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Physix Frontier · News Briefing Card (TMTPost · Sep 27, 2026)

Benmo Technology Launches Hong Kong IPO, Eyes Sept 29 Main Board Listing

KEY FACTS

  • Benmo Technology launched its Hong Kong IPO on September 21, planning a global offering of 50 million H shares.
  • The offer price is HK$21.6 per share, with listing on the HKEX Main Board expected on September 29.
  • Founded in 2020, Benmo Technology released Xingtian, the world's first pure direct-drive dual-wheel-legged robot, in 2021.
  • The company's customers include AgileX Robotics, Ecovacs, Roborock, Narwal, and Dreame.
  • Zhang Di revealed that the company has secured support for upstream materials including rare earths and is advancing strategic partnerships.

KEY DATA

50 million H sharesGlobal Offering Shares
HK$21.6 per shareOffer Price
Nearly RMB 20 million2023 Revenue
300%Annual Revenue Growth Rate

PHYSIX OBSERVATION

Benmo is listing as the 'first direct-drive stock,' which in essence puts the direct-drive sector—never before priced on its own—to its first capital-market test. Its value lies not in the valuation level but in whether it can establish a pricing benchmark for the industry. If direct-drive truly replaces 10% of the reducer market each year, as Zhang Di claims, this would be a structural shift in robot power solutions and warrants continued attention.

Source: TMTPost report