, decision-making and physical execution.
The company says its systems are used in industries including consumer electronics, automotive manufacturing, new energy, fast-moving consumer goods and semiconductors. It is seeking to move beyond individual production processes toward integrated workstations that can perform a broader sequence of tasks.
According to the company’s post-hearing disclosures, citing research commissioned from China Insights Industry Consultancy, Microintelligence was China’s largest supplier of embodied industrial intelligent robots by revenue in 2025, with an estimated market share of about 20 percent. That ranking is based on company-commissioned market research and should be read as such.
The filing says Microintelligence has accumulated more than 23 terabytes of annotated industrial data, covering more than 1.6 billion records. The company also reports more than 800 intellectual-property rights, including over 210 invention patents and 310 software copyrights.
Its customer base includes more than 25 Fortune Global 500 companies and other manufacturers, according to the company. Microintelligence currently serves customers in mainland China, Europe and the United States, and has identified Japan, Singapore and Malaysia as markets for further expansion.
Revenue grows as product mix shifts
Microintelligence reported revenue of RMB 796 million ($112 million) in 2025, up from RMB 434 million in 2023. That represents a compound annual growth rate of 35.4 percent, according to figures included in the company’s announcement.
For the five months ended May 31, 2026, revenue rose 22.6 percent from a year earlier to RMB 424 million. Revenue from its flagship embodied industrial intelligent robot products increased from RMB 114 million in 2023 to RMB 453 million in 2025, and reached RMB 260 million in the first five months of 2026.
The flagship products accounted for 61.4 percent of total revenue during that five-month period, while their gross margin reached 54.8 percent, the company said.
Microintelligence posted a profit of RMB 15.7 million in 2024 and RMB 5.1 million in 2025. The company attributed the decline to higher research and development spending. Profit for the first five months of 2026 was RMB 22.5 million, while adjusted net profit excluding share-based payments and listing expenses was RMB 33.8 million.
Proceeds earmarked for models and expansion
Microintelligence plans to use the proposed IPO proceeds primarily to develop its end-to-end industrial vision-language-action model and improve the intelligence and performance of its robots.
The company also intends to build overseas sales and service networks, pursue strategic investments and acquisitions, expand manufacturing capacity and support an application ecosystem around its technology.
Orient Capital, a unit of Orient Securities, is the sole sponsor of the proposed listing. The offer’s final structure and valuation remain subject to later filings and market conditions.