Tencent-Backed Robot-Maker UBTech Robotics IPO in Hong Kong with $4.8 Billion Market Value on 29th December 2023, Founder James Zhou Jian Becomes Billionaire
5th January 2024 | Hong Kong
Tencent-backed robot-maker UBTech Robotics has IPO (29/12/23) in Hong Kong with $4.8 billion market value (HKD 90, HKD 37.6 billion market value), with founder & CEO James Zhou Jian becoming a billionaire with the IPO. UBTech Robotics was founded by CEO James Zhou Jian with 78% shareholding and RMB 10 million registered capital. UBTech Robotics: “Many shareholder representatives of UBTECH Robotics also attended the listing ceremony, including Xia Zuoquan, Co-founder of BYD, Kuang Ziping, Founding Managing Partner of Qiming Venture Partners, and Ying Wei, Managing Partner of CDH Investments, among other prominent investors. After the IPO, Zhou Jian, CTO Xiong Youjun, angel investor Xia Zuoquan and others jointly held 51.17% of the shares as persons acting in concert. Xia Zuoquan is still the largest individual shareholder of UBTECH Robotics apart from the Founder. Tencent is the largest institutional shareholder with holding 6.15% of the shares, while Qiming Venture Partners holds 5.67% of the shares and remains the second largest institutional shareholder.” James Zhou, founder, Chairman & CEO of Ubtech: “Since our inception, Ubtech has been committed to the vision of ‘introducing intelligent robots into every household’. Over the past decade, we’ve evolved into a trailblazer in humanoid robots and a leader in smart service robots. Following the listing, our dedication to innovation and technology will remain unwavering. We aim to continually enhance our full-stack humanoid robot technological capabilities, using innovation to address critical societal challenges and fulfill essential societal needs, thereby creating sustainable long-term societal value.”
“ Tencent-Backed Robot-Maker UBTech Robotics IPO in Hong Kong with $4.8 Billion Market Value on 29th December 2023, Founder James Zhou Jian Becomes Billionaire “
Tencent-Backed Robot-Maker UBTech Robotics Files for IPO in Hong Kong, Valued at $7 Billion in 2021 Fundraising with Founder James Zhou Jian to Become a Billionaire at IPO
4th February 2023 – Tencent-backed robot-maker UBTech Robotics has filed for IPO in Hong Kong, with UBTech last valued at around $7 billion in a 2021 fundraising round. UBTech Robotics was founded by CEO Zhou Jian with 78% shareholding and RMB 10 million registered capital. In the listing prospectus, UBTech CEO Zhou Jian currently has 28.8% total shareholding and is set to become a multi-billionaire at IPO. UBTech Robotics: “We are a pioneer and leader in artificial intelligence (AI)-empowered robotics in the PRC, dedicated to the innovation of humanoid robots and the research and development (R&D), design, smart production, commercialization, sales and marketing of smart service robotic solutions … … We experienced a growth in revenue during the Track Record Period. For FY2020, FY2021 and 9M2022, we recorded a revenue of RMB740.2 million, RMB817.2 million and RMB529.2 million, respectively. Our revenue grew by 10.4% between FY2020 and FY2021 and at 5.1% on a YoY basis between 9M2021 and 9M2022. For FY2020, FY2021 and 9M2022, our gross profit was RMB330.7 million, RMB256.0 million and RMB162.7 million, respectively. Our gross profit decreased by 22.6% between FY2020 and FY2021 and at 16.7% on a YoY basis between 9M2021 and 9M2022.” IPO ~ Initial Public Offering
Tencent-Backed Robot-Maker UBTech Robotics Files for IPO in Hong Kong
UBTech Robotics – We are a pioneer and leader in artificial intelligence (AI)-empowered robotics in the PRC, dedicated to the innovation of humanoid robots and the research and development (R&D), design, smart production, commercialization, sales and marketing of smart service robotic solutions. According to Frost & Sullivan, we are (i) one of the two providers out of the top five providers of smart service robotic solutions in China (in terms of revenue in 2021) which have full-stack technologies capabilities, and (ii) China’s No. 1 provider of education smart robotic products and solutions (in terms of revenue in 2021). We are also the first in China to launch a commercialized biped-life sized humanoid robot, first in the world to lower the cost of a biped life-sized humanoid robot below US$100,000, and the first in China to achieve large-scale commercialization of small-sized humanoid robots.
Our history dates back to March 2012 when our Company (formerly known as Shenzhen UBTECH Technology Co., Ltd.* (深圳市優必選科技有限公司)) was established under the laws of PRC as a limited liability company with a registered capital of RMB10 million which was held as to 78%, 17% and 5% by Mr. Zhou Jian, who is our chief executive officer, Executive Director and one of our Controlling Shareholders, Mr. Xia Yongjun, one of our Controlling Shareholders and Mr. Chen Zhenjiang (陳振江) respectively. Ms. Wang Lin and Mr. Xiong Youjun, our Executive Directors and Controlling Shareholders, joined our Company in March 2012 and June 2012 respectively and have become our core management team with Mr. Zhou Jian since then. In March 2019, our Company converted into a joint stock company with limited liabilities with our name changed to UBTECH ROBOTICS CORP LTD* (深圳市優必選科技股份有限公司). As of the Latest Practicable Date, our Company had a registered capital of RMB396,173,136.
According to Frost & Sullivan, we are:
- (i) among the first companies in the world to commercialize multi-joint service robots integrated with multiple servo actuators in the consumer market, one of the few companies in the world to achieve the mass production and actual product application of multi-series servo actuators;
- (ii) the first in the world to accomplish mass production of small torque to large torque servo actuators with a torque from 0.2Nm to 200Nm;
- (iii) first in the world to lower the cost of a biped life-sized humanoid robot below US$100,000;
- (iv) China’s No. 1 provider of smart service robotic solutions in terms of number of patents registered (i.e. over 1,500 robotic and AI-related patents as of December 31, 2022);
- (v) the first in China to achieve large-scale commercialization of small-sized humanoid robots;
- (vi) China’s No. 1 provider of education smart robotic products and solutions (in terms of revenue in 2021);
- (vii) the first in China to launch a commercialized biped-life sized humanoid robot; and
- (viii) one of the two providers out of the top five providers of smart service robotic solutions in China (in terms of revenue in 2021) which have full-stack technologies capabilities (which include computer vision, voice interactions, servo actuators, motion planning and control, and positioning navigation).
As a reflection of our capabilities, in January 2023, we were selected by Analytics Insight as one of the top 10 companies in the vanguard of the rise of humanoid robots along with other globally-renowned robotics companies for offering a range of applications for humanoid robots which lead to the automation of tasks, cost-savings and productivity.
Empowered by our robotics and AI technologies and the rising demand for the application of robotic and AI-empowered solutions across different use scenarios and sectors, we target the market opportunity where robotic and AI technologies continue to transform the way robots interact with humans, improve operational efficiencies of enterprises and enhance our daily lives. According to Frost & Sullivan, the market size of the global and PRC smart service robotic solutions market is estimated to grow from US$22.1 billion to US$67.6 billion at a CAGR of 25.0% between 2021 and 2026 and from RMB46.7 billion to RMB155.8 billion at a CAGR of 27.2% between 2021 and 2026, respectively.
Customer base and sales networks – We serve a broad customer base primarily in China and also over 40 other countries in the world, ranging from enterprise-level government educational institutions and business enterprises across different sectors to consumer-level general retail customers. During the Track Record Period, we served over 900 enterprise-level group customers, covering government educational institutions and various business enterprises as well as consumer- level general retail customers. We market and sell robot-based products and solutions primarily through our own direct sales force comprising more than 400 employees dedicated to optimizing the user experience of our customers and end-users of our robotic products and solutions. Our direct sales force a proven track record of attracting and retaining large, national government educational institutions and business enterprises in China and marketing our products and solutions overseas. Leveraging our strong, industry-pioneering reputation, we also cooperate with an extensive network of online and offline sales channels to penetrate into the consumer-level market and overseas customers.
Financial performance – We experienced a growth in revenue during the Track Record Period. For FY2020, FY2021 and 9M2022, we recorded a revenue of RMB740.2 million, RMB817.2 million and RMB529.2 million, respectively. Our revenue grew by 10.4% between FY2020 and FY2021 and at 5.1% on a YoY basis between 9M2021 and 9M2022. For FY2020, FY2021 and 9M2022, our gross profit was RMB330.7 million, RMB256.0 million and RMB162.7 million, respectively. Our gross profit decreased by 22.6% between FY2020 and FY2021 and at 16.7% on a YoY basis between 9M2021 and 9M2022. The fluctuation of our overall gross profit margin was mainly driven by the mix of different revenue stream, mix of different products among each products and solutions segment, as well as the fluctuation of gross profit margins among different revenue stream.
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