IPO Pricing | 'Historic Oversubscription King' Yifei Technology debuts today with nearly 15,000 times subscription, priced at HKD 30.5 per share, earning HKD 2,415 per lot in the grey market

Futu News reported on May 18 that$ROBOTPHOENIX (06871.HK)$Announced allocation results, priced at HKD 30.5 per share, issuing a total of 24.6 million shares, 100 shares per lot, officially listed today

In the last trading session, Yifei Technology closed nearly 80% higher on the grey market at HKD 54.65 per share, 100 shares per lot, earning HKD 2,415 per lot excluding handling fees

During the public offering phase, Yifei Technology received 14,855.4 times subscriptions, with the final number of shares offered to the public amounting to 4.92 million shares, representing approximately 20% of the total offering. A total of about 330,300 valid applications were received, with approximately 48,611 applications processed. The percentage of shares allocated for one-lot subscriptions relative to the total applied shares was approximately 3%

Additionally, during the international placement phase, Yifei Technology received 9.77 times subscriptions, with the final number of shares in the international offering amounting to 19.68 million shares, equivalent to 80% of the total offering. Futu Information has compiled the relevant data in the table below

Company Overview

Yifei Technology is a Chinese industrial robotics technology company focused on the design, R&D, manufacturing, and commercialization of industrial robots, while also providing integrated robotic solutions, primarily targeting light industrial applications. With self-developed robotic bodies, control and vision systems, and manufacturing processes, the company has established a comprehensive technological ecosystem, enabling scaled intelligent decision-making, environmental perception, precise operation, and autonomous mobility.

The company has carefully designed a portfolio of industrial robots tailored for China’s light industrial applications, including delta robots (Bat series), AGV/AMR mobile robots (Camel series), SCARA robots (Python series), wafer handling robots (Lobster series), and six-axis industrial robots (Mantis series). Additionally, it possesses core self-developed technologies in control and vision systems (Gorilla and Kingkong series).

Financial Summary

Yifitech’s revenue grew by 33.2% from RMB 201.2 million in 2023 to RMB 268.0 million in 2024, and increased by 44.5% from RMB 268.0 million in 2024 to RMB 387.4 million in 2025. In 2023, 2024, and 2025, the company's annual losses were RMB 110.6 million, RMB 71.5 million, and RMB 152.9 million, respectively.

In 2023, 2024, and 2025, the company’s R&D expenses were RMB 33.1 million, RMB 38.7 million, and RMB 70.8 million, respectively, accounting for 16.5%, 14.4%, and 18.3% of the company’s revenue during the same periods.

Use of Proceeds

In terms of fundraising purposes, Wing Fai Technology expects net proceeds from the global offering to be approximately HKD 673 million (based on an offer price of HKD 30.5). According to the prospectus, Wing Fai Technology intends to allocate the global offering proceeds for the following purposes:

Approximately 40% will be used for the development of the company’s robotics technology from 2026 to 2030; approximately 28% will be allocated for the construction or optimization of production bases and production lines from 2026 to 2030; approximately 12% will be used to expand overseas business networks from 2026 to 2030; approximately 10% will be invested in upstream and downstream supply chain activities from 2026 to 2030; and approximately 10% will be used to supplement working capital from 2026 to 2030.

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Editor/Vincent

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