Kalesheet Technology officially listed on the Hong Kong Stock Exchange, surging 96% at opening! Becomes "the first stock of full-stack intelligent on-site logistics robots"

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Kailuoshi Technology (02729.HK) successfully listed on the Main Board of the Hong Kong Stock Exchange today, with Guotai Junan International and CITIC Securities serving as joint sponsors.

According to reports, Kailuoshi’s Hong Kong public offering was heavily oversubscribed, with 107,253 valid applications received, resulting in a subscription multiple of 2,153.26 times, making it the most oversubscribed IPO in the robotics sector of Hong Kong stocks this year. The international offering was oversubscribed by 3.37 times, with 123 allottees.

Kailuoshi Technology is a rare domestic full-stack intelligent on-site logistics robot company, focusing on providing products and solutions for all aspects of intelligent on-site logistics. It has established a solid leading position within the industry. According to Frost & Sullivan data, based on 2024 revenue, Kailuoshi ranks among the top five comprehensive intelligent on-site logistics robot companies in China.

Notably, Kailuoshi is one of the few companies worldwide that master full-stack robot technology and possess a comprehensive autonomous R&D robot product portfolio. It is also among the few that achieve full coverage of core on-site logistics functions, capable of meeting all scenarios requiring high, load-bearing operations.

At today’s opening, Kailuoshi’s stock surged 96.16%, trading at HKD 32.68 per share, with a market capitalization of HKD 13.983 billion.

Summary | Prospectus | Company Announcement | Edited by Arti

This article is for informational purposes only and does not constitute any investment advice.

According to the prospectus, Kailuoshi is a provider of comprehensive intelligent on-site logistics robots, dedicated to redefining supply chain operations through advanced robotics technology. The company offers a wide range of robot products centered around three core product lines: Multi-directional Shuttle Robots (MSR), Autonomous Mobile Robots (AMR), and Conveying Sorting Robots (CSR).

Kailuoshi’s robot portfolio features core functions such as access, sorting, and handling, covering the entire scope of on-site logistics operations. The company is an established player in the intelligent on-site logistics robot industry, with extensive technological capabilities and a diversified portfolio of self-developed robots, supporting key functions with widely adopted specifications for height and payload.

For over a decade, Kailuoshi has been committed to innovation in on-site logistics automation. Based on 2024 revenue, it ranks fifth among China’s top five comprehensive intelligent on-site logistics robot companies, with a market share of 1.6%.

The company is positioned in the midstream of the industry, providing intelligent on-site logistics solutions to address fundamental challenges in modern warehouse operations. By integrating advanced robotics with intelligent software, it offers flexible and scalable automation solutions to improve efficiency, enhance reliability, and reduce costs, adapting to evolving business needs. Its solutions transform traditional warehouses into smart facilities capable of meeting modern commercial demands while significantly reducing reliance on manual labor and rigid infrastructure.

Over the years, Kailuoshi has developed a diversified portfolio of advanced robots covering core functions of access, sorting, and handling, along with proprietary software and control systems for site scheduling. Through extensive implementation, the company has established a systematic approach to solution design and deployment, integrating robots and software to address the inherent complexity of modern on-site logistics operations.

Driven by rising operational costs, increasing complexity, and growing efficiency demands, Frost & Sullivan projects that the global smart on-site logistics market will reach RMB 522.8 billion in 2025 and RMB 991.9 billion by 2030, with a compound annual growth rate (CAGR) of 13.7%.

China remains a key market for the industry, with market size growing from RMB 96 billion in 2020 to RMB 175.9 billion in 2024, at a CAGR of 16.3%. It is expected to reach RMB 413.7 billion by 2030, with a projected CAGR of 15.1% from 2025 to 2030.

Kailuoshi generates revenue from robot and system sales, as well as after-sales and other services, derived from its intelligent on-site logistics solutions. Robots and systems are delivered mainly through two models:

Single-function robot deployment: Focused on projects using self-developed robots for specific operational needs such as access, sorting, and handling. These projects primarily involve a single type of intelligent robot, such as AMR, MSR, or CSR. Such solutions may involve one or multiple robots for the same function, often integrated into larger systems, but enterprise clients can also adopt them directly.

Multi-function integrated systems: Combine the company’s self-developed robots with third-party products to meet multiple operational needs, such as storage, access, sorting, and handling within a complete warehouse system. These projects mainly involve integrating two or more types of intelligent robots, such as AMR, MSR, and CSR, providing customized end-to-end solutions for enterprise clients.

As of November 30, 2025, the total value of pending robot and system deliveries is approximately RMB 2.3 billion, which the company expects to realize within the next three years. Kailuoshi continues to focus on innovation and deepening its core product lines: Multi-directional Shuttle Robots (MSR), Autonomous Mobile Robots (AMR), and Conveying Sorting Robots (CSR).

The company’s software systems facilitate the deployment of intelligent on-site logistics robots and systems, ensuring successful implementation and operation of large-scale automated logistics centers. Its core software includes Warehouse Management System (WMS), Warehouse Control System (WCS), and Robot Control System (RCS).

While expanding domestically, Kailuoshi also strategically broadens its geographic reach. Through years of dedicated effort, it has cultivated a broad and geographically diverse customer base across 16 countries and regions.

As of September 30, 2025, the company employs approximately 250 R&D staff, accounting for about 29.4% of total employees. Its R&D team is divided into three departments: Robotics R&D Center, Systems R&D Center, and AI Intelligent Research Institute, each playing a unique role in supporting the company’s innovation strategy and continuously advancing technological capabilities and R&D processes. The company has received national high-tech enterprise certification and national-level specialized and innovative “Little Giant” enterprise recognition, along with multiple awards for ongoing innovation.

As of the last practicable date, Kailuoshi operates two manufacturing bases in Jiaxing and Wuhu. The Jiaxing plant mainly produces MSR and AMR, while the Wuhu plant primarily manufactures CSR.

Financially, Kailuoshi’s total revenue for 2022, 2023, and 2024, as well as the nine months ending September 30, 2024, and 2025, was RMB 657 million, RMB 551 million, RMB 721 million, RMB 344 million, and RMB 552 million, respectively. Corresponding gross profits were RMB 103 million, RMB 91.7 million, RMB 114 million, RMB 60.2 million, and RMB 91.4 million. The gross profit margins were 15.7%, 16.6%, 15.7%, 17.5%, and 16.6%.

The company’s annual net loss narrowed from RMB 210 million in 2022 and RMB 242 million in 2023 to RMB 178 million in 2024. Its adjusted net loss (non-IFRS) decreased from RMB 117 million in 2022 and RMB 123 million in 2023 to RMB 50.5 million in 2024. For the nine months ending September 30, 2024 and 2025, losses decreased from RMB 141 million to RMB 135 million, and adjusted net losses (non-IFRS) from RMB 46.4 million to RMB 13.8 million.

According to the prospectus, Kailuoshi’s shareholders include SF Express, China International Capital Corporation (CICC), China Merchants Group, among others.

The company plans to use the net proceeds from the global offering approximately as follows: about 24.5% to advance core robot product lines (e.g., improve existing products and develop new ones); about 20.5% for R&D of underlying technologies (e.g., digital twin, large model, and AI-integrated robotics); about 25.0% to expand capacity and upgrade manufacturing capabilities; about 20.0% to execute global market expansion strategies, crucial for building international influence and capturing overseas opportunities; and about 10.0% for working capital and general corporate purposes to support daily operations and overall business growth.