LeDong Robotics is listed on the Hong Kong stock exchange with a market value of 20 billion yuan, with two low-profile venture capital firms securing returns of dozens of times their investment.

Shenzhen’s robotics industry adds another Hong Kong-listed company. Ludong Robotics officially listed today, with a strong first-day stock performance, closing up 127%, and the company’s market value surpassing 20 billion Hong Kong dollars. This achievement has attracted significant attention from the capital market toward the robotics sector, with several early-stage investment institutions reaping substantial returns.

According to financing data from third-party organization CVSource, Ludong Robotics completed four rounds of financing since 2018. Among them, two previously inconspicuous investment institutions became the biggest winners: Jiuyu Capital and Mingshi Investment, achieving returns of over 41 times and nearly 50 times, respectively.

Founded in 2015, Jiuyu Capital originally focused on TMT (Technology, Media, Telecommunications) investments and gradually reduced its activity after 2018. However, that year, the firm invested in Ludong Robotics as an angel round investor, and as the company went public, the value of this investment experienced explosive growth. Another firm, Mingshi Investment, also established in 2015 and headquartered in Urumqi, mainly invests in local Xinjiang companies. The firm continued to increase its stake in Ludong Robotics for three consecutive rounds after 2018, ultimately earning nearly 50 times returns.

Mingshi Investment’s portfolio shows that, despite its limited number of investments—CVSource data indicates it has invested in only 16 companies across 20 projects—it has a high hit rate. Besides Ludong Robotics, star projects like Tuozhu Technology and Jiliu Technology are also part of its investment portfolio. This “small but refined” investment strategy has helped it establish a unique image in the capital market.

Founded in 2020, Huaye Tiancheng also performed remarkably. Through multiple follow-on investments, the firm achieved nearly 40 times returns, with current holdings valued at 1.84B RMB. The Century Golden Source, which participated in the investment at the same time, had a slightly lower return multiple (24 times), but with a larger shareholding, its equity value reached 2.3 billion RMB, making it one of Ludong Robotics’ important external shareholders.