China's only mass-producer of both industrial and collaborative robots secures CSRC approval for an 18C listing on the HKEX, unlocking capital for its embodied AI ambitions
46% 2022–2024 Revenue CAGR | ~40 Countries & Regions | 34% Flex-Cobot Market Share | #7 Global Multi-Joint Rank |
THE MILESTONE
Rokae (Shandong) Robotics Group Inc., the Shandong-based robotics group founded in 2015, received formal approval from China's securities regulator — the China Securities Regulatory Commission (CSRC) — to proceed with its planned listing on the Hong Kong Stock Exchange (HKEX). The approval, obtained on 27 March 2026, represents the final major mainland Chinese regulatory clearance required before the company can set a formal listing timetable under HKEX's Chapter 18C framework for specialist technology companies.
The CSRC sign-off is a pivotal gate in the dual-jurisdiction review process that all mainland-headquartered companies must navigate when seeking an offshore listing. Under rules that took effect in 2023, companies are required to file with the CSRC and obtain a no-objection letter before a prospectus can be formally submitted to HKEX for listing approval. For Rokae, the green light clears the path for the company to move toward a formal hearing before the HKEX Listing Committee.
"We are the only manufacturer in China mass-producing both industrial and collaborative robots — and now we have the regulatory foundation to build the next chapter of that story on global capital markets."
COMPANY PROFILE
Rokae describes itself as a next-generation AI robotics company, pursuing the design, development, manufacture and commercialisation of intelligent robots and robot solutions. Its product portfolio spans three primary categories: industrial robots (payload 4–220 kg), flexible collaborative robots — the segment where it holds strongest market positioning — and an emerging embodied AI robot line that includes humanoid arms, dual-arm wheeled platforms, compound robots, and an intelligent welding robot.
The company is headquartered in Jinan, Shandong Province. Its trading ticker on HKEX is expected to be assigned following listing approval. The IPO prospectus, filed in draft form with HKEX in September 2025, listed CICC and Deutsche Bank as joint sponsors.
TECHNOLOGY EDGE
Rokae's core differentiator is its xCore control platform — a unified proprietary system capable of running industrial robots, collaborative robots, and embodied AI robots on a single architecture. The platform achieves 0.15 mm absolute positioning accuracy and incorporates vibration suppression algorithms that the company claims reduce joint oscillation amplitude by more than 80%.
In the collaborative robot segment specifically, Rokae was the first company in China — and claims to be one of only a handful globally — to mass-produce robots using integrated joint force control: high-precision torque sensors embedded within each joint, enabling native, multi-point force sensing rather than relying on a single end-effector sensor. This architecture underpins the company's leadership in precision assembly, medical rehabilitation, and human-robot collaboration applications.
On the safety certification front, Rokae holds 21 TÜV functional safety certifications — more than any other Chinese robot manufacturer per the Frost & Sullivan industry report commissioned for the listing — and is described as the first company in China and second globally to obtain IEC medical certification for collaborative robots.
Looking ahead, Rokae is developing an Embodied AI Model Training Platform designed to take robots beyond programmed repetition toward autonomous task planning. In September 2025, immediately before the prospectus filing, Rokae signed an agreement to supply humanoid arms to Zhiyuan Robotics for integration into that company's humanoid robot products — an early commercial signal for the division.
MARKET POSITION
According to the Frost & Sullivan report commissioned for the listing:
Rokae ranks #3 among Chinese domestic manufacturers in the overall multi-joint robot market and #7 globally by volume, with a 2.7% share of the Chinese market in 2024.
In the flexible collaborative robot sub-segment — robots with native joint-level torque sensing — Rokae holds a commanding 34% share in China, roughly double the combined share of its next two competitors.
In light-payload industrial robots (≤25 kg), Rokae leads the Chinese market with a 3.8% share, a narrow margin over the second-place competitor at 3.7%.
Rokae has ranked first in volume growth rate among major Chinese multi-joint robot manufacturers for two consecutive years (2023 and 2024).
Notable customers cited in the prospectus include Xiaomi Group — for which Rokae is a domestic industrial robot supplier across several factories — Valeo (for whom it has supplied robot solutions across more than ten global production sites since 2017), and Fotong Cummins, which deployed Rokae's robots in a lighthouse factory targeting lights-out production. The customer concentration risk has been declining: the top five customers accounted for 39.5% of revenue in 2022, falling to 18.0% by 2024.
FINANCIAL SUMMARY
Revenue has grown at a 2022–2024 CAGR of 46%, with improving gross margins driven by a shift from lower-margin custom solutions toward standardised robot products.
Metric | FY2022 | FY2023 | FY2024 | H1 2025 |
Revenue (RMB m) | 152.7 | 267.0 | 325.3 | 175.9 |
Gross Profit (RMB m) | 10.6 | 30.6 | 71.2 | 39.2 |
Gross Margin (%) | 7.0% | 11.4% | 21.9% | 22.3% |
Adj. Net Loss (RMB m) | –134.9 | –101.3 | –72.5 | –35.2 |
R&D Spend (% of revenue) | 44.0% | 22.2% | 16.7% | 14.7% |
The company remains loss-making. Adjusted net losses (non-HKFRS) have narrowed steadily — from RMB 134.9 million in 2022 to RMB 35.2 million in the first half of 2025 alone — though the prospectus cautions that net losses are expected to continue for the foreseeable future. R&D expenditure as a percentage of revenue has fallen sharply as revenue scales, though absolute spend has plateaued in the low-to-mid RMB 50-million range annually.
Robot product sales have grown from 58.6% of total revenue in 2022 to 82.6% in 2024, reducing dependence on project-based solutions revenue. Overseas sales represented 9.0% of revenue in 2024, compared with 14.3% in 2023 — a metric the company intends to expand meaningfully via the proceeds from the current offering.
MARKET CONTEXT
China's multi-joint robot market is forecast by Frost & Sullivan to grow from RMB 21.9 billion in 2024 to RMB 45.3 billion by 2029, a 15.7% CAGR. Within that, the collaborative robot segment grows at 28.8% and the flexible collaborative sub-segment — Rokae's core home market — at 29.6%. Globally, multi-joint robot unit volumes are expected to nearly triple from 427,000 units (2024) to 1.04 million units (2029).
The demand drivers cited — an ageing manufacturing workforce, rising labour costs, the expansion of automation into services and healthcare, and continued cost reductions in key components — are broadly consistent with independent industry analysis. A noteworthy structural shift is occurring in market leadership: in 2024, Chinese domestic manufacturers collectively exceeded 52.3% of the Chinese multi-joint robot market by volume for the first time, displacing foreign brands from majority share.
The embodied AI robot segment, meanwhile, is projected by Frost & Sullivan to become a market exceeding RMB 1 trillion globally by 2035 — a long runway that Rokae's platform architecture is explicitly designed to address.
WHAT TO WATCH
HKEX Listing Committee hearing date — expected within weeks of the CSRC clearance, assuming no further regulatory or market conditions arise.
Offer size and valuation — the draft prospectus does not disclose the targeted raise or indicative price range; these will be set in a supplemented version closer to the roadshow.
Embodied AI revenue traction — the humanoid arm supply agreement with Zhiyuan Robotics and any further commercial contracts in this segment will be closely watched by investors pricing the company's AI optionality.
Gross margin trajectory — whether the shift to higher-margin standardised products can push blended gross margins above 25–30% is a key near-term proof point.
International revenue recovery — overseas sales declined as a percentage share in 2024; investors will look for evidence that the planned Europe and Southeast Asia service centres are accelerating the recovery.
COMPANY AT A GLANCE
| Full Name | Rokae (Shandong) Robotics Group Inc. |
| Founded | 2015 |
| HQ | Jinan, Shandong Province, China |
| Listing Venue | Hong Kong Stock Exchange (HKEX) — Chapter 18C |
| Joint Sponsors | CICC, Deutsche Bank |
| Regulatory Status | CSRC approval received 27 March 2026 |
| Products | Industrial robots, flex cobots, embodied AI robots |
| Customers | 1,000+ across ~40 countries and regions |
| IP | 181 registered patents (92 invention, 58 utility, 31 design) |
| FY2024 Revenue | RMB 325.3 million |
All financial data sourced from Rokae draft HKEX listing prospectus filed September 2025. Market share data per Frost & Sullivan report commissioned by Rokae. This briefing is for informational purposes only and does not constitute investment advice.
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