After first submitting its prospectus in February 2026, warehouse-automation leader HaiRobotics refreshed its Hong Kong listing documents on 13 September and restarted the IPO process, positioning itself as Hong Kong’s first ACR stock.
Before the sprint it had completed 15 equity rounds raising about 4.133 billion yuan, with a post-money valuation of 10.9 billion yuan after the E round. Its early backers include the XBOT PARK fund founded by DJI mentor Li Zexiang, Gao Bingqiang and Gan Jie, later joined by Best Express, Legend Star, Source Code Capital, Sequoia China, DG Capital, Walden and General Atlantic.
The proceeds will lift ACR solutions, software and next-generation stacks, expand global manufacturing and supply-chain resilience, widen global commercial reach and fund working capital.
HaiRobotics was founded in 2016 by Chen Yuqi with classmates Fang Bing and Xu Shengdong from the Hong Kong Polytechnic University and ETH Zurich, with Li Zexiang as chief adviser. Where peer Geek+ is a full-scene warehouse AMR provider, HaiRobotics zeroed in on the most time- and labour-heavy case-picking scene and pioneered the ACR solution.
ACR means a case-handling robot that climbs high racks, precisely fetches single totes and automates put-away, picking and transport without moving whole shelving, raising density and efficiency without rebuilding the warehouse. From the first HaiPick System 1 in 2017 to the HaiPick Climb supporting 15-metre storage in 2025, the first mass-commercial single-sided climbing ACR, to a 2026 upgrade, it now develops the robot body, positioning, control, fleet scheduling and warehouse management in house.
R&D spend totalled about 1.028 billion yuan from 2023 to 2025 and another 249 million in the first half of 2026. By 30 June 2026 it had filed 2,495 patents, the most complete ACR portfolio among providers.
By 2025 revenue HaiRobotics served seven of the world’s top ten fashion brands and seven of the top ten 3PLs, with clients including Anta, Li-Ning, L’Oreal, Kohler, Philips, Maersk and Panasonic Logistics. It had signed over 2,000 projects and delivered over 1,600, building a mature commercial loop.
Newer products displaced the old mainstay. HaiPick System 1 was 92.8 per cent of revenue in 2023 at 748 million yuan but fell to 29.7 per cent in the first half of 2026 at 332 million. HaiPick System 3 reached 54.3 per cent at 607 million, and HaiPick Climb contributed 13.3 per cent at 149 million.
New orders hit 2.353 billion yuan in the first half of 2026, up 48.8 per cent, close to 80 per cent of full-year 2025, with order backlog above 4.1 billion yuan at mid-year. Revenue climbed from 807 million in 2023 to 1.360 billion in 2024 to 2.017 billion in 2025 and 1.118 billion in the first half of 2026, up 70.2 per cent.
Still loss-making, net loss narrowed from 1.009 billion in 2023 to 1.256 billion in 2024 to 828 million in 2025, with adjusted net loss of 695 million, 544 million and 468 million. In the first half of 2026 net loss was 431 million on 1.118 billion revenue. After losing 3.524 billion across three and a half years, the ACR candidate may find its balance between growth and profit as the case-handling model penetrates warehouse picking.
Editor’s note: This is an adapted translation of the original OFweek report. It has been trimmed and restructured for readability for an international business audience. The full original (in Chinese) is at https://robot.ofweek.com/2026-09/ART-8321202-8120-30703100.html.