Portfolio News

Qiming Venture Partners' Portfolio Company UBTech Listed on Hong Kong Stock Exchange


Qiming Venture Partners' portfolio company UBTech, a humanoid robot leader in China, successfully debuted on the Hong Kong Stock Exchange today. The first humanoid robot company to list on the exchange, UBTech (SEHK:9880)'s issue price was HK$90.00 per share, valuing it at HK$37.60 billion.

At the listing ceremony, Panda Robot Youyou took to the stage and presented a mallet to Zhou Jian, Chairman, Executive Director and CEO of UBTECH. Then in a pioneering move, Zhou Jian and UBTECH's newest generation of industrial humanoid robot Walker S, holding another mallet, jointly hit the ceremonial gong, which has made a footnote in history and symbolically ushered an era of human-robot synergy.

As an early institutional investor in UBTech, Qiming has been a key supporter since exclusively investing in its Series A financing in 2015. The successful listing also marks the eighth IPO for Qiming in 2023.

Established in March 2012, UBTech is one of the few market players in the global humanoid robot industry. The company is dedicated to the research and development of humanoid robots, and design, production, and commercialization of smart service robot solutions. Notably, UBTech was among the first to commercialize while the sector was still at a nascent stage.

From 2020 to the first half of 2023, UBTech's R&D expenditures account for an average of 56.5% of total revenue. The company holds over 1,800 registered robotic and AI-related patents as of June 30, 2023, including more than 900 invention patents and over 380 overseas patents. UBTech's full-stack technology combines robotic technologies(robotic motion planning and control technology and servo actuators) and AI technologies (computer vision and voice interaction technologies), powering a range of integrated robotic and AI technologies (SLAM and autonomous technology, visual servo operation, and human-robot interaction), controlled through the self-developed Robot Operating System Application Framework (ROSA).

Leveraging advanced humanoid robot technologies, UBTech offers products and services across five main areas in AI education, smart logistics, smart wellness and elderly care, commercial services, and consumer-level robots. As of December 10, 2023, UBTech has served a broad customer base primarily in China and over 50 other countries and regions globally, with more than 900 corporate clients and over 760,000 units of robotic products sold during its track record period.

"In the field of hard & core technology, it's essential for entrepreneurs to strike a balance between what's technically possible and what the market needs. I am deeply convinced of the substantial and real market need for humanoid robots. Regardless of whether it takes ten or thirty years, we are committed to realizing our goals." Said Zhou Jian, "Therefore, it is crucial for entrepreneurs to collaborate with investors who share a similar vision and focus on fostering long-term value. In this regard, Qiming Venture Partners has made a worthy example."

Duane Kuang, Founding Managing Partner of Qiming Venture Partners, said, "Mr. Zhou's commitment to the humanoid robot industry and his entrepreneurial drive to overcome challenges have impressed us from the start. We are proud to have supported UBTech's journey to the IPO. Qiming is optimistic about the future of AI and humanoid robots, and we are bullish on Chinese entrepreneurs and companies who dare to innovate and break new grounds in these sectors."